Market review
October 12th 8:14 am eastern. We started at Bitcoin which is resting on a 382 retracement but it is trading in a very narrow range. The ES is a little more complicated and it is coming to a measured move higher... and even if it goes higher I still think the larger pattern suggests that it will reverse and if it does that it could go considerably lower. The key point for Spending time on the ES focuses on how you could have stayed in this trade if you were willing to look at the 4-Hour chart as well as looking at two bar reversals... and you would not really be on the wrong side of the market if you did this... as it was grinding higher. Gold is grinding higher.... it is in a V formation and it looks like it might retest the area where it gapped lower. Grinding markets can be bullish but they're not easy to trade because they don't have structure and retest that you might see in trending markets that are not grinding markets.
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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.