With the downtrend intact, I’m not taking any long trades this week. Shorts only.
I’ve marked some trades of interest in terms of level and price, not accurate on the time scale obviously.
Price is still in the wedge and I’m mostly interested in shorting from the high side. Last Thursday we got a short entry at the US open that hit our price target (see the linked idea). I believe the downward pressure was influenced by news about “Nuclear Armageddon with Russia'' headlines that seem to be nothing more than a headline and price motivator.
That being said - until we break the low of 3571.75, it would seem this selloff is now validating a much stronger bullish bounce (post coming soon about how I interpret price validation). I would not be surprised if the bottom starts to establish here. I would need to see daily closes outside the wedge to get aggressive about buying. For now I'm targeting shorts only and keeping my powder dry.
I’ve marked some trades of interest in terms of level and price, not accurate on the time scale obviously.
Price is still in the wedge and I’m mostly interested in shorting from the high side. Last Thursday we got a short entry at the US open that hit our price target (see the linked idea). I believe the downward pressure was influenced by news about “Nuclear Armageddon with Russia'' headlines that seem to be nothing more than a headline and price motivator.
That being said - until we break the low of 3571.75, it would seem this selloff is now validating a much stronger bullish bounce (post coming soon about how I interpret price validation). I would not be surprised if the bottom starts to establish here. I would need to see daily closes outside the wedge to get aggressive about buying. For now I'm targeting shorts only and keeping my powder dry.
Comment:
Order raised to short -1 MES 3725 based on daily chart structure. Intraday price action seems unlikely to reach this level until Thursday
Comment:
Order removed. Daily chart structure has evolved unfavorably.
Comment:
Price remains in the range with no signs of direction and the floor protected by institutional entities. It's unlikely any trades setup according to my style this week. Will have premium soon so I can post charts to my comments (shame on you TV)
