Last night i blogged that we had made a bullish breakout on the weekly and i was looking to buy the 1st retrace. I also mentioned that the bulls had maintained control of the market on the week and to take buy signals on short to medium time frame.
In order for me to generate a buy signal for entry on the 1st retrace on the Weekly Profile. I go to the profile 1 time frame lower and look for failures in the Zone-Trader Philosophy to the downside. This failure to the downside generates the buy signal and to expect the reversal to the Zone-Trader Pivot.
The profile 1 time frame lower is the inter-day profile. Today the ES opened above the inter-day Persistence Zone which is defined by the 2 orange lines and derives our control bias. Today the bulls are in control of the inter-day and the top of the pz = 1355.75 and the bottom of the pz = 1354.25. The bulls will come in and start buying in this price range in order to maintain control of the market.
We then saw the ES failing to extend the trend did not make a candle body close below the midpoint between ms3 and ms4 signaling the buy and the entry for the reversal back up. This failure occurred above the inter-day persistence, which strengthens the signal as your control bias and your directional bias are aligned and in line with the longer-term weekly profile Zone-Trader Philosophy. Buy was triggered at 1355.75.
Picture of the inter-day profile is below
In order for me to generate a buy signal for entry on the 1st retrace on the Weekly Profile. I go to the profile 1 time frame lower and look for failures in the Zone-Trader Philosophy to the downside. This failure to the downside generates the buy signal and to expect the reversal to the Zone-Trader Pivot.
The profile 1 time frame lower is the inter-day profile. Today the ES opened above the inter-day Persistence Zone which is defined by the 2 orange lines and derives our control bias. Today the bulls are in control of the inter-day and the top of the pz = 1355.75 and the bottom of the pz = 1354.25. The bulls will come in and start buying in this price range in order to maintain control of the market.
We then saw the ES failing to extend the trend did not make a candle body close below the midpoint between ms3 and ms4 signaling the buy and the entry for the reversal back up. This failure occurred above the inter-day persistence, which strengthens the signal as your control bias and your directional bias are aligned and in line with the longer-term weekly profile Zone-Trader Philosophy. Buy was triggered at 1355.75.
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