As promised, here are the TPs for ES today-tomorrow.
ES opened on a gap down. It opened with my trailing close (the predicted daily close price for ES) trailing below the price (and it continues to trail below the price action currently). This is a bearish sign and it bodes well for my pullback theory.
Immediate TP for ES if you are day trading it is 4256.
Ideal TP based on the math projections for a good pullback is 4234 (and my ideal TP right now).
This is the key level. If we want some nice sizeable pullback we want to see 4256 broken.
Immediate bullish TP for ES is 4287.
I am not ruling out both of these targets being hit and in fact both of these targets can be hit even if we are going into a pullback day. Problems will start if:
1. ES breaks over 4287. In that case, ES is assuming further bullishness and the probability we hit the 4234 shrinks with every passing second. In this case, it would be likely ES is just gunning for that overhead resistance.
2. ES bounces off 4236 and doesn't break it but also doesn't break 4287. This means that we will be confined to a boring, range bound day with no conviction either way.
Right now, the highest probability play is currently shorting to 4256. We will need to see what happens around this level. This will remain true unless ES breaks above 4287.
Trade safe everyone!
Enjoy the rest of your weekend!
ES opened on a gap down. It opened with my trailing close (the predicted daily close price for ES) trailing below the price (and it continues to trail below the price action currently). This is a bearish sign and it bodes well for my pullback theory.
Immediate TP for ES if you are day trading it is 4256.
Ideal TP based on the math projections for a good pullback is 4234 (and my ideal TP right now).
This is the key level. If we want some nice sizeable pullback we want to see 4256 broken.
Immediate bullish TP for ES is 4287.
I am not ruling out both of these targets being hit and in fact both of these targets can be hit even if we are going into a pullback day. Problems will start if:
1. ES breaks over 4287. In that case, ES is assuming further bullishness and the probability we hit the 4234 shrinks with every passing second. In this case, it would be likely ES is just gunning for that overhead resistance.
2. ES bounces off 4236 and doesn't break it but also doesn't break 4287. This means that we will be confined to a boring, range bound day with no conviction either way.
Right now, the highest probability play is currently shorting to 4256. We will need to see what happens around this level. This will remain true unless ES breaks above 4287.
Trade safe everyone!
Enjoy the rest of your weekend!
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