MES in Wyckoff phase
Hi guys,
Just playing around a bit because of the holiday. Noticed that ES was forming a common pattern used in Wyckoff theory.
So far, we are rangebound, grabbed liquidity on both sides during news event but there is still a pool of liquidity above us. We formed a higher low (which differs a bit from the scheme but ok) and peeked slightly above the news wick. Markets are now closed untill tomorrow/tonight.
My bias for tomorrow would be mildly bearish, aiming for a grab on liquity past the lows made during this sequence. I would personally watch price action after we took out a low and found liquity, aiming for an optimal trade entry compared to the new low. Targets would be taking out yesterdays highs.
Good luck everyone!
Just playing around a bit because of the holiday. Noticed that ES was forming a common pattern used in Wyckoff theory.
So far, we are rangebound, grabbed liquidity on both sides during news event but there is still a pool of liquidity above us. We formed a higher low (which differs a bit from the scheme but ok) and peeked slightly above the news wick. Markets are now closed untill tomorrow/tonight.
My bias for tomorrow would be mildly bearish, aiming for a grab on liquity past the lows made during this sequence. I would personally watch price action after we took out a low and found liquity, aiming for an optimal trade entry compared to the new low. Targets would be taking out yesterdays highs.
Good luck everyone!
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