MES Daily Review
(5/9/19)
Today was a bull reversal day and will likely result in a large trading range day. There was a bear trend from the open after a large gap down and failed bull trend on bar 1. There were several good sell setups (red arrows), and a breakout gap which remained opened for the morning session. The appropriate stop for all entries was above the high of the day (red bar).
Prices began transitioning into a trading range after the gap from the second sell setup was filled. The bears then failed to break strongly below the previous low, where prices reversed up strongly. However at that point it was not clear if the bears would develop a larger bear channel as the breakout gap was still open.
Once the bear trend continuation setups failed and the bulls got a strong bull breakout, it was clearly always in long and entered a BTC bull trend. Buying anytime during this spike was reasonable, but the stop was below the low of the day (blue line). After the two legged pullback there were a few good trades (high 2's /wedge bull flags). The appropriate stop for these entries were below the start of the bull spike (blue line). When the bulls failed to breakout above the high in a buy climax, it was a good place to take profits (three red arrows).
The market is currently testing the open of the day and the open bull gaps. It has become a trading range day with heavy two sided trading.
Today was a bull reversal day and will likely result in a large trading range day. There was a bear trend from the open after a large gap down and failed bull trend on bar 1. There were several good sell setups (red arrows), and a breakout gap which remained opened for the morning session. The appropriate stop for all entries was above the high of the day (red bar).
Prices began transitioning into a trading range after the gap from the second sell setup was filled. The bears then failed to break strongly below the previous low, where prices reversed up strongly. However at that point it was not clear if the bears would develop a larger bear channel as the breakout gap was still open.
Once the bear trend continuation setups failed and the bulls got a strong bull breakout, it was clearly always in long and entered a BTC bull trend. Buying anytime during this spike was reasonable, but the stop was below the low of the day (blue line). After the two legged pullback there were a few good trades (high 2's /wedge bull flags). The appropriate stop for these entries were below the start of the bull spike (blue line). When the bulls failed to breakout above the high in a buy climax, it was a good place to take profits (three red arrows).
The market is currently testing the open of the day and the open bull gaps. It has become a trading range day with heavy two sided trading.
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