Market Analysis for Feb 1st, 2022

Feb 1, 2022 Recap - What do you want from the markets? What's your PnL / time?

Context: going into today's session, the expectations was a balance/day range between 4480-4450 given the key levels. Neutral, trade both sides.

Main focus for me today was short term trading ES during 9:30-11:30am EST (typically, the most alpha time slot) then log off.

What actually happened:

It was confirmed by 10AM with 4510s range high to range low 4470s, then range low 4470s to 4500s range high. A decent round trip on range trading for both sides.

Perfect balance/range day, then price action expanded during POWER hour when 4520 was decisively broken to the upside. 4550 target fulfilled by 4pm EOD.

KEY thing here when one side lost the battle: price action QUICKLY expanded by 30 points in 60 minutes during POWER hour 3-4pm EST. 4520->4550

Trade execution:

Only 1 trade executed today, 4502 short, covered at 4482.(initial risk width was 16 points, 4518 stoploss)

Net +20pts

Time stats: Trade entered 9:43am. Trade completed 10:07am. Total time 24 minutes.

In those 24 minutes, we captured 20 ES points or 1.25R and was done for the day.

1/31 ES close = 4502

Today's open = 1245

RTH low  = 4474

RTH high = 4555

Total RTH range = 81 pts 

Globex low = 4478

Globes high = 4515

Total globex range = 37 pts

Remember the PnL / time lesson? A good time to review https://www.elliottwavetrader.net/trading-room/keyword/pnl/user/11114/post-type/both/start-date//end-date//section//chart-duration//chart-category//advanced/match-any

Not everyday is easy or simple like today, you make the best out of it. Change your mindset and elevate yourself!