Friday, May 22, 2015

Friday 22nd May Trade Plan and levels


ES has been in this balance now for 3 days. So today we will use 28.5-30.50 as our bull bear zone. Above here ES can break out to new highs. Given the context this breakout could be very strong so fading with no hard resistance is not really an option for me. Use resistance as a target.

Below 28.50 we have 19-21 which is now the balance lows. Given the 3 day balance and that we are looking likely that we will soon have a directional move this zone should only be longed in perfect setup circumstance given its multiple tests. 14-16 support can be longed on a good setup as this has the potential to be where we turn if we have a failed breakout. However on negative internals and expectation of a directional move the 06.50-04.50 support would be a good target if ES breaks out.

Happy Trading.

No comments:

Post a Comment