Above shows the 2 trades I've taken today on one of my favorite setups.Am not pleased with the entry for the 1st trade. The best longs are the ones taken when price has taken an "M" shape (personally, when I want to sell, I like to see "M"s) right at support, with a bearish candle closing below the support, followed immediately by a bullish one that closes above it (if I were selling, I'd know I'm busted - which I was, just yesterday. I learn.). The bullish candle here happened to be an inside bar - great for low risk entry.
I'm not so convinced that we're going to break 840 anymore, although we seem to be on an uptrend for now.
ES punched through floor of Ascending Broadening Wedge in a Partial Rise pattern but quickly went back up in a typical "w" formation, catching some bears by surprise I guess. Bulls should be next. Resistance at 832.25 formed by a Hanging Man is probably going to hold. A break above that level will have me looking out for a SHORTING opportunity.
I don't read volume, so I'm just going to rely on candle stick patterns and how and where candles open and close.
Then, I lay my bet.
It's a game of probability - I get it, D.
P&L for my trades for now (am posting it since today's the last trading day of the week):
4 comments:
Jules,
Glad to see you still pushing forward.
LT
I'm in perpetual labor pain, LT. LOL!
Jules,
Too funny! With the last 3 days on the Euro I'm asleep. We all have our issues I guess :)
LT
You sure know when to sleep in, LT :-) The week has been terribly tricky!
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