The Direction Of The S&P500 Is UP
The direction of ES futures is UP
There is the overbought (OB) trend noise balance (TNB) indicator on 2D-1W to confirm this
There is a 1D BUY weakness (WK) indicator to confirm short term
There is an 8H SELL WK indicator to conflict this (use SL to manage the risk of this indicator)
Be aware of the cost of any potential SL and the affect of that on the account. In this scenario CMP 4223, 1W LOW SL 4165, 1 MES contract $5.00 = 1 'handle', cost = $290, In the book, Trading For A Living - a trade should not risk more than 2% of the account, account size = $290 / 0.02 = $14,500 minimum.
This trade depends on where the market expects the month and the quarter to close. The ES futures has a sequence of 4 quarters closing high. The 1D 1XP BBW indicates that price will expand. The expansion could reach the 1M BB 2CP or it could reach the opening of the quarter. I think a surprise move to close the quarter red will set up more potential for bullish growth later. However, that is only a guess. I don't want to leave the short term opportunity on the table so I BUY and manage the risk with SL. If the SL is reached, I will patiently wait for the more ideal BUY zone to be reached although the market direction may be changed to DN at that point, in which case the analysis will be updated.
There is the overbought (OB) trend noise balance (TNB) indicator on 2D-1W to confirm this
There is a 1D BUY weakness (WK) indicator to confirm short term
There is an 8H SELL WK indicator to conflict this (use SL to manage the risk of this indicator)
Be aware of the cost of any potential SL and the affect of that on the account. In this scenario CMP 4223, 1W LOW SL 4165, 1 MES contract $5.00 = 1 'handle', cost = $290, In the book, Trading For A Living - a trade should not risk more than 2% of the account, account size = $290 / 0.02 = $14,500 minimum.
This trade depends on where the market expects the month and the quarter to close. The ES futures has a sequence of 4 quarters closing high. The 1D 1XP BBW indicates that price will expand. The expansion could reach the 1M BB 2CP or it could reach the opening of the quarter. I think a surprise move to close the quarter red will set up more potential for bullish growth later. However, that is only a guess. I don't want to leave the short term opportunity on the table so I BUY and manage the risk with SL. If the SL is reached, I will patiently wait for the more ideal BUY zone to be reached although the market direction may be changed to DN at that point, in which case the analysis will be updated.
Comment:
This is the new ATH I was looking for to provide expansion. The 4H 1XP BBW is beginning to expand after excessive compression.
Comment:
Lets be more aware of the 3D 6UP and give up on bullish trend until it is cleared