ES Short Play

This was a quick hit for +4 ticks on the ES 03-10 contract, 5-min chart. Today I used a combination of extreme stochastics, fib level failure and candle formation. The opening move was up out of the gate where it pushed the stochastics up into extreme territory. This was also the area of the 61.8% fib retracement level. Candlesticks then proceeded to give off long wicks to the high side which further showed lack of follow through. I entered short at 1109.75 and covered at 1108.75 about 25 minutes later for +4 ticks or 1 point.

(click to enlarge)