ES Journal - 2017/2018

This test of the extreme low happening as I type could end up being a higher low reversal or a lower low reversal but it needs to be in the general area of the prior extreme low and the test itself NEEDS to be weaker than the test to the MA. All that will show some buying pressure. If the test to the extreme low ends up being stronger that the prev test up to the ma then the test up to the MA may just end up being a flag and trend could well continue down. However, with three bull bars in the test to the MA I lean towards a HL trend reversal BUT A FEW MORE BARS WILL tell the tale. Bye

 

May get a measured move up. Really gotta go. Things to do. Will check back later in day...Bye..

 

Remaining long here.

 

We'll likely at least get into the low 80's today or tomorrow.

 

Staying long overnight.

 

I wouldn't be holding long overnight after the measured move was made. Price could certainly retrace the whole move up. Good luck.bye

 

Quite a sell off!

Did any1 short from the open?

 

Here is what happened after the measured move was reached.

 

IMO, rth(regular trading hours) opening and closing volume can not be used to determine "exhaustion" as these times ALWAYS have high volumes in relation to the day. However, relative to previous open/close periods is appropriate.

IMO.

 

yes, generally that is correct. However, in this particular case, the market, still weak from the open of rth the big vol does carry abit more weight coupled with the fact that the bar on which it took place closed weak which means this volume was more likely than not selling activity. Some institutions were selling alot near the close of rth. Overall the trend was down for the day but in the shorter tf view it was up from the bottom of the measured move to the top of it which was reached also near the rth close. For me, i would pay attention to that kind of vol in such a context. It certainly was not retail traders creating this selling vol.