70 was my pivot level or strong resistance level for intra-day. I am still short biased and taking another shot at here. If they break 70 then i think we will probably consolidate for rest of day. Short again at 68.
Come on you bears break this down to 57. Tightening stop on the short. Bulls are very weak for now but still holding onto this minor uptrend on shorter time frame charts.
Your right and im taking a gutsy shot at another short at 70.25. great R:R Bulls may be recovering here but they have to break this level to go higher. I can enforece a very tight stop on this one that i why i took it. Has some nice confluence on that level for Fib followers.
The ES usually trades in channels using Waves. These are broken down into long term and small term channels depending on each traders view. What I see here is that the 66 is close to the bottom on a channel, its extremely close to a Fibo Extension Level and has support in that area on a market profile chart. Traders use Fibo's for both entry and exit targets and profile charts for support and resistance areas. The 66 area is just one tick of the first Fibo Extension level plus is close to the support line at the bottom of the channel plus the recent move down (Wave) is very similar in size to the previous 2 moves down which I have drawn a WHITE LINE for each. I would be looking at the first fibo extension level as an exit for a short and a quick scalp entry for a long as stops could be set here hence the short term pull back in price then I would be looking for a bounce of the bottom of the price channel for a long entry. I would not put on a short entry around the 66 level I would take a wait and see approach. Play it safe. Can you post a chart later of your entry. Goodman. Thx
Ya would have been a nice long eh if i was not so fixated on shorts. If this is going to break down today then they are really making me work for shorts today.