11/21/2019 ES Daily Recap
In the overnight, we had recovered a bit as the buyers were showing initiative and the market moved up on some strength and filled the gap and is currently holding near the prev vpoc. In order to continue higher we needed to hold above the initial support at 3103.5-3100 and a break below this would signal weakness and we can head lower at that point. If we held above this area we can potentially break above intial resistance and as long as we see strength any pullbacks can be bought and I would avoid shorts until clear exhaustion.
Going into the morning session we had a break below initial support and flushed. I personally was looking to go long at 3092 since it was near both wednesday and thursday (from the previous week) POC and also coincides with the tuesday and wednesday low from this week.
We can see this play was valid and delta recovered and squeezing out the shorts who were too eager and thought it was a flush. This is why we dont play breakouts or breakdowns, because everyone who tries to catch it will get chopped out.