ES 2.1.23

Updated

Key levels looking ahead into tomorrow. Sharing this to reflect on later. Bias does lean bull into Consequent Encroachment on the weekly time frame.

Looking for a return to Discount prior to running buyside liquidity. Majority of all BISI have been cleaned up and continuation should be clear. Any 15min displacement below Equilibrium will invalidate thesis.

FOMC can change everything, however.

Trade closed manually

SSL was ran during FOMC and bid was filled at the equilibrium level (4050)

Price did immediately bounce and pushed through PDH and hit BSL target and into weekly C.E. at 4120. I was out at this point. Price continued to move to above 4150.

Execution: In 4050, Out 4122
Went for 100+ handles.

Trade active

We have left some imbalances behind following yesterdays explosive move that need to be cleaned up prior to continuation. 4bln buyback may put a dent on any dip adds and we could continue right at the open into BSL. I'd be looking to fade this initial move if so back to value.

On the hourly we have what appears to be a large BISI (buyside imbalance - sell side inefficiency) and multiple FVG's (Fair Value Gaps) within. Below equilibrium is our return to discount, so those are the FVG that I find the most interesting.

I do like to mix in Volume Profile with ICT concepts as it is a tool that I have grown to love over time. Yesterdays Point of Control comes very close to the FVG+ I have in interest.

Long story short, I'm bullish but will fade any opening rally until we get a return to premium to pivot back long intraday.

The short must have a BoS- with displacement to the downside at a key reversal time. We don't get in front of this just because. Control the drawdown.

GammaLabs

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