ES has been forming an ascending wedge for about 2 weeks and it closed below last week. I wouldn't say it's a confirmed break yet, we'll have to see where we're at tomorrow morning, but if it remains below I'd be looking for shorts targeting ~5730 and then demand near 5700.
This is a shorter term pattern, but it may be good for 50 points or more. If ES has reclaimed this trendline by open tomorrow I'd consider it invalid. If we stay below, the ideal entry would be right on the trendline retest with a stop above, but it may not work out that well so I like puts with a few weeks of time to ride this down to 5700 as long as it never reclaims 5800 or the wedge.
This is a shorter term pattern, but it may be good for 50 points or more. If ES has reclaimed this trendline by open tomorrow I'd consider it invalid. If we stay below, the ideal entry would be right on the trendline retest with a stop above, but it may not work out that well so I like puts with a few weeks of time to ride this down to 5700 as long as it never reclaims 5800 or the wedge.
Trade closed: target reached
First target hit, pretty nice setup but yesterday's afternoon session made it a little tricky. The majority of the trade should be closed here while potentially holding some runners for a move down to demand and 5700.
You reap what you sow.
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Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky! Most traders lose money.
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Disclaimer
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You reap what you sow.
VIP Lifetime Access Program:
ko-fi.com/c/0cb5bf9514
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky! Most traders lose money.
VIP Lifetime Access Program:
ko-fi.com/c/0cb5bf9514
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes. Trading is risky! Most traders lose money.
Related publications
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.