- 3 trades (long) along the channel found within the broadening wedge
- 1 trade (short) after ES punched through floor of channel and was stopped by 827.5 on pull back.
ES 5min
Exit target for last trade was initially set at 422 - the floor of the broadening wedge -but I was wary of 825 support. Got out at 426 instead.
ES is now trading below 422 (out of the wedge), and looks very much like it's going back up. Since ES hasn't broken out of the wedge on a partial rise pattern (to qualify as a partial rise, price would have to touch the lower trendline - in this case, ES' previous low was way above the floor of the wedge, as 818 had provided support), I'm inclined to see this as a bullish sign - at least temporarily.
For the trades above, I have used both chart and tape (although I would really like to stop monitoring the tape and just trade according to plan).
Tape reading ES is way more fun than tape reading TF!
Update:
Traded a bump-and-run pattern, but bailed when I realized ES is trading within channel again (see chart below). ES could very well go back up to 831 again on a Wash-and-Rinse / Triple Bottom / Round Bottom pattern (whatever, I'm just watching out for anything that looks like a bowl...)
5 ES Trades
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