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Penguin Trades posted an update
Today’s site video is uploading right now, and will be out soon. The video is an hour and goes over both today and yesterday’s PA. Until the upload is complete, here is today’s ES marked up. Price just met a large upMM that formed off the OVH, and is still correcting lower. Likely to make a a 2 legged reversal attempt from the upMM, and if price holds above EMA after 2 legs down, we can try to get long on a F2ES above the EMA as a continuation entry. Just have to stick with what price does. Overall price has still just made lower highs all day, so if we get a full on reversal from this upMM, then it’ll be clear there’s a wider downtrend forming.
TonyT64 and gAdrev1 Comment-
Thanks PT. Great detailed video, and very useful both when you point out exactly when to enter a trade (first bar? bar below ema? good SB in chop? etc) and why, not just the area since that will often make the difference in real time.
And also liked the comment on decent trades that lost, I also was a bit surprised on that 2ES at the channel highs (not perfect but not bad) that did a last spike to test the MM and would’ve stopped the usual entry there. Wasn’t trading during that one but for sure it’s easy to gloss over those in hindsight and only focus on the successful setups, but noticing when that happens helps to deal with the frustration one may encounter being hit, sometimes decent setups just fail…1
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