I found the data. I was right on where spy was at around 10:10.
Where do you think it is heading tomorrow?
It seemed as if bears were waiting for a rally and bulls were shy.
ES Journal - 2014
- Thread starter murica
- Start date
I found the data. I was right on where spy was at around 10:10.
Where do you think it is heading tomorrow?
It seemed as if bears were waiting for a rally and bulls were shy.
Since you're asking about tomorrow, I'm assuming you're interested in the view of someone who is currently in a swing short position or looking to initiate a new swing position based on tomorrow's action.
Yesterday, price briefly pierced the upper channel line of an interim channel and sold off relentlessly (connect the 3/17 and 3/27 lows and place a parallel line across the 3/21 swing high to see this channel on the daily chart).
Today, the selling continued, breaking through the channel's lower trend line, finding support at the previous swing low (3/27), pulling back through the bottom side of the LTL and ultimately closing below it.
The if/then scenario for tomorrow based on the price action environment above is:
If the ES breaks 1834, then 1823.50 is in line to be tested.
If price breaks through 1823.50, 1800 is a key level in that it's the round number and also approximately where price is likely to find the long term lower trend line if this downside movement continues tomorrow.
If the previous swing low (1834) holds and price moves back inside the interim channel, then I would only be looking to scalp intraday based on the trend lines of the 5-min chart from the overnight session. The overall environment does not set up a clean swing long entry at this time.
Thanks for sharing. Back in Feb you posted a chart that had a line rising at around which the selling stopped. Could you post an update?
Minus SPY @ 185.07
Got stopped
And went long again but et has been down so could not post
Still bullish unless 29 taken out
Objective lowered to 60.75
Minus SPY @ 184.88
Again, impossible fill. You wait for the thing to drop and then post an unable fill:
Yeah, but he has models and stuff.....