Define the timeframe you are trading first. Then you can answer where the "now" bar is currently going. Is it breaking previous bars' highs, or previous bars' lows?
No short the rallies in this Downtrend this market will break new lows once again this is just a bounce as we have seen many times recently
i don't usually trade the overnite session, but 1142-45 on es is possibly a decent short opportunity.
No one can predict the future. As trend traders you try to follow the trend and sell counter trend moves in a down trend and buy counter trend moves in an up trend. How you define a trend depends on the time frame. You can have weekly and daily showing down trend and 60 min, 15, 5, 1 min all with up trends (like we have here NOW). Which time frame are you trading will depend on which way you trade. I dont NOT intend to be mean here BUT,...Now that I have explained that I must ask,....if you do not know which way to go (long or short) why dont you stay on the sidelines in cash?.....CASH is also a position. Also, if you are asking this type of question then you really should examine whether or not you should be trading at all. If you have no idea whether to go long or short how can you determine a TARGET price or a STOP LOSS or even how much capital to risk? Do you risk the same amount in a counter trend rally that you do in the direction of the trend? Most people risk less on countertrend moves.....but if you have no idea whether this is with the trend or a counter trend move then you again would have NO idea how much to risk. Maybe you should read about indentifying trends using basic TA like MACD, MA crossovers, and ADX and DI lines as a start. Then use this time to paper trade and see what would happen. Good Luck.
So I want to follow the trend, and my time horizon is till the end of week or month. So I just ask a simple question, are we in an up trend or a down trend? If the answer is you don't know what the trend is right now say you don't know. Just looking for some simple answers..
LOL...seriously? Did you read the first paragraph of what I wrote? We are in a WEEKLY & DAILY downtrend and 60,15,5,1 min Uptrend...How are you inferring that I do not know how I define a trend? I will repeat,....since you want to "follow the trend".....WHICH TREND???????....choose one... there are many trends. Did you even read the rest of my post or did you just stop at the first sentence?
You should check out the "ES Journal-2011" thread. Everyone posting there is an expert in trend analysis.
Ok, I'm getting the answer. you need to follow the trend, but there is 10 trends you can chosse from to follow..