The Es had a profitable Long trade
3.6.23 Earlier this morning we called for a long trade on the S&P 500, And the market went Higher to test A line that represented A gap lower... in other words the market traded to the sellers and then It reversed. So it went about $1,500 or more higher and at this time the market Is still hanging out at the area and May in fact go higher. It's not clear yet. the key is that we found An entry at a two bar reversal with a very small stop it never got challenged and the market went in the direction that we were planning for with no significant Drawdown. If you look at this on a smaller time frame you will note that the market came to the line that represents the gap lower and then the market actually corrected at that level and went a little bit lower and now it's challenging today's high again. the importance of this is that the Market's going to trade with a certain volatility Auctioning up and down and we need to realize that these gaps or resistance areas give us an idea where we can expect Reversals, Support resistance lines.... which include gaps.... on this particular example we have to wait and see if we're truly going to get a reversal here in the market goes lower.... or it may push higher. BUT! We entered a market with no significant drawdown and the market went in the direction that we would have expected. I accidentally push the button before I finish this video and before I Looked at the oil chart today..... so that comes next.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.