Thursday, January 12, 2012

ES Futures Morning Scalping Setups 01/12/12

The market gave us a 3-wave move to the down side this morning.

Good places to look for continuation of a trend move and an end to a correction move is a 50% correction, and a move of the $TICK back to its moving average. A nice place to enter the trade is on the completion of a $TICK bar in the direction of the trend as indicated by the arrows in the top chart.

We also got a 2-point move on the test of S1 with a bullish divergence. However, the market has since broken through S1 to the down side.


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