ES1! SPX500USD 2023 JAN 29
ES1! SPX500USD 2023 JAN 29
Market presented scenario2 for Long with TP1 at 29pts & TP2
at 80pts.
Supply observed on H4 and Daily TF. Supply may be back to
defend their position.
Scenario Planning:
1) Watch for H4 bar, possible scenario
- if next H4 bar close higher but on narrow spread and lower vol,
market may present a temporary short opportunity
- if next H4 bar closes lower, weakness is confirmed. Short when
market retraces to a recent high and is rejected.
2) If market breaks through on very high vol, retraces and finds
support, it will be opportunity to go long.
Volume Analysis:
Weekly: Ave vol up bar close off high = No Demand
Daily: Ave vol up bar close at middle = Supply coming in
H4: High vol down bar close at low (UT) = S>D. If up bar after this
is narrow spread and low volume, we may have a temporary
short opportunity
Price reaction levels:
Short = Test and Reject | Long = Test and Accept
4175 4094 3928-3788
3580 3502 3231
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Have a profitable trading week.
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