Tag Archives: continuation

Value ended overlapping to higher but closed with weak, poor low

Although value was overlapping to higher for Wednesday’s U.S. pit session, the ES broke lower in I period after a failed breakout attempt higher from H period’s small balanced inside bar and one timeframed lower for the final 4 periods into the close. The ES closed two ticks above the previous day’s low.

weak-and-poor-low

Wednesday’s profile ended with a weak and poor low at 2112.00, weak because it is only one tick below the previous day’s pit session low, and poor because of just one tick of excess in the final periods. Weak and poor lows are usually repaired in future trading sessions.

There is the possibility of a gap lower opening on Thursday, but if price opens within Wednesday’s range and can’t find acceptance above the point of control at 2125.50, the low at 2112 has good odds of at least being tested. Acceleration below Wednesday’s low could bring in more selling, first testing Monday’s low at 2110.50. Acceptance below that low could see price repairing more of the poor profile structure from July 8th and testing the previous June relief rally high at 2103.50. There is also an unfilled gap at 2095.00 from July 7th.

If price repairs Wednesday’s poor low and returns back into its range, monitor price for acceptance or rejection, and one timeframing for continuation or balance.

(the above post and every post on es-traders.com is an interpretation of market generated information using the Market Profile, and the information contained within is to be used for informational purposes only and not to be construed as investment or trading advice. Please read our disclaimer)

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ES Stalled at Midpoint of Range

Price rallied off the open of Monday’s ES pit session, stalling at and later pulling back to the approximate midpoint of the prior multi day trading range and leaving a three TPO wide selling ledge at 2178.25 in L, M and N periods.

short-covering-back-into-trading-range

Value ended the day overlapping to higher, with the point of control also migrating higher intraday from an earlier 5 TPO wide at 2177.25 to 8 wide at 2179.25 by the close, but NYSE volume was very low at just 2.65 billion suggesting shorter term traders in control with no continuation of the earlier apparent short covering move.

2178.25 could be a go/no-go level. Monday’s market profile chart left a poor high at 2182.25. Any downside break should probably be looked at more cautiously if the high isn’t repaired first, monitoring one timeframing for potential continuation lower.

Accelerating through Monday’s high could target the prominent point of control (2187.75) and all time high (2191.50) from Aug. 23rd.

ES Daily Chart
multi-day-trading-range

(the above post and every post on es-traders.com is an interpretation of market generated information using the Market Profile, and the information contained within is to be used for informational purposes only and not to be construed as investment or trading advice. Please read our disclaimer)

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