Live ES trading!!

Closed at +2.33 points.

Hi CianFWK

Nice to hear there are other people who trade S&P only. In my opinion you can really get a detailed look into the price action, you get a feel for a personality of that one instrument.
S&P looks very bullish on a daily chart. There was huge accumulation, that I highlighted by a rectangle. First there was a move down on massive volume (number 1), that mush have shaked out any weak buyers, who sold it to strong buyers. A couple days later market moved back down into the previous high volume bars, but now the volume was low (number 2), compared to volume at number 1. This was very bullish and that's why the market moved up quite a bit from there. That massive accumulation has still a lot of potential, since there hasn't been any distribution yet. Sooner or later I believe it will push the market for another leg up. But right now the market is trying to absorb all the supply at these level. And there is a lot of supply, since the market was staying at these level in the past (horizontal channel on daily chart) for many days. But on a short term I too believe that market looks bearish on 1h chart. It's made lower highs and lower lows and I believe it will push even further down. Maybe there will be in the next few days a 20, 30 points down move at the beginning of a day, just to come back up the same amount at the end of the day to shake out a lot of people. We'll see.

Good trading,
Tdj

Hey Tdj,

thank you for that fantastic breakdown on the current situation. Like you I was bearish in the short term, but I took a long position on the support at the October 27th swing low, I feel I may have jumped the gun a bit, especially after your analysis I think there is more downside to go yet! To me it looks like 2040, the lows of the horizontal channel would be a nice place to start buying. Will be interesting to see how this plays out

Happy trading,
Cian

Went long us500 at 2043.96 and closed at -1.34 points.

Shorted us500 at 2036.72.

Closed at +2.74 points. Market is very weak today, but I was late to take that short, so I had to exit that trade with a small profit. Otherwise I'd be stopped out at breakeven on any retracement.

Shorted us500 at 2078.71.

Closed at breakeven.

Shorted us500 at 2032.24.

Closed at +4.02 points.

Went long us500 at 2059.94 and closed shortly after at -1.01 points.

Went long us500 at 2058.31 and closed shortly after at +0.99 points.

Shorted us500 at 2060.58.

Closed at -2.33 points.

Went long us500 at 2085.65.

Closed at -3.1 points.

Went long us500 at 2089.86.

Closed at +5.00 points.

Went long us500 at 2077.1.

Closed at -2.7 points.