Last night I wrote a post "ES-August 19th- Big Picture View of Price" and you can find it in the related publications to the right.
I said " You can see that we are in a range of 6452-6508. IF, price loses the support of 6452, we will probably need to test 6390 or below. IF, price can regain control above 6472-76, we should retest 6508 then 6522, 6541."
At 6:15pm in the opening session we popped to 6476.75 and rejected. I had mentioned yesterday that 6476 was a massive resistance. As I type this at 2:01am EST price has come back down to the bottom of the range at 6454 with the European open coming up in the next hour.
I also stated last night the following " Without a catalyst, news or some other reason, price will most likely just continue to chop around overnight between 6453 - 6485. We need price to flush a lower level like 6450-53 to continue higher. IF, price loses that level and can't clear 6473-76, I believe we could continue lower pretty fast in which I would get out the way and let price build a new support level and reclaim the next level in yellow above that price."
Price is still chopping in this range and I anticipate a move out of the range today, one way or another. Today's levels have not changed since yesterday's trade plan. You can see the related publication to the right.
We have had a tight range between 6454-6477 overnight and price broke yesterday's low and is currently trying to move higher. Pretty straight forward from here. We need to clear 6465 to retest the overnight high at 6477. IF, price loses 6450-53, We would then be looking for a nice reclaim of 6461 level to move higher IF, price does not reclaim the 6465 level on the back test, we will most likely keep moving lower with 6439, 6426, 6409, 6390 are the next levels below with 6390 the weekly low from last week and should see a good pop back up the levels above. We can't keep moving higher unless we reclaim 6477 level.
We could continue to chop around today until a news catalyst breaks the range and moves us one way or another. As I have stated, I like price to flush 2-3 levels, scare the retail trader, then short squeeze higher. The yellow levels should help you navigate price and a reclaim of a level is a good way to get a quick 10+ pts to the next level.
I said " You can see that we are in a range of 6452-6508. IF, price loses the support of 6452, we will probably need to test 6390 or below. IF, price can regain control above 6472-76, we should retest 6508 then 6522, 6541."
At 6:15pm in the opening session we popped to 6476.75 and rejected. I had mentioned yesterday that 6476 was a massive resistance. As I type this at 2:01am EST price has come back down to the bottom of the range at 6454 with the European open coming up in the next hour.
I also stated last night the following " Without a catalyst, news or some other reason, price will most likely just continue to chop around overnight between 6453 - 6485. We need price to flush a lower level like 6450-53 to continue higher. IF, price loses that level and can't clear 6473-76, I believe we could continue lower pretty fast in which I would get out the way and let price build a new support level and reclaim the next level in yellow above that price."
Price is still chopping in this range and I anticipate a move out of the range today, one way or another. Today's levels have not changed since yesterday's trade plan. You can see the related publication to the right.
We have had a tight range between 6454-6477 overnight and price broke yesterday's low and is currently trying to move higher. Pretty straight forward from here. We need to clear 6465 to retest the overnight high at 6477. IF, price loses 6450-53, We would then be looking for a nice reclaim of 6461 level to move higher IF, price does not reclaim the 6465 level on the back test, we will most likely keep moving lower with 6439, 6426, 6409, 6390 are the next levels below with 6390 the weekly low from last week and should see a good pop back up the levels above. We can't keep moving higher unless we reclaim 6477 level.
We could continue to chop around today until a news catalyst breaks the range and moves us one way or another. As I have stated, I like price to flush 2-3 levels, scare the retail trader, then short squeeze higher. The yellow levels should help you navigate price and a reclaim of a level is a good way to get a quick 10+ pts to the next level.
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.