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Volumespreadanalysis

ES price action analysis for 3 Apr 2020 trading plan 2 Apr 2020 recap - Although yesterday was a bullish day, the character does not confirm this. It started with ugly numbers of jobless claims, which drove ES down to spring the low (around 2433) of the previous day followed by a rally up to test 2525 thanks to a spike up in crude oil. It was highlighted in M15 chart that the 2 candles tested the 2525 level has volume spike, suggests the demand was met by supply at this level. On the daily chart, candle b (yesterday) has slight increase of volume compare to candle a, yet the result (to the up side) is mediocre. The rally from yesterday only reached about half way of the previous down candle. This suggests supply was present and managed to stop the up move at level 2525. Bias - slightly bearish. If ES fails to break above 2525 with aggressive demand, it might break below the swing low at 2425 and test further down. Potential intraday setup - Look for how ES interacts with 2525 or structures in smaller timeframe. A short entry after a test or up thrust of level 2525 is preferred. Key levels - Resistance: 2500, 2525 Support: 2450, 2425. Swing high and swing low from lower time frame. Note: Since yesterday has increase of supply, it is important to see how significant is the reaction. A trading range between 2425-2525 will be neutral. A break above 2525 is bullish and expect continuation of the rally. A break below 2425 should draw out more supply to test 2380 or lower.
CME_MINI:ES1!Education
by mingjong
ES price action analysis for 2 Apr 2020 trading plan 1 Apr 2020 recap - Major movement of ES happened during non-RTH. Level 2450 was tested from the last 4 H1 bars and defended eventually. The last hour bar did spring the prior swing low and form a demand tail. The magnitude of the down move might be significant but without aggressive supply. Daily volume is slightly lower than the previous day (31 Mar 2020). Result - did not commit below level 2550 and the swing low formed on 30 Mar 2020, suggests a bounce up from here. A trading range between 2450-2630 is expected. The down-sloping accumulation structure since 12 Mar 2020 is still valid. ES could have gone through a sign of strength (SOS) rally from 24-26 Mar 2020 and currently on a backup action before marking-up higher. Bias - Break above 2500 to challenge levels 2550, 2600 and the swing high (2630). Potential intraday setup - look for possible continuation of the rally if committed above 2500. Else, short into an up thrust of level 2500. Pay close attention on how ES interacts with the key levels for reversal trades. It is possible to switch to swing trade should the close is favorable. Key levels - Resistance: 2500, 2550 Support: 2450 ; Prior day high 2509 and day low 2434; Swing high and swing low from lower time frame. Note: bullish bias is maintained until emergence of aggressive supply. During the unwinding of the volatility, expects relatively normal session without huge swing (up or down).
CME_MINI:ES1!Education
by mingjong
ES price action analysis for 1 Apr 2020 trading plan 31 Mar 2020 recap - After tested the last hour bar from 30 Mar 2020, ES rallied up but failed to overcome the resistance formed by the swing high. Last hour supply spike is the greatest since the bottom was formed on 23 Mar 2020. Possible start of a reaction. Bias - swing down to test 2500, 2450. Potential intraday setup - Either direction can be traded. Watch out how the price interacts with the key levels and smaller structures to trade the reversal. Key levels - Resistance: 2550, 2600. Support: 2500, 2450. Note: Failure to defend the level 2450 should attract more supply to push the price down to test 2400 and/or the low formed on 23 Mar 2020. Bullish case will still be valid should ES stay above the level 2450.
CME_MINI:ES1!
by mingjong
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