I think we could get a small bounce off of the inverted head and shoulders pattern that is seen on the 15min ESM6, and even better if you look at the 5min chart. Depending on when we arrive at the level, as you can see in the extended line, the entry price could be anywhere from 2094 and lower because of the slope. I would look to enter in an area of supply or support.
Es is very far away monthly demand zone (1959.25-1794.75) but inside of a weekly supply zone (2105.25-2079.75). However it just created a daily original demand zone at 2091.75-2073.50.
In these conditons, we are inside of a weekly zone where previously sellers had their strenght but the daily original demand zone may give us a difficulty going downard.
I am BEARISH on SPX w/ 1570 as the big WEEKLY target. These Bullish Bat patterns are great intraday long trades but the trend is down. We just hit the TYPE2 reversal of BOTH. This is the line in the sand for bulls - short AND long-term. A violation of 2030-2035 will trigger the decline. The #s to watch on the downside are 1950, then 1830 then 1570.
DAILY: W are currently inside of a daily demand and reacting from it
H4: We have a h4 supply zone just above us but we havent reached it yet
H1: H1 original demand zone has just been created and it is a good opportunity to buy
TP1: 1:1 R/R
TP2 :Trail your stop till just before the previous resistance high
Are you looking for a simple explanation? It will not happen. Because it’s impossible. During the formation of the triangle 4 I have identified waves A, B, C, D , E and made a wrong supposition about the start of wave 5. Of course, I cannot predict events in tiny details. This has led to errors in the description of tapering triangle 4. Today I have made the...
H4: We are reacting from H4 demand zone
H1: we have just created an h1 demand zone and may go
till h1 supply zone above and test it
15MIN: We have an original 15MIN demand inside of the h1 demand zone
TP2: Trail till 15MIN unfilled orders
Overnight ES has been trading within a range of 10 points between 2089.50 and 2079.50. It will be interesting to see If ES can get above yesterday's POC(point of control) at 2091, then next target wiil be the VAH( value are high) of 2097.
Based on yesterday RTH, genaral bias is down for today. This AM ES is hovering around yesterday's lower trading range. If ES...
I see the line at 2096 as a contrived S/R. Same with what's at 2100.
However, at this time, it is safe to move the stop up a couple ticks to 2088.5. That's first.
Second, I set the first Profit Take for 33% at 2101 because of position management rules.
Third, when and if 2101 comes in and my position size is reduced, I will move my stop to breakeven 2091.