Tag Archives: trading range

Seven Day Trading Range

Wednesday’s high is exactly at the prior close and midpoint of the trading range:
 high of day exactly at prior close and range midpoint
Wednesday’s low failed to fill the gap from April 24th at 2374.00.

Price acceptance below the prominent point of control and close from Wednesday (2382.25/.75) could target Wednesday’s low at 2375.50 and potential 2374.00 gap fill. Acceptance into the April 24th balanced profile targets the poor low from that day at 2365.75, and potentially the gap fill from April 21st.

Acceptance above the point of control and prior close on Thursday targets Wednesday’s mechanical high at 2386.00, a weak reference. Trading above 2386.00 would stop the daily one timeframing lower, targeting the highs from May 1st & 2nd, and potentially the trading range high.

Share  Facebooktwittergoogle_plusredditpinterestlinkedinmail


Subscribe: 

ES Remains in Range After TrumpCare Bill Pulled

After a no-vote on the repeal of ObamaCare in the US House of Representatives on Friday the ES stayed in its 2 1/2 day trading range, just briefly looking below it late before short covering into the close

Split-view Market Profile charts on March 23rd and 24th:

The ES opened near the center of the recent trading range and traded at a sluggish pace early as traders still waited for the House to vote on the repeal of ObamaCare and replacement with TrumpCare. Price grinded higher exactly to Thursday’s rally high at 2352.00 in C period, trading a few ticks above it in D period to the level the market broke down from on Thursday.

A sharp spike lower in F period ran the stops below the near matching C/D/E lows, but with no continuation the market bounced back to the developing 6 TPO wide point of control at 2348.50, widening to 8 TPO’s by H period.

After trading lower in I and J, the market broke sharply again in K and L periods, looking below the prior day’s low at 2338.25. But with the combination of low volume (NYSE daily volume was under 2.98 billion), slowing pace, a weak L period high and a wide point of control above price failed to break out of the range and continue lower, and quickly short covered in the final 30 minute trading period almost all the way back to the magnetic point of control.

Depending on where price opens on Monday, Friday’s late rally high at 2347.25 could be an important early trading reference. Opening below and not violating the rally high could infer the late rally was just short covering and Friday’s prevailing down trend is still in tact, increasing the odds of a retest of the weekly low at 2331.75. If a breakout to the downside occurs potential lower targets are the unfilled gap from February 10 at 2312.75 and the emotional 2300.00 price level.

Price acceptance above the rally high and wide point of control from Friday could easily see price test Friday’s high at 2352.75 and attempt to repair the poor high from Wednesday at 2356.00, and Tuesday’s lower distribution high at 2357.25. Higher references include the single print at 2361.75 and the long string of excess single prints above the anomaly at 2364.50.

(the above post and all posts 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

Share  Facebooktwittergoogle_plusredditpinterestlinkedinmail


Subscribe: 

ES Selloff GAP Filled – Potential Island Reversal, or Continuation of One Time Framing Higher to New All Time Highs?

Short term traders dominate the market

es-daily-chart-december-contract

Just an 8 1/2 point trading range in the ES Thursday after a gap opening higher from the prior day’s range created from the September 9th selloff. Price grinded higher to reach just two ticks from the unrepaired very prominent point of control from September 8th and closed the gap, trading through 2169.25

possible-island-reversal-es

Balance trading rules could apply on Friday, depending on where the market opens:

– Look above or below balance and accelerate
– Look above or below balance and fail, returning back into the balance, initially targeting the opposite end of the balance
– Remain within balance

Although very mechanical, the market is still one timeframing higher on the daily chart. Potential targets above Thursday’s high include the poor high at 2179.75 from September 7th and the August 23rd all time ES high on the December contract at 2184.50, which was also a poor high with only one tick of excess.

Potential destination trades below Thursday’s poor low at 2164.25 could include the high from Wednesday, September 21st and close at 2157.50/2156.25, followed by the 2152.50 anomaly/single print, and 2147.75 single print.

(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)

Share  Facebooktwittergoogle_plusredditpinterestlinkedinmail


Subscribe: