As I posted last night, the 1141 level was my Line in the Sand to establish directional bias, and it served me well today. My bias was bearish at the open because price had broken down through 1141 as well as Initial Support in overnight trade, and the cash open at 1143 was below previous day's close and in the middle of yesterday's Initial Balance. A break of the 1139.75-1141 area confirmed that sellers were in control. Price also pushed right through the 1135-1137 Support Zone, which was also a sign of aggressive sellers and more selling to follow. Price finally stabilized around 1128.50 (strong support), but only after stopping out the traders who got Long too early in hopes to catch the bottom. It was much better and easier on the nerves to wait, buy the pullback, and trade the rotation back to the IB Low -- I posted this setup/scenario on StockTwits at 12:58 PM (Eastern). Given the weak close below the Initial Balance Low, we could see some continued selling into the next trading session.
Hope you all did great today! I'm off to the Chicago Premier of FLOORED. Have a good weekend!
ES 5-Minute Bar Chart for 01/15/10
I truly enjoy these charts, is there a template that you are willing to share?
ReplyDeleteHi Carlo, this is the TPP Balance chart, and I don't own it so I can't share it. You can get it from http://www.tradepilotpro.com
ReplyDeleteThank you for the quick reply. Would you say this indicator helps you make profits for the price tag? I like how it informs you of all the market levels!
ReplyDeleteDo you only use this set up on the 5 minute chart.
Yes, it definitely helps because it's one less thing I need to worry about. Otherwise, I would have to plot these levels manually. I'd say it's worth it for the convenience.
ReplyDeleteThanks again I will be checking out there template. Can you talk about how you journal your trades?
ReplyDelete