ES1! SPX500USD 2022 Jan 17 Week
Scenario1 4662 short, scenario3 4743 short, Scenario 4 bounce from
trend channel provided plenteous opportunities last week.
Will adopt a rotational play - execute trades only at boundary
4808 / 4740 / 4629 / 4573.
Concern:
- The uptrend channel has encountered structure failure => price did
not reach the supply line of channel = weakness
- Increase in bearish volume on the downward move = weakness
Weekly: Average volume down bar closing off low = no supply/strength
Daily: High volume up bar closing off high = supply present.
H4: UHV down bar closing off low followed by up bar = strength.
Entries will be based on price reaction to the levels
Short = Test and Reject | Long = Test and Accept
4874 4800
4740 4629
4573 4520
4492 4411
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Have a profitable trading week.
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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.