Supply and demand pockets followed with impulsive inefficient moves have been reliable on ES.
Closest pocket of supply that broke higher timeframe market structure is around tested Support-turn-Resistance line.
I am expecting the price to retrace to the 4135-4145 area and then continue downwards.
Entry: 4135.5 Stop: Top of the supply zone 4144.5 Target: 4091.5 4.89R trade
Looser Stop loss at 4150 still gives 3R trade. Depending on the market conditions, but I will most likely play this as soft and hard stop loss, adding into position after confirmation of the validity of the setup.
Setup is invalid if we just continue downwards - and break the low of 4091.5.
Order cancelled
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Trade idea invalidated - SP500 just keeps on dipping.