MES1! Falling Wedge/Key TL Support Bounce
So I am planning to pivot to futures. This is what I am watching on the Micro E mini SP500. The weekly chart is showing a possible bounce from the overall trendline. Not only that, price is forming a falling wedge and a nicely lower wicked candle indicating that buyers may be stepping in at this intermediate support level (Blue zone). To add more confluence to this analysis, Price is also sitting at the 61.8% fib as well as the 50 EMA.
There are two key areas I am monitoring for now before even entering a trade of any kind. The current weekly candle is sitting between a support and resistance and is technically in a range until it breaks upward or downward.
If price creates a bullish weekly candle break and close above the red zone, more specifically above $4383.25 then I will begin looking for bullish setups on smaller timeframes to fill the FVG created on the weekly.
If price creates a bearish weekly candle break and close below the trendline AND the intermediate support (blue zone) at $4252.60, I will watch for price to hold the major support (green zone) within this wedge for a bounce and continued move upward.
I will only become bearish on the market if it breaks below the green support and retests as resistance.
If you're wondering which indicator i'm using it is the "Jeanius Indicator & Jeanius Screener" created by @jeanius_tech follow him on here. Not only does he automate strategies for a living, he has created a beast of an indicator and screener to further ease our engagement with the charts by automating the automation process lol ... Hit him up to get access and find out what I mean by automating automation.
(Description: Bottom left is the indicator. The indicator signals a plethora of common strategies from SMC to simple B&Rs of support levels and trendlines on which ever chart you're on. Although I have removed signals from the chart itself, the indicator box signals the long and short signals that I look for according to my strategy.
Bottom right is the screener. The screener allows you to input your top 25 most watched tickers and constantly get updates on them and where they are in structure even when you're not on their chart. It tells me if there is a liquidity sweep, if price is at a support or resistance, the direction price is trending, if its at a trendline, if there was a B&R, if price is touching a FVG, if there was a BOS and CHOCH and so much more.) I can't put it all into one post. If you're interested just let me know.
There are two key areas I am monitoring for now before even entering a trade of any kind. The current weekly candle is sitting between a support and resistance and is technically in a range until it breaks upward or downward.
If price creates a bullish weekly candle break and close above the red zone, more specifically above $4383.25 then I will begin looking for bullish setups on smaller timeframes to fill the FVG created on the weekly.
If price creates a bearish weekly candle break and close below the trendline AND the intermediate support (blue zone) at $4252.60, I will watch for price to hold the major support (green zone) within this wedge for a bounce and continued move upward.
I will only become bearish on the market if it breaks below the green support and retests as resistance.
If you're wondering which indicator i'm using it is the "Jeanius Indicator & Jeanius Screener" created by @jeanius_tech follow him on here. Not only does he automate strategies for a living, he has created a beast of an indicator and screener to further ease our engagement with the charts by automating the automation process lol ... Hit him up to get access and find out what I mean by automating automation.
(Description: Bottom left is the indicator. The indicator signals a plethora of common strategies from SMC to simple B&Rs of support levels and trendlines on which ever chart you're on. Although I have removed signals from the chart itself, the indicator box signals the long and short signals that I look for according to my strategy.
Bottom right is the screener. The screener allows you to input your top 25 most watched tickers and constantly get updates on them and where they are in structure even when you're not on their chart. It tells me if there is a liquidity sweep, if price is at a support or resistance, the direction price is trending, if its at a trendline, if there was a B&R, if price is touching a FVG, if there was a BOS and CHOCH and so much more.) I can't put it all into one post. If you're interested just let me know.
Dennis Butler Jr.