ES – inflection points for Apr. 17, 2017

Thursday’s trades

ESM7. Apr. 13, 2017. 30-minute bars

Sell: 2356.50-2358.00
Keyline: 2345.50-2346.50
Buy: 2332.50-2331.50

While gold and oil traders were watching their markets settle into fairly narrow trading ranges, the ES provided good opportunities for two (and perhaps three) profitable trades on the last day of trading before the Good Friday holiday.

The ES bounced after the prior day’s close and got within 1.25 points of Nat’s keyline in the overnight trading.

Some overnight traders may have captured that entry and if they did they were rewarded with a move worth about $400 per contract.

The price got back down to Nat’s 1st buy level before the day session opened, and moved straight up to her Keyline for a potential profit of about $500 per contract.

But in the afternoon traders began dumping positions to clear their books before the long weekend, and the price fell back through Nat’s 1st sell level and within a few ticks of her second buy level before bouncing a little into the close.

The second leg had a potential profit of $500 per contract if you got out at her 1st buy level; and about $800 if you stayed in for the close.

The trades were well-defined, entries and exits were clearly indicated and there was no significant drawdown on any of the trades; a profitable day all round.

Today’s workbook