Pre-mkt 10 pts range for ES.
Right at the critical price zone mentioned in the weekly commentary.
Wait and see game here – need ES to make a move.
Bearish custom tick indices readings since open – confirming initial push towards PP as usual.
PP, Gap, 4 pm close all tagged. Nice way to start the day. =)
Go long at 1199.5 stop at 1196.5.
R1 target hit from 1-2-3 buy off PP.
Is this the 1-2-3 visible off 5 minute charts (a big 1-2-3, visible on 15 minute as well I believe), or something on a smaller timeframe that happened right at PP? Thanks LC
On 1-min. Many powerful moves off PP/R1/S1 are 1-2-3 signals and they are usually only visible on 1-min or 10-sec charts
Is there a proportion thing to a ‘good’ 1-2-3? I would have thought if you go down enough timeframes, most moves will show a 1-2-3 pattern, but that will result in many fakeouts?
(I’m talking about from levels, as per macro analysis, of course).
I only look for 1-2-3 at important price levels.
At the important price levels, they are not that common and they are pretty good as a reversal entry.
When you are looking at 1-2-3 in general, however, they do not work well.
Got out first part at day OR high, sell the rest at R1.
Time Map 11 am new high.
Shorter timeframe basis, the oversold condition in ES is neutralized.
ES tagged weekly PP.
Wanted to go long at pull back, but had problem with real-time data.
Was not in the office since noon. Classic R1 to S1 finishing move once morning high tested and failed.
Hope some readers caught it!
Do you track both 4pm and 4:15pm R1/S1/PP/Gap levels or is there one that’s better to focus on than the others? Just curious since I haven’t been tracking the 4pm ones usually.
Yes – the 4 pm one is more important nowadays because there are other derivatives like SPY, OEX options, etc. that depends on the 4 pm close.
In old days (10+ years ago), S&P pit was the king and 4:15 pm was a powerful magnet when price moves near it.