ES! / MES! Bullish Futures Close
Updated
Caveat: This is a speculative view of ES into tomorrow. I base it on two indicators: Price/Risk and Price Momentum.
Based on Price/Risk indicator, I expect a gap up tomorrow. Indicator closed at highs, while price closed well off highs, which indicates smart traders are buying pullback. This probably works about 75% of the time.
If we gap up as I expect, this will also coincide with strengthening intermediate term price momentum, which will also bring in buyers.
My plan is to hopefully buy ES on pullback to trendline ~4025-4030 area. If it does not pull back to that area, I may find another level that also minimizes risk.
Based on Price/Risk indicator, I expect a gap up tomorrow. Indicator closed at highs, while price closed well off highs, which indicates smart traders are buying pullback. This probably works about 75% of the time.
If we gap up as I expect, this will also coincide with strengthening intermediate term price momentum, which will also bring in buyers.
My plan is to hopefully buy ES on pullback to trendline ~4025-4030 area. If it does not pull back to that area, I may find another level that also minimizes risk.
Trade closed: target reached
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