ES 10min
ES looking very much like it could land on the base of the broadening formation (blue trendlines). Looking for a bounce there (price touching base for the 3rd time has a high chance of going back up to the ceiling where price will either reverse or break out. Whereever that level is, 800 remains the ultimate resistance for now. I will be watching out for a partial rise at around 785. If it happens, it could very well drive ES out of the formation on the downside to revisit 739.
ES looking very much like it could land on the base of the broadening formation (blue trendlines). Looking for a bounce there (price touching base for the 3rd time has a high chance of going back up to the ceiling where price will either reverse or break out. Whereever that level is, 800 remains the ultimate resistance for now. I will be watching out for a partial rise at around 785. If it happens, it could very well drive ES out of the formation on the downside to revisit 739.GAME PLAN
Wait for price to touch base of Broadening Bottom. Look to buy only after a price low (valley) has formed between the lower band and centreline of the Keltner channel (KC). Buy the next valley (should be a HIGHER valley of course). Exit targets to be within the 772 - 800 zone.Go long only from base of channels; do NOT buy a breakout for now.
Sell short only from KC's centreline - price should be forming a lower peak than the one before. Do NOT sell on the first close of price below KC's upper band. Watch stochastics - look for downward hook at 50 after it's come up from oversold; look for lower peak to form at overbought.
RULES
Scalping: Get out of any open positions once the tape shows that the reason for getting in is no longer there
Daytrades:
Get out ONCE price closes above or below support & resistance
My plan is based solely on my charts and the tape, and reports like this has little to no bearing on my trading decisions.
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