ES downtrend- short position for ongoing chaos
Updated
I have new position that I just open in ES. One of my most favorite set ups is this. And for me potential for good profit is in this set up.
1. You see a possible reversal candle at the orange left pointing arrow.
2. next candle should be closed up above the open of candle that happened right before potential reversal candle. it did go above this candle if the wick you count- but don't count the wick. It just says bears powerful enough to push back below open of 2 candles before. Normally I like to see bigger wick than this but okay, tiny wick is for me working enough.
3. You can see too that price at .382 tried to break through back up but it was pushed back down and with pretty big bear candles. .382 is important line where bulls and bears draw in the sand.
4. You have progressive bigger wicks going down on bear candles. Too bear candle volume is pretty good.
add up all of this and you see it looking like a nice bear movement. It is not the most perfect of these set ever that I have seen, but on 1 to 10 scale I give it a 7. So not guarantee, but is there ever? I will give this entry a chance, but it could jump around in this same area and consolidate for a bit. I will not give it too much room to make me wrong because I have a tight stop. But to me risk is worth big a payout. And if this is to fail there are always next trades.
I am always happy when people read my idea. And if I win you win, if you lose then I lose too. But over time I make a much more money than I ever lose. Perfect risk management for me is everything.
Thanks for tolerating my bad english! LOL
Miss Bunny
1. You see a possible reversal candle at the orange left pointing arrow.
2. next candle should be closed up above the open of candle that happened right before potential reversal candle. it did go above this candle if the wick you count- but don't count the wick. It just says bears powerful enough to push back below open of 2 candles before. Normally I like to see bigger wick than this but okay, tiny wick is for me working enough.
3. You can see too that price at .382 tried to break through back up but it was pushed back down and with pretty big bear candles. .382 is important line where bulls and bears draw in the sand.
4. You have progressive bigger wicks going down on bear candles. Too bear candle volume is pretty good.
add up all of this and you see it looking like a nice bear movement. It is not the most perfect of these set ever that I have seen, but on 1 to 10 scale I give it a 7. So not guarantee, but is there ever? I will give this entry a chance, but it could jump around in this same area and consolidate for a bit. I will not give it too much room to make me wrong because I have a tight stop. But to me risk is worth big a payout. And if this is to fail there are always next trades.
I am always happy when people read my idea. And if I win you win, if you lose then I lose too. But over time I make a much more money than I ever lose. Perfect risk management for me is everything.
Thanks for tolerating my bad english! LOL
Miss Bunny
Trade closed: stop reached
I stopped out of this tried which I mostly expect. This was what I call a educated gamble trading. Very low risk, very high profit maybe, but most often result is stop out for very small loss.
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