If we could successfully breakout above that supply zone, I don't see why we can't see 3750 by today's Close.
ES Journal - 2021/2022
- Thread starter Buy1Sell2
- Start date
I got an indicator/algo that calculates, based on multi-day highs/lows/ranges, and plots a single support and resistance level along with the standard (H+L+C)/3 pivot.
I've been messing with it (offline) during my sporadic power/internet service periods today to take projected S/R range and adding shortfall on one end to the other. But then I came up with adding on upside R level and subtracting on down side S level fib ratio amounts of said range.
What I got for ES today to start off with was 3710.75 (R) and 3634.50 (S) and a range of 76.25
150% of that amount is 114.50 (rounded)
114.50 added to actual low is 3727.50
or 0.50 away from current high (yet TBD if actual HOD)
I've been messing with it (offline) during my sporadic power/internet service periods today to take projected S/R range and adding shortfall on one end to the other. But then I came up with adding on upside R level and subtracting on down side S level fib ratio amounts of said range.
What I got for ES today to start off with was 3710.75 (R) and 3634.50 (S) and a range of 76.25
150% of that amount is 114.50 (rounded)
114.50 added to actual low is 3727.50
or 0.50 away from current high (yet TBD if actual HOD)
That depends on how many staunch bears are still left to squeeze. Most of today's rally is likely from short squeeze rather than outright buying by the bulls. Still hopeful we will see 3750 for the HOD.
Yes. That's the scenario I'm leaning on, but I'm not loving this ripping back and forth here at the highs in both directions, but that's ES during chop hour. Larger time frame players may find this a good spot to be selling into.
Trading all the way back up to last Thursday's Close would definitely give the bulls some hope we could have a double bottom in place. 3750 today and 3770 by end of week. If the bears want to prevent that scenario it's time to be stepping up here.
I'm a late long. Will probably take an exit if the next pop doesn't get legs. And I might be satisfied with 25 not getting too greedy today...
So, who thinks this can breakout going into the Close for a 3750 tag? Who's fading ths level?
I'm a late long, so I will trail a tight stop if we close in on the highs as my confidence level is medium/low. If I get lucky (that's part of trading) and don't get stopped out, I'll just hold below the current HOD.
That's the game plan...
I'm a late long, so I will trail a tight stop if we close in on the highs as my confidence level is medium/low. If I get lucky (that's part of trading) and don't get stopped out, I'll just hold below the current HOD.
That's the game plan...
I see no reason to try and fade this, regardless if it works or not. Would just be relying on the overall macro bearishness to take over and that's not enough for me, given that we busted June lows and regained them.
And I'm out for 4 points on a trailing stop...
If I were up greatly for the week I would just hold this with a 10 point stop, but my confidence level is medium to low for the chances of a BO, so I see no need to take unneccessary risk and I was in drawdown on this position before this pop.
If I were up greatly for the week I would just hold this with a 10 point stop, but my confidence level is medium to low for the chances of a BO, so I see no need to take unneccessary risk and I was in drawdown on this position before this pop.
Might get that rip to 3750 in last 1/2 hour. Breadth started improving over past couple of days and is really strong today.
It's tough, we do have 3:00 and 3:30 though to setup another potential up push. Going to be on the look out for a long setup and take it if I get it.