ES Break Out Pullback Bear Trap 3950 Entry 75 Point Target

4 Hour Trend is Down

15 Minute Trend is Up

5 Minute Trend is Up

Looking for a pullback somewhere at 3945-3955 area for the next higher low

Longer term I am bearish but short term is bullish

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Comentário:

Break above 3994 will CONFIRM the bear trap and the measured move takes it up to 4100 where you will find some SERIOUS resistance

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Here on the 2 Minute chart, about 14 Hours before NY Opens. I want to practice my skills of drawing channels in anticipation of NY Open. This is one skill I am currently working on, the ability to draw great channels ahead of time. I am using the 200sma in conjunction with round numbers with multiple touches. Top channel, Mid channel, and bottom channel. In an uptrend I want to be a buyer, close to bottom channel and close to round numbers.