ESDaily Wrap-up July 17
This is a remarkable display of ES being in the “flow” state
After getting long yesterday at 6245.25 I was comfortable with adding to the position if a setup came, that offered an edge.
This did not happen today.
ES bounced at every first level support as it’s currently attempting to breakthrough the range we’ve been in since July 3rd.
That sequence repeated itself — over and over — with clean reactions off each level.
Take a look at today’s structure:
Here’s a timeline:
9:30AM we opened at the first level of major ES support 6302-6297 and we lifted quickly to a supply area I mapped out for ESDaily paid subscribers.6319-6326(S). We hit that level by 9:45AM.
Inside the ESDaily chat, I noted we’d likely get a pullback (and not a larger reversal) at this level for technical price reasons and we did. 15 points or so, but ES again used 6308 at 10:15, a first level support for that pullback as it’s bottom.
This pushed us to the 6333.5 upper range barrier where price fell once more and used?? You guessed it, another first level support at 12:30PM.
By 3:45PM ES created a new high, pulled back and used it’s first level support once more.
This is a remarkable display of ES being in the “flow” state and attempting to breakout of this 2 week consolidation.
But at these levels
We need to remain cautious.
Case in point was Tuesday, July 15, when we traversed the entirety of the range in one session. ES can take an elevator from floor 10 to floor 1 in a heartbeat. Our core strategy and setups don’t come when we’re pressing full court at the tops of ranges.
We’re long from much further below.
It’s pretty remarkable to see the chasers chasing price into the outer edges here. There are serious bulls — and a few late-to-the-party chasers — pushing this flow.
I’m fine with that as they propel the 6245.25 long from yesterday morning 100 points higher.
But I’m not buying more.
Not participating here is not the same thing as being inactive.
It’s understanding my edge is:
Having the patience for setups that bring in large orders.
Taking setups that have much higher reward than risk
The ability to read price structure and know not every setup is a buy
I’ve seen this movie playout time and time again. We could go on to breakout and create a new leg in the uptrend that started in April. Or, we stay in range and fade back.
We don’t know, and predicting is the same thing as gambling.
So for now, I’m holding the 6245.25 long and letting others do the chasing.
I’ll step in again when the market gives me a reason to — not because I’m bored, not because I’m anxious to “do something,” but because I see real edge.
That’s what ESDaily is built on — not hype, not guesswork, not overtrading. Just high-probability setups that large players care about, shared in real time with full transparency to paid subscribers.
→ If you’re already inside the ESDaily chat, you saw today’s levels print in real-time. You’ll recognize every reaction on the chart above.
→ If you’re reading this as a free subscriber and you’re ready to stop guessing and start trading with structure — now’s a good time to join us.
See you tomorrow,
—PriceTrader