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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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.