$MES/$ES Chart & Trade Review - Wednesday - January 19, 2022

 $MES/$ES Chart & Trade Review  - Wednesday - January 19, 2022

 

Futures Trade of the Day:

Just as we did yesterday, another retest of the Low of Day presented itself a couple hours into the trading session. 

The long we took turned into a short opportunity later in the day that actually worked out better than our original long entry. 

Check out the screen shot below to see the call outs of the trades BEFORE we put them on~~~ 

 

Trade Setup: long entry @ 4559.50

                        stop loss @ -3.5 points

                         target 1 @ +3.5 points

                         target 2 @ +6.5 points --> t2 hit, stop loss moves to break even / in profit

                         target 3 @ +20 points / trail stop

Rationale for trade& setup: 2x time frame opportunity where price was coming down to demand on the 240m chart, with the entry based on the 5m/1m time frame for confirmation of the LOD break, reclaim and retest off a higher low to rally. Targets based on 240m/15m charts.

Result: +32.75 points

 


There was an $MNQ trade at the same time @ $15,119.25 (did not take) that worked out for close to 200 points before the markets hit supply and rejected lower.


 

Once the profit targets were hit in $MES, a short opportunity came about and was also a nice winner. 

**Short trade opportunity--> 4587.5 - 4590.75 area was origin of the break of the 1st 15 min candle/open of US market hours. Identified the area and waited for prices to get above 87.50 for the short entry** see chart below

Overall, the markets again struggled today and continued to the downside like we talked about yesterday. 

If we can't hold these levels, look for a further move down to 4550ish area. 

That's it for today, see you tomorrow!

Join the Discord ---> https://discord.gg/PXQBNZvHYN

 

See ya!

 

Jeff

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