I am tot sure about message market is sending. Based off 30 days number line of 10 for Emini, I just trade OR. Longs of A down level and short into failed A ups. I will be looking for shorts on bounces once ES closes below 1294.75. Pre open chart for ES.
and here is the trade. Once maverick74 mentioned ES gives more failed A down and A up set ups than any other, i been all over it. Month of January has given about 84 handles off failed A down and A up set ups. I do not why it keeps on doing it and I had not had time to go back and look at last year data to see how VALID it is. Successful set ups give confidence so i just keep on taking them . Like maverick74 said, risk 3 points to make 8 or more. also, I could not believe when maverick74 said forget about market internals look at how man y ETF are making A down or A up. Every time , I took failed A down market internals looked pretty SICK and by the time market internals turned positive , ES was up 4 points. So, i just take the trade and do not do anything till OR high or low is hit. Thanks maverick74.
Yeah, agreed. If I had to "guess" (and I'm not, and this means NOTHING) I'd say it has a better chance of confirming than failing. Remember, we've confirmed the weekly, so you shouldn't be trying to get short. Not that you should be long either, but don't be short.
True, it was a scalp only. The trend is still up and I'm now waiting to see if that intraday bull flag is going to break out.