Hi everyone I hope you've had a great trading day. Today all my focus was on the NQ 250 tick. You can see the larger price action levels forming. Notice at the beginning with the downtrend. We got a very small 2 legged break, smaller than the one marked. We got a perfect MM reaction/reversal, but price was only forming a larger break between the bigger pic legs that were pushing up. That took us to the marked "2 legged break" on the chart. After a couple attempts down, price reversed, and ultimately made an even larger 2 legged break from the original downtrend. We can see that with the red arrows.
E-Mini Price Action
Day Trading
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In today's blog we're going to be going over the ES.
Above is the NQ 250 tick, price broke the range from last Thursday, retested it and continued lower in the overnight session. Price formed a downtrend, which then broke and made 2 attempts at a new low, which led to a reversal/fade attempt, which had a strong failure, leading to a full on downtrend day. When price broke the OVL, (after the initial 2 breaks) and really took off lower, this would be a good spot for a F2EL for a short entry. Price was extremely bearish at this point, but it was so bearish it couldn't offer us a couple legs back to get in on the move.
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I Day Trade the E-Mini S&P 500 (ES) and E-Mini Nasdaq (NQ). I've been trading futures using price action for several years now. I started trading as a scalper, but it just wasn't my style of trading and it didn't suit me perfectly. I used what I had learned from scalping to see price action structures on a bigger picture. I learned to filter out smaller scalp setups, and wait for larger price action structures to form setups with a minimum Risk/Reward ratio of 1:1. Larger moves based on larger price action structures. Most of the trades I take, I go for 1:1RR, but I do take trades for up to 1:2RR at times. I trade the ES on a 2000 tick chart, and the NQ on a 1000 tick chart. I use the 21 EMA on both markets, and it serves as our only indicator we use. Price Action works on all markets and all timeframes, so you can receive valuable insights even if you trade other markets or timeframes.
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