E-MINI S&P 500 FUTURES 05 FEB 2023
The multi screen feature is very helpful. You can see that all of the charts are basically the same thing. Maybe you already understood that early on but it was something that had to be explained to me. There really is no difference between teh time frames. They are all closely related. Different time periods can be used for different things and to ensure that you are oriented to the the picture.
For example, its quite clear that price has upward momentum on the daily. As you zoom in you gain even more detail. The 1 hour enables us to observe where the big accumulation or distribution activity is taking place. Its usually better to look for trades within the trend but that doesnt mean you cant counter trend.If you do counter trend trade you just need to adjust your risk and prepare for price to abruptly change back to its original direction.
The 50% Fib level looks like it would make sense here (look at the daily). Obviously it doesn't have to reach that level. But knowing where this level i sis important because if you were to short here, you may be selling right into a wave of buying.. and thats not good! In general its better to go with the trend of course.
Will see how it all plays out this week.
For example, its quite clear that price has upward momentum on the daily. As you zoom in you gain even more detail. The 1 hour enables us to observe where the big accumulation or distribution activity is taking place. Its usually better to look for trades within the trend but that doesnt mean you cant counter trend.If you do counter trend trade you just need to adjust your risk and prepare for price to abruptly change back to its original direction.
The 50% Fib level looks like it would make sense here (look at the daily). Obviously it doesn't have to reach that level. But knowing where this level i sis important because if you were to short here, you may be selling right into a wave of buying.. and thats not good! In general its better to go with the trend of course.
Will see how it all plays out this week.