ES Hourly
Still playing a breakout from the broadening wedge (blue trendlines).
Taking the start of the wash and rinse pattern (within the broadening wedge) as the seed, target is Fib ext 161.8% (807). Performance (that is, if ES manages to break out) would of course be affected by 800 resistance.
If ES fails to break above the wedge, and trades back down towards the base of the wedge, I'll watch for support at Fib 38.2% (around 755), and then at around 740.
GAME PLAN
Scalp within the zone of 755 - 775.Be prepared for ES to trade back towards the floor of the broadening wedge.
Go long from base of channels (preferred). When trading breakouts, be prepared for it to fail and exit immediately when that happens.
(On ES 10min) Sell short only from KC's centreline - price should be forming a lower peak than the first one that enters the KC. 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 and at 50.
RULES
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
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