Good Evening Scataphagos, Thank you so much for this information. I really appreciate you sir. I am faithfully Slave and Prisoner to my Master. My Master name is Price.
You can be a mentor to @Scataphagos. This is the 'trick'. That downtrend was due to the CPI data release 1.5 hours earlier. A short while after the US stock market opened, ES NQ YM RTY dax cac40 FESX Taiwan index, hangseng copper, crude oil ..... all went down at the same time. When the futures are intercorrelated / move in tandem, it is a high-probability trade as many big boys in the world are moving the market together. Make sure you have multiple monitors to display multiple charts. If you trade based on just support and resistance nonsense, you have continuously top-up your trading account.
I never traded futures because options make more money...and also I could never understand pips. I think 99% of retail who trade futures do so because they think it sounds cool....also forex. The overnight and interest fees make it counter intuitive to hold a position long...and I hold Loooongggg.
Dude....Really?? Options make more money than futures?? Overnight and interest fees make it counterintuitive??
Here's one where Resistance is showing.. but because the action today is "psycho-up", I suspect it's more likely to fail (broken to upside). Nevertheless, "Resistance is resistance until broken". The Price TA technical play is to "sell/short the tops line with tight stop"... but be ready for a failure, IMO. There's a lesson here in discipline. I'm suspect of this play because my perception of the psycho has me uncomfortable "going against the psycho". Nonetheless, I have some SPY 550 puts. Worst that can happen here is I lose my premium.
Good Morning Scataphagos, Great comments and analysis. And great chart. Thank you so much for sharing.