ES Weekly Chart: Still in the up channel heading to 1800?
ES 30 Minute 5 day chart
ES PRE MARKET THOUGHTSThis a sample of how I do my market preparation. The night before I form a hypothesis of how I will approach the day if the market gaps up or gaps down. Preparing the night before takes out all the emotion and once I see the morning gaps I then refer to my plan for the day.
White Lines show the Price Levels I will be paying attention to tomorrow along with the Highs and lows of the day and pivots:
- 1728.5 (previous gap fill, semi-support, if not for a gap fill wouldn't consider. Could run down to 1717.50 before bouncing)
Trend and Trades I May Consider
Trend: Staying Long unless there is a nasty down gap below the lows of Friday.
Gap Fill or Gap and Go: Will look for Gap Fills on an up gap below the R1 pivot or above yesterdays lows using support. If the Index's gap solidly over the R1 pivot (which I would then consider support) I will consider running with the index long at the open. If the 3 index's have a bearish gap down, under yesterdays lows, will look to short and go with the gap with an eye on support levels.
Long: looking for false breakdowns off support levels.Will consider a BO with a modest down gap and the goal to retest the highs. Would need all three index's in agreement to attempt a BO over the R1 pivot early and would lean towards the NQ. A gap over the R1 pivot that holds would still stay away from Breakouts.
Short: No Fades short unless an up gap then will consider a fake BO at either the R1 or R2 pivot with the ES or YM. Nasty gap surprising the Bulls then may consider Breakdowns but aware of support areas.