MES1! Bearish return to gap and lower before going higher
This is the 4 Hour Candle chart view of the MES1! (Micro E-Mini S&P 500 Index Futures contract) This has been trending up and literally just broke to a new high at the end of December 2023. But since that point, the chart has posted lower highs and lower lows on the main high and low swings.
I am overall very much still long on this futures contract, but, I would need to see it first return to the clear GAP in price it made as well as the imbalance, I would consider taking trades long at each of these GAP/Imbalances/Manipulation zones as long as it showed continuation long structure on lower timeframes.
The Long areas shown on the chart are something I marked up based on a retracement zone from each of the impulses.
I drew in potential future price movement, Each of these KZ entry points could very likely create higher highs, I believe the highest quality KZ would be the third one down where I draw price to rocket off.
I am overall very much still long on this futures contract, but, I would need to see it first return to the clear GAP in price it made as well as the imbalance, I would consider taking trades long at each of these GAP/Imbalances/Manipulation zones as long as it showed continuation long structure on lower timeframes.
The Long areas shown on the chart are something I marked up based on a retracement zone from each of the impulses.
I drew in potential future price movement, Each of these KZ entry points could very likely create higher highs, I believe the highest quality KZ would be the third one down where I draw price to rocket off.