Swing wise, we needed to push down to about 2055ish before going flat for me to have liked this open...... Scalping wise, I like at least 6 tick range bars off open to be getting the volatility I need to get in and out or else I am making between 1-3 ticks each trade which is risky business on a Friday with no news unless u quit while u are up
To take it to a little larger context. We are just 2 points below yesterday's closing on both ES and Cash. We have time to rally and close above that---perhaps even take out the high of yesterday at 4 points now from here.
The difference between what we are doing is that I don't trade the 1 minute chart. I might look at it from time to time but I much prefer higher time frames.
My view is that the longer the time frame, the less opportunity I'll have to make a bad trade. I can see context better on large frames and so If I am looking to make a trade on an hourly chart, I am looking also at daily and weekly for overall direction.
Depends how long you are holding a trade for. I trade off the 1 min and the hourly and look at nothing else. I scalp and I swing trade. I will hold more than a day if the trade calls for it. Today we are in a distributive phase according to my strategy and am shorting the 2364-2366 area and buying 2054-2058 until the market shows me I am incorrect.
Still long here with the same stop. I may move the stop to 2335 area soon. Not ready yet though. Pricing on ES is currently 2364.75