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Penguin Trades posted an update
Hi everyone sorry this post is so late in the day. The video file got corrupted, I have been trying to recover it for a long time but it’s not working so I’ll remake the video of today’s PA tomorrow, and will also cover tomorrow’s price action either in the same video or a separate video. I just marked up the ES like the old EOD posts, I hope this will do for now but I’ll make another video unless I can somehow recover the one I made.
I marked where I stopped trading today at the top. There’s a great big pic trade late in the day after I was done. The major upMM led to a big reversal down and formed a huge F2EL. The downtrend with the large 2 legged break is a just a bigger pic F2EL and nearly retests the previous upMM level. After that inital bearish reaction, push below EMA, then the 2 attempts to reversal fail, that looks good to get in on to ride down to the OVH. Price is even more likely for a fade attempt after a large reversal pattern forms. It’s just a smaller F2EL that formed in order to launch the price down for the larger F2EL that formed. I would want to get in around where I could have my stoploss a few points above the previous upMM level in case of another retest attempt, and would be ok with increasing rr due to size of the setup and the good context.
Price made a strong fade then pushed lower and is looking bearish, however it just broke a wider uptrend that’s been forming since yesterday which could lead to a new high attempt and therefore an uptrend day, however a trend of this size could have a very large break so we can’t get long biased just due to that. We have to stick with what price does in the moment, if it’s pushing lower overall, then we’ll look to get in with that. It possibly could retest on of the previous major swings within the uptrend which could be the trigger for prices to make the attempt higher.
Have a great night everybody, see y’all tomorrow.
