Hello traders,
After a brief relief after hitting support in the 4130 area we can now begin to look for our next short entry.
Key Points:
Potential retracement to the 0.5-0.618 Fib levels (4280-4314)
Strong resistance zone with historical significance
Daily orderblock at 0.5 fib with a daily fair value gap at 0.618 providing additional confluence
Trade Setup:
Entry: We will be looking for an entry in the 4280-4314 range, as the price retraces to the mentioned resistance zone and Fibonacci levels
Stop Loss: A stop loss will be placed above the 0.66 Fibonacci level at 4325 to minimize risk and protect our capital in case the price breaks further down.
Target: Our primary target is previous low. While keeping a portion to aim at the next major support level at 4000, an important psychological level.
Risk Management: As always, remember to manage your risk appropriately. Only risk a small percentage of your trading account on any single trade and ensure your risk-to-reward ratio is favorable.
This short opportunity on ES presents a promising setup with strong confluence factors, such as the 0.5-0.618 Fibonacci retracement levels, a good resistance zone, daily OB and FVG.
Keep an eye on this trade and let's see how it plays out. Happy trading!
After a brief relief after hitting support in the 4130 area we can now begin to look for our next short entry.
Key Points:
Potential retracement to the 0.5-0.618 Fib levels (4280-4314)
Strong resistance zone with historical significance
Daily orderblock at 0.5 fib with a daily fair value gap at 0.618 providing additional confluence
Trade Setup:
Entry: We will be looking for an entry in the 4280-4314 range, as the price retraces to the mentioned resistance zone and Fibonacci levels
Stop Loss: A stop loss will be placed above the 0.66 Fibonacci level at 4325 to minimize risk and protect our capital in case the price breaks further down.
Target: Our primary target is previous low. While keeping a portion to aim at the next major support level at 4000, an important psychological level.
Risk Management: As always, remember to manage your risk appropriately. Only risk a small percentage of your trading account on any single trade and ensure your risk-to-reward ratio is favorable.
This short opportunity on ES presents a promising setup with strong confluence factors, such as the 0.5-0.618 Fibonacci retracement levels, a good resistance zone, daily OB and FVG.
Keep an eye on this trade and let's see how it plays out. Happy trading!
Order cancelled
Price seems to want to continue up for now. Awaiting any potential entry
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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.
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.