Worked out fine for me...
But looks like the after-hours will get the real move.
Done fo da day.
ES Journal - 2019/2020
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Worked out fine for me...
But looks like the after-hours will get the real move.
Done fo da day.
should have gotten out with you, but was looking for a low print after 3.
This sell off was all predicated on the 15 min chart H&S sell off formation from yesterday...
how many of you recognized that ?
The 15 min is extremely valuable and should be observed through out the day....
how many of you recognized that ?
The 15 min is extremely valuable and should be observed through out the day....
Another take is that Tuesday's afternoon's swoon converted all of the daily charts from bullish candlesticks to doji's. That was kind of ominous.
Textbook....
That was the right shoulder buildout ...& confirmation of what was to come...
Here is why I believe you will get your 100 point trade @trading_jean. You noted the range in which the ES has found itself for the past week+. Price has traversed the range four times for a range 120+ points give or take each time. It did similarly through much of April and almost all of May. It is unlikely, however, that you will make that size profit day trading. You will need to take your entries when they present themselves and then swing the trade across the range. Trading Spooz is not unlike crossing the street: look left, look right, then left once again before you proceed.
I prefer a 60 minute bar chart.
And then there is the channel (and volume) method... I wont discuss in detail, but channels are fractal, and each channel on any fractal has 3 points, either a H-L-H, or a L-H-L depending on if slope is falling or rising. Success or failure of a fourth move determines continuation or change. You can see, the right and left shoulders of your H&S were fails, each signaled change. The left shoulder was a fail but only on a faster fractal.
Also seen on this chart is a triple top, as well as huge range bound market. We are still within the range. I expect further selling. Overnight can go any which way however, due to overall lack of volume liquidity in comparison to RTH. Pajama traders are notorious for what I call drive-by volume that is not usable or tradable in my work.
If there are 1,000,000 traders, there are at least 900,000 ways to trade.
Full disclosure... this chart was annotated in hindsight. My working charts look very similar, but with MORE lines! The ease and convenience of TradingView right off the CME site is really nice.
Also seen on this chart is a triple top, as well as huge range bound market. We are still within the range. I expect further selling. Overnight can go any which way however, due to overall lack of volume liquidity in comparison to RTH. Pajama traders are notorious for what I call drive-by volume that is not usable or tradable in my work.
If there are 1,000,000 traders, there are at least 900,000 ways to trade.
Full disclosure... this chart was annotated in hindsight. My working charts look very similar, but with MORE lines! The ease and convenience of TradingView right off the CME site is really nice.
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Thank you for the feedback and I hope you are right about that 100-point trade
I always try to draw ranges and/or channels. I trade on 5M chart but keep an eye on 60m and daily as well to have an idea about the bigger picture. This is how my 60m looks:
I DID take a short top of the range yesterday, but got shaken out of it. Looking back I should have stayed calm and kept it.
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