ES Journal - 2019/2020

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Last week closed up + 4,98 % net. That's a decent weekly move and well above the norm (excluding two other outliers off the lows this year).

A 6,4 % gain from Friday's Close takes us back to ATHs on ES.
 
Laissez Faire said:
Sounds good. Feel free to post a chart later if you want. Generally, I find it more interesting to know what people think or see than a mere trade.
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A bit late on this, but the day got away from me. As you can imagine, Friday's move really blew things out of the water, but I've tried to label the bars in a clear and concise manner.

The first chart simply shows the origin of trend line 1 (T1), and the second chart shows T1, Trend line 2 (T2), and the the two 240 min bars (B1 & B2) comprising of Thursday's RTH action.
The third chart is a 120 min chart there simply to show the retest of 3115 before heading down to 3088.
As mentioned on Thursday, I was expecting a complete retracement of Thursday mini sell off (as long as T2 held).

Chart 1
upload_2020-6-8_8-29-4.png



Chart 2
upload_2020-6-8_8-32-21.png


Chart 3
upload_2020-6-8_8-33-12.png


I certainly didn't foresee Friday's big @$$ move, and even tho the PA looked bullish, I had no skin in the game as the jobs numbers came out. I just don't like to have open positions against that news. Obviously we are pretty overbought, so I'm cautious with long positions here.
 

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Nice charts! Thanks. Will have to study later.

IB_Dude said:
Obviously we are pretty overbought, so I'm cautious with long positions here.
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I feel we've been overbought quite some time now. :)

I'm also cautious, but will be stalking long entries if we can push above 3210 and hold above on an eventual retrace. Might make a run for 3250 today.

Failure to hold 3210 and I'll be looking to short a move down to 3190 or so.

EDIT: Might even retrace all the way down to 3200 before a run higher.
 
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