ES Journal - 2015

[fortydraws]

Almost showtime ... interesting PA on the ES, imo ... sort of like a long if >=65 and a short if <=62.75 ... or something like that. Of course, if you are not familiar with the various ways this PA can play out, it is best to do nothing, imo.

 

[dbphoenix]

And here you are at 4360.

See how it works?

At this point, one can either short a rejection of the UL or buy a brkout thru the UL.

 

[Brianharvey]

SHORT NQ 4358
stop at 4361.25

 

[dbphoenix]

SHORT NQ 4358
stop at 4361.25

That's it. And don't be surprised by a lot of churning at the median of this little range.

 

[Brianharvey]

SHORT NQ 4358
stop at 4361.25

out here at 4348 for +10

 

[dbphoenix]

out here at 4348 for +10

Understandable. This takes some getting used to.

 

[fortydraws]

SHORT NQ 4358
stop at 4361.25

And if you take a look at the chart I posted earlier in order to discus your NQ long, you will see that level near your short already marked off. This is the prep work that helps define what can become your edge.

Here is what I was talking about - you took your long somewhere around the vertical blue arrow. The range is marked.

View attachment 150406

And here is what a reversal at resistance looks like to me.

 

[Buy1Sell2]

out here at 4348 for +10

Brian, suggestion--make certain that the 1 min, 5 min and the 15 min are all suggesting downside before taking a short trade. This way you will have the wind at your back.

 

[dbphoenix]

Brian, suggestion--make certain that the 1 min, 5 min and the 15 min are all suggesting downside before taking a short trade. This way you will have the wind at your back.

You will also very likely be too late to take advantage of it.

Take care not to be looking at too much.

 

[Buy1Sell2]

The 1 minute chart currently deeply oversold while the 5 and 15 are down. The 5 and 15 are not completely oversold yet. So if looking for a short trade, it would be entered on bounce on the 1 minute chart.