In an uptrend with a rising lower bollinger, any bar that touches the lower bollinger and closes above it is a strong buy.
Here we have that, but also we have supporting evidence. The preceding run up was so strong that it is unlikely the bulls just give up. The downmove over the last 8 trading days has been choppy and weak, painting a hammer candle today. That hammer candle indicates rejection of the lows.
The setup is as follows. Get long on a break of the daily highs ES Z4 1979.25 with a stop at the daily lows 1968 for a risk of $562.50 per contract. This is not a hold forever type of trade, I would definitely be banking some profit at either the upper bollinger or the old highs.
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