Plan going into Tuesday for anyone that trades ES/MES Futures!
Plan for Tuesday: supports are 4949, 4940-42 (major), 4936 (major), 4925-27 (major), 4921, 4914, 4909, 4904 (major), 4898 (major), 4891, 4887, 4883, 4877-75 (major)
I am holding my long runner from 4903-05 still. We had the much awaited large breakout leg today, so yall should know what i’ll say next. My job as a trader is to position for these type of big moves. After they start, and after we get a big one directional trend day are my LEAST favorite times to trade. Longs are risky (chasing), and shorts are definitely not in the picture for obvious reasons. Setups are very scarce after breakouts. After days like this, i like to sit back, trade light, and let price gives us move setups and create more levels. Will it immediately backtest the breakout zone? Will it establish a new chop range? Will it just continue up? All these questions can only be answered by giving the price space to create new setups. One thing is clear though: It was breaking 4925-27 that started the move up, and therefore, that must hold lowest on any dips tomorrow, or we return back into the chop again. 4940-42 is first support down. While it is risky to long the first support down after breakouts, one could try to see if it holds. Below there is 4936. Same drill…could bid it or better yet wait for 35 to hold then reclaim 4940-42 to get long. Then theres the breakout spot at 4925-27. I’d give this level a shot at longs for a classic back-test trade. Below that point and this will probably be a failed breakout. 4904-4898 would be spots to try longs if so. Thats the last stop before sellers can tank us.
Resistances are 4954 (major), 4959, 4963 (major), 4968, 4973, 4977-79 (major), 4990-95 (major), 5008, 5018 (major), 5028 (major). Yall should know by now if dont look for shorts in bull markets. But for those who like these low win rate type of trades, 4963 and 4990-95 would be the best spots to try it.
In general, We broke out again and my general lean is always to defer to the trend, and I am running longs. I think we can do some backtesting (4942, 4925 lowest etc), and as long as buyers hold those levels, they can continue us up to 4964, 4977-79, 4990-95. 4925 fails, we need to pullback or chop more before further upside.
I am holding my long runner from 4903-05 still. We had the much awaited large breakout leg today, so yall should know what i’ll say next. My job as a trader is to position for these type of big moves. After they start, and after we get a big one directional trend day are my LEAST favorite times to trade. Longs are risky (chasing), and shorts are definitely not in the picture for obvious reasons. Setups are very scarce after breakouts. After days like this, i like to sit back, trade light, and let price gives us move setups and create more levels. Will it immediately backtest the breakout zone? Will it establish a new chop range? Will it just continue up? All these questions can only be answered by giving the price space to create new setups. One thing is clear though: It was breaking 4925-27 that started the move up, and therefore, that must hold lowest on any dips tomorrow, or we return back into the chop again. 4940-42 is first support down. While it is risky to long the first support down after breakouts, one could try to see if it holds. Below there is 4936. Same drill…could bid it or better yet wait for 35 to hold then reclaim 4940-42 to get long. Then theres the breakout spot at 4925-27. I’d give this level a shot at longs for a classic back-test trade. Below that point and this will probably be a failed breakout. 4904-4898 would be spots to try longs if so. Thats the last stop before sellers can tank us.
Resistances are 4954 (major), 4959, 4963 (major), 4968, 4973, 4977-79 (major), 4990-95 (major), 5008, 5018 (major), 5028 (major). Yall should know by now if dont look for shorts in bull markets. But for those who like these low win rate type of trades, 4963 and 4990-95 would be the best spots to try it.
In general, We broke out again and my general lean is always to defer to the trend, and I am running longs. I think we can do some backtesting (4942, 4925 lowest etc), and as long as buyers hold those levels, they can continue us up to 4964, 4977-79, 4990-95. 4925 fails, we need to pullback or chop more before further upside.
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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.