ES Long based on 100% Range reversal - bounces at -f76%ES Long based on 100% Range reversal - short covering rally
ES was short at the open you can see the red indicator plot on the chart telling you to go short...
Price first tested above then below - The fig grid shows this as the price nudged f23% then later hit f76%
making a total of almost 100% of the daily expected range as detailed by the range grid at the bottom of the chart.
This long could reverse into bear flag like formation possibly and retest the lows...
So the trade here is a bit late like me - making the commentary...!
But it is a simple demonstration of how to use this system to trade with... see the related link for another
In this case the reversal the -F76% level was the place to take the trade - or exit the short...
Based on the time of day of the bounce and the longer term view or alteast the current top of market structure holding -not collapsing - this was i felt an easy long.
The target would be the F0% - or more...
These indicators are available in Charts > Indicators > Market Place AddOns > MicroTrends
more details of the indicators can be found here: www.indicatorfactory.com
