Hello traders,
After a brief relief after hitting support in the 4130 area we can now begin to look for our next short entry.
Key Points:
Potential retracement to the 0.5-0.618 Fib levels (4280-4314)
Strong resistance zone with historical significance
Daily orderblock at 0.5 fib with a daily fair value gap at 0.618 providing additional confluence
Trade Setup:
Entry: We will be looking for an entry in the 4280-4314 range, as the price retraces to the mentioned resistance zone and Fibonacci levels
Stop Loss: A stop loss will be placed above the 0.66 Fibonacci level at 4325 to minimize risk and protect our capital in case the price breaks further down.
Target: Our primary target is previous low. While keeping a portion to aim at the next major support level at 4000, an important psychological level.
Risk Management: As always, remember to manage your risk appropriately. Only risk a small percentage of your trading account on any single trade and ensure your risk-to-reward ratio is favorable.
This short opportunity on ES presents a promising setup with strong confluence factors, such as the 0.5-0.618 Fibonacci retracement levels, a good resistance zone, daily OB and FVG.
Keep an eye on this trade and let's see how it plays out. Happy trading!
After a brief relief after hitting support in the 4130 area we can now begin to look for our next short entry.
Key Points:
Potential retracement to the 0.5-0.618 Fib levels (4280-4314)
Strong resistance zone with historical significance
Daily orderblock at 0.5 fib with a daily fair value gap at 0.618 providing additional confluence
Trade Setup:
Entry: We will be looking for an entry in the 4280-4314 range, as the price retraces to the mentioned resistance zone and Fibonacci levels
Stop Loss: A stop loss will be placed above the 0.66 Fibonacci level at 4325 to minimize risk and protect our capital in case the price breaks further down.
Target: Our primary target is previous low. While keeping a portion to aim at the next major support level at 4000, an important psychological level.
Risk Management: As always, remember to manage your risk appropriately. Only risk a small percentage of your trading account on any single trade and ensure your risk-to-reward ratio is favorable.
This short opportunity on ES presents a promising setup with strong confluence factors, such as the 0.5-0.618 Fibonacci retracement levels, a good resistance zone, daily OB and FVG.
Keep an eye on this trade and let's see how it plays out. Happy trading!
Order cancelled:
Price seems to want to continue up for now. Awaiting any potential entry