A WALK THROUGH THE CHARTS

Tonight, there are no trades posted.  We will take a walk through the charts and discuss what "it is saying,"or what it should have said to you today.  Don't worry if you took the trades or not.  Practice, and put yourself in the hunt when the next trade arrives...



TODAY:  ES

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If you will open the trade day using the global chart, an entirely different story unfolds.  If you prefer the rth, at least look at the global for a quick read.

We have a bullish bias from 7:20 A.M., with the TL from b160 to b179-180.  When the US Market opens, b1-2 are a reversal ( a reversal takes out all or nearly all of prior move whereas a PB is a shallow reversal) of the consolidation at b177-180.  B1-2 are part of the rejection of our A.M. BO long target (BOT), but failed  above the BO Short target (BOS).  The bullish PB on b1 above the TL is a buy signal, with a stop at or just below the consolidation zone.  Even b2 was a buy (2nd attempt) above the BOT.

B3-4 is a PB on the global, and a first reversal for a rth chart.  Price holds at the EMA, and when b5 holds at the inside TL, it is a long  and certainly a long at the BOT.  Where I take a trade and where you enter may never be the same.  But you should be moving in the direction of taking similar bar setups and breaks at the L/S  targets.

B6 holds at the inside TL and is very bullish.  Again, a long above the BOT as a minimum.  That took you into the important 1335 zone.  We were looking for the mid 40's, so 1341 area was close.  The market has trades 1370-1350, 1350-1335, and 1335-1325.  Expiration is next week, and May can be very volatile.

By b27 the downward channel was clear, and the EMA failure at b28 was a safe short.  The next short was the EMA failure (MAXT) at b38-39.  WHY?  top of channel, EMA-, 1335 failed, then the BOT.  As an element fails, or we have multiple failures, you need to look for the trade.  B56-57 was a MAXT of 1335 and a failed channel BO (FCBO).  Why is b68-69 a short?  How about 1t below b63?  B75, b78?

Find the negatives in the market- failed TL, EMA-, BOS, a bear channel, a heavy wick candle.  Find the positive in the market- TL, BOT, bull channel, EMA +, a bold tail candle.  Once the market talks to you, find the candle for your entry.  Build your case, build your confidence.



TODAY:  6E

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The Euro-Dollar pair (6E) was in a bullish mode from 7:15 A.M. EST.  A PB to the EMA support occurred just prior to 9:00 A.M.  Bars 180-181 began an inside (inside the EMA  or between price and the EMA) bullish TL. If you missed 180-181, then each PB bar(s) above or to the TL is the buy opportunity.  Repeat until the TL is broken.  Use the TL in a case like this, as the EMA is too far away once price breaks bullish at 180-81. 

When price does return to the EMA, it is a bearish channel.  6E BO's tend to be more reliable than the ES, and a long is justified at the EMA hold ( a positive) b25-36, and they are a channel BO (another positive- building the case).  B39 is a bull failure (look at b20).  We now have a new TL, that hits at the lower high b56-57.  All shorts for a reason: b20, 39, and 57 (b58 was the entry for most).