Globex session was quite tonight, we are right at a Key Level and waiting for our direction. Lets take a look at our options today. On the Upside we have 4349.50-4345.25 as our PM Resistance, if we break and hold over it then that leaves the door open for tests of 4362.75-4359.50 and our Key Resistance for the day at 4378.50-4374.75 where we should have sellers...
if you are a swing-trader and looking for an idea, you should look at E-mini S&P 500
I see that wave iii in its early stages and targeting 4876.25 (wave iii equals wave i * 1.618)
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Publishing this post on a daily basis helps me avoid distractions and sets my focus to be fully in line with the now in the marketplace.
Knowing you read me keeps me accountable and forces me to be objective in my analysis which helps with my own trading emotions...
This is Convergent Trading ES Stalk zones for the week of 02/22-02/25
These are levels derived from market profile, orderflow and auction statistics
The idea is to watch what the market does at these levels and interact/do business close to those areas.
Each of these areas are either Volume Shelfs/Volume POC or Low volume nodes/Bias/Over-Under line
Al courtesy...
Potential double bottom forming or also known in Wyckoff term as spring position which offers lowest risk and higher profit ratio. If insitution believes there are values - fundamentally they will consider buying/investing. Remember big institution buys value and sentiment!!
The price action in Tuesday's S&P 500 indicates uncertainty of what direction for this market to move. It needs new information to begin a directional move up or down. The Russian Ukrainian situation has been digested for the market and now it is waiting for additional news to determine which direction to move. Based on this price action I'm looking for an inside...
Tech Idea :
Wave 2 : Shallow
Wave 3 : Just above the "1" extension
Wave 4 : Projected common Retracement (0.382 -0.5)
Alternation : Wave 2 (Regular Flat -Sideways) ///
Wave 4 : Projected (Sharp Double zigzag).
Strengths : Alternation , would be at the lower degree
"4th waves" where we could find support,
we are also at an area with "High Volume" .
We...
Summary : In This scenario we would more
bearish and could bring us towards the 3000's if this is the count .
Channeling :
Base channel : Had the right slope
Temp : Not the best but we did come over the median
Final channel : Broken below
Strengths : We had Alternation. Wave 5 had a distinct reaction at the extension from (0-1-4) at the "0.382".
We have...
Well, until last Thursday, I still believe the big (B) wave was not done and we were going higher to 4640~4680 next to finish it, then down to Jan low for a big (C) wave to complete the whole pullback. However, Friday we broke 4354.5 low made on last Monday, and it was then followed by further break 4300. This confirmed we are already in (C), so it's better to...
Morning Traders!
I probably should have done morning ideas yesterday, but I don't usually do them on holidays due to the lack of movement. However, this market is volatile even on holidays!
We saw a big gap down overnight on escalating tensions between Ukraine and Russia. I would imagine the combo between that situation, and the FED rate hike, we will continue...
We had some selling in our Sunday/Monday Holiday session which got us down to one of our Key Levels at 4272-4265.50. We looked below, came back in and were able to rally back up and get over upper Key Level at 4327.25-4321.50. So what can we see today? Last night Globex was a double distribution, on the downside we have 4327.25-4321.50 as our current PM support,...
Hello and thank you if you are a regular reader 🖖 Welcome if you are new to my daily publication... 👍
Publishing this post on a daily basis helps me avoid distractions and sets my focus to be fully in line with the now in the marketplace.
Knowing you read me keeps me accountable and forces me to be objective in my analysis which helps with my own trading emotions...
ES1! / Emini / SPY500 is getting closer to 50% of the range since 2021 began - and can find buyers below 50% of the range (forced or willing) as shown on the chart.
Don't blindly trade the weekly chart, look for LTF confirmations.
Note : we are not predicting price, it can still drop like a rock. However we anticipate how it could play out.
GLGT
