Tuesday, March 17, 2009

March 17, 2009 Tuesday Trade 1 Long ES for Gap Fill

I saw an oversold condition on the 3 minute chart, long 10 minute chart tail and 233 tick chart showing it wanted to go up so went long 1 contract for the gap fill. The index futures market have a tendency to gravitate towards the gap fill or yesterday's close level, there is a detailed study of it on the mypivots.com Web site in their forums. The gap did fill, and the trade got ES +1.5 points. Chart and analysis below:
Trade 1 Long for Gap Fill