krugman25

ES - Inside bar pattern breakout trade!

Long
CME_MINI:ESM2018   E-MINI S&P 500 FUTURES (JUN 2018)
An inside bar has formed on a number of charts including the /ES, /YM, XLF -0.42% and others. These are all following a strong trend which signals that the market is taking a short breather. Generally in periods of price consolidation after a long move we want to look for opportunities to get in the market on the next up move. In these cases we would be looking to enter the trade on an upside break of the inside bar pattern (2731). A stop loss can be placed at 2700 for an attractive risk/reward setup.
Trade active: Price has broken the inside bar so I have entered the position. I will keep my SL at the bottom of the inside bar and will aim for taking profit in the 2800 region or 2880 depending price strength, being able to achieve either a 1:2 or 1:3 risk reward on the trade.
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