5th day up will the bar close green?

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  Our hourly price chart is still sideways with pricing moving from the 2043 price area back down to 2030.  It has been ping pong since last Thursday but this morning price is hanging out at the lows and may want to move lower.  I'm waiting for price to hit the 2015 area before looking for additional longs.  Here is the big picture from the daily... 

ES 03222016 Tuesday
ES 03222016 Tuesday

 

   

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Waiting…

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  Currently the ES price action is sideways on the hourly chart but I'm really waiting for price to come back down and hit the 2015 area so I can back ratio my 209/210 call credit spread, exp. May 20th, to the long side.  I will also attempt to sell another Iron condor when price hits the 2015 area again.  I currently have the 198/199 put credit spread which is doing well.  So far today, I've had a small scalp trade for $96 bucks or what my mentor "Marc Nicolas" would say "Sushi money". Here is a photo of my Daily ES chart showing mR at 2015.44 and the price targets above.  Note:  Yes, I do follow the ES charts, but I trade my options plays using the SPY. 

ES 03212016 Monday
ES 03212016 Monday
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Blue Sky

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  We are set to close the week up again, 5 weeks of buying and currently we are trading at the 2036 range and I'm out of targets on the hourly chart.  My nearest ES target is from the Daily chart at 2067.50.  On the SPY Daily chart I have the next target at 207.77.  The question is not if the target will be hit because it will, the question is when.  

 
ES 003182016
ES 003182016

 

    

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It’s so Pristine…

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  In this business you have to really trust your method and at times you are going to doubt your method and that is normal.  Lucky that I'm in complete bliss with the Pristine method.  Here is the chart of the ES from this morning, it gives us so many great examples of what a great setup should look like.  The only thing that I forgot to mention on the chart is that the entry was at 9:35 am, our first reversal time.  The 5 minute chart this morning is truly, so Pristine.

ES 03162016 example sell
ES 03162016 example sell

Here is what the 60 minute chart looks like with a beautiful void back down to Major Support.  It's obvious to the Pristine trained trader that the 60 minute price action is sideways as we head into the FOMC announcement this afternoon.

ES hourly 03162016
ES hourly 03162016

    

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Wide Ranges

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  After yesterday's breakout to a high of 2010.50 price fell back below the key 1994 area of mS and continued lower taking out MS at 1977 and finally finding a support area at 1966.82.  Price since has rallied all the way back up to the 2010.50 area.  They should sell this area, I'm not sure that price is going to pull back all the way back down to the 1966 level, so I've drawn in possible mS areas that price may be able to hold and continue higher.  Price did hit below the 1970 area where I wanted to sell my Put Credit Spreads, but since it was late in the day, I was not by my computer and I failed to get them on 🙂  Oh well, so much for my "best laid plans". 

ES 03112016 Friday am
                      ES 03112016 Friday am

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Early morning breakout

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  Just as the ECB announced lowering their rate by 1/2% the ES spiked upward breaking out of it's Major Resistance area of 1994.  Now the 1994 should be the line in the sand if we are going higher.

ES 03102016 am
ES 03102016 am

On our Daily, price needs to get above the 2007 for this uptrend to continue, I'd rather see a pull back to the 1970 area but I feel I'm preaching to the choir by saying this... 

ES Daily 03102016
ES Daily 03102016

 

   

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Breakdown

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  Price broke down yesterday through the 1984 level and has found support at the 1977 level which it has tested twice before moving up again to retest the 1994 area.  So now we are ping pong sideways between 1994 and the 1997 areas.  I'm still waiting for a pull back to the 1970 area so I can sell some Put credit spreads but price is having a hard time moving lower... 

ES 03092016 am
ES 03092016 am
Posted in ES Market update | Tagged | Comments Off on Breakdown

Inside days

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  Not much has happened as far as the ES price action since Sunday evening except to say that we are definitely in a sideways pattern on the 60 minute chart.  MR is at the 2007.66 area and MS is at the 1984 level.   My gut feelings are that we will pull back to retest the 1970 area of mS, from the daily chart, before going higher but the longer we go sideways increases the odds that we will just continue higher.

ES 03082016 am
ES 03082016 am
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Looking for a pull back…

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  The ES ended the week by grinding its 4th day up in a row to top the week out at the 2007 area.  Our price action on the hourly chart has been a little wide and whippy and I've had a hard time drawing in minor Support (mS).  

ES 03062016 Hourly
ES 03062016 Hourly

After 4 days up in a row you have to be thinking "Sell", so I'm looking for a pull back to the 1970 level which is mS on our Daily chart.  This will be a great area to sell some put credit spreads this week...

ES 03062016 Daily
ES 03062016 Daily

The last three weeks in a row the ES has produced 3 green up bars, I'm expecting another green week, but I'd expect a narrow range green bar this week as price is coming into minor resistance levels.

ES 03062016 Weekly
ES 03062016 Weekly
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A narrow range day

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  As expected the price action in the ES formed a narrow range green bar yesterday finding mS at 1966 after making a new high of 1984.50.  Price has since ground higher late yesterday afternoon into this early morning topping out with a new high of 1987.75.  Our 1966 pivot area is now Major Support (MS) and the sideways price action has formed a new area of minor Support (mS) at the 1978 area.  For our uptrend to continue price will have to stay above the 1978 and head for our T1 area of 1991.  If price breaks below the 1978 level and stays above 1966 then price would be in a sideways trading range.  The break of the 1966 level would officially end the current uptrend move.  

ES 03032016 am
ES 03032016 am
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