somewhat new to ES futures. it seems that many traders rely purely on price action and volume with perhaps a few other indicators to bolster their entry and exit. has anyone used or have an opinion on PRICE VOLUME RANK as an indicator?
this years drop progression. Similar waves are working through. It means we oscillate between 28-68 for the coming week.
major trendline for the whole move down, if prices move above this trendline, then technically immense risk accrues for the shorts as time passes. its the thick green trendline..currently at 1470.
Nikkei is up 3+% and US futures are still down. Hm... By the way I expect Monday to close in the red...
I like 1456-1460 as a short zone if it looks like a reversal is in the making. Just above Fridays high in SPX (but not ES which was 10pts above fair value at 9:40), plus a matching 61.8 fib (last big rally ending 8/08 turned at the same level... similar size move aswell) Through that and I wouldn't look at shorts til ~1479 where there could be a good setup. Take anything I say with a grain of salt, I'm still learning.
1445 target...scalp 60 minute channel is on the verge of breaking if they dont take it up. It implies retest of 1430.