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Nice bounce off 835 for a long position.
Advantageous short range was extended from 843 to 845 during the Sydney/Tokyo session.
However, if you did short it in the 843 area last night then you only experienced a 2 point draw down
and an 8 point move to the downside (1:4)
Originally Posted by IchibomB
This could be a reaccumulation phase. There was absorption yesterday and so far today.
I'm looking for signs of hidden selling in this but so far I'm pretty surprised at what I see.
Originally Posted by IchibomB
Looking for some overnight shorts here in /TF at 850.
We'll see if I get the signal.
I like long positions at 843 and 840.
My trading style is mostly trend reversal and trend continuation.
2 healthy days of absorption and pop. missed my long position by 1.5 points overnight
I've been trading /TF but decided to do some analysis for /ES.
If I were to trade /ES I would be looking at 1295 and 1302 for longs and 1326 (maybe 1323) and 1330 for shorts.
I would like to see price drift lower over night for an advantageous long position with a target at
balance (1314) and another possible target of 1323.
Another scenario is if price goes up overnight, I would look for advantageous shorts at 1314 or 1318.
Last scenario I'm looking at is price falling overnight and then continuing to fall during the New York session
in which case I would be looking for a breach of 1300 for entry and a target of 1290.
Looking at the daily chart, we had a bearish effort to fall on Monday. We had some short stopping action on Tuesday and
then some long stopping action on Wednesday. Then today we had some rotation back and forth over balance.
During the /ES Friday open for Tokyo/Sydney I noticed some minor stopping action at 4pm PDT (1hr chart) which
is usually absorption. Now of course volume is very low and price is hanging out until the London Open.
^Posted at 6:49pm PDT yesterday.
MONEY....Prices drifted lower overnight down to 1302 for the long position with a first target of 1314.
Gotta love the London Session! Now we're seeing quite the rejection off the balance area (1314) for the New York session.
