Tuesday, April 2, 2013

Trading ZB and ES tonight

Its important to do my homework in the markets I'm looking to trade. I got some ZB shorts overnight, but while I saw that ZB made a new high tagging 145 '04 overnight, I did not redraw my fibs.

Doing so would have clearly told me that the 61.8% buy point on it would have been at 144 '14 and would have been an awesome intraday long. I missed that.

For tonight, I'm drawing a fib from 145 '04 to today's intraday low of 144 '10. So I'm looking to sell 144 '26 which is the 61.8 level.

For ES, there's a lot of support to the downside, but it seems to be moving in this channel. A move below 1550 or so would start a real correction I'm guessing? Until then, I'm not really seeing a play at the moment, so I'm going to stand aside from it.

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