- Beginning with the Weekly ES chart we can clearly see the market has been bullish. However, my long-term bias is that we still have more room to trade lower this year.
- Looking at the weekly chart I have marked two price levels during April 2022: 4378.50 and 4308.50 with the latter being very important. Between these price levels is a clear gap that remains unbalanced. Also 4308.50 depicts clean highs on a 4hr chart.
- Price has traded above 4308.50 grabbing liquidity above the equal highs and also fulfilling part of the weekly gap.
- My trading model has now showed me an opportunity and I have entered on the fill of the 4hr gap depicted by a blue rectangle. My stop rests above the highest price traded inside the weekly gap with a take profit at the low end of the weekly price leg at 3639. I know, a long shot but I will manage my stop loss accordingly.