Intraday trading idea with 4.8R on the table.
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.
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:
Trade idea invalidated - SP500 just keeps on dipping.
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