There was a perfect setup going into the cash open on S&P 500 this morning with an excellent RRR. Once the price on the CD wave breaks the AB high, I checked my Magic Bars for yellow indicating a strong move and entered my first position. As long as MACD momentum was positive and RSI was above 50, the price vector was in my favor. So when the price dipped back to...
Trade #4 / Tuesday, November 1, 2020 / 8:31PM / Sell ES
Overall trend is bearish on 5 minutes
Trend continuation trade
Market consolidated after push
1 - 2 risk and reward ratio
Target is right before key support level
Stop loss is 1.5 ATR above last consolidation high
Monday, November 30, 2020 - Sell - Trade 2
Trend = bullish
Trade type = reversal
Trade reason = price pull back below previous higher high
Target reason = exit before next support level
Risk to reward = 1 - 2 ratio
Risk management = breakeven at 1 - 1
Bad stop loss placement ( placed stop loss on a open atr candle )
Consider trading the breakouts/breakdowns of the Pre-Market and Opening Range levels in the USA Futures Session. In this example, Pre-Market time is 4:00AM-9:30AM Eastern time and Market Session time is 9:30AM-5:00PM Eastern time. The Opening Range is defined as the range between the high and low of the first 5 Min candle.
Well, it looks like the Daily DP Resistance zone (that the ES hit on Nov. 9th) appears to be holding. The rally from the Nov. 10 low into the Nov 16 high appears to be corrective. This would indicate a continued decline to come. A weak Daily close below the Nov 10 low would be confirmation of this.
So let's watch the ES (US Stock Market) and see...
The Robert N. Burgess School of Analysis and Trading creates many advantages in trading. By "reading the tape," for all time frames / waves of buying and selling, a trader sees actionable changes in price action in 'real time,' which creates good “odds” for trades. Therefore a trader usually can get the ‘jump’ on other traders, before they become buyers or...