The ES decreased in price on Tuesday and was able to close the gap that was created by the overnight market on Sunday and then some. The selling pressure was news driven and due to McCain speaking about Syria and possible invasion.
The ZoneTrader Weekly Profile captured the underlying psychology once again and told us traders that this selling would not sustain itself, the Bulls were in fact in control of the market on the week and the movement was an overreaction to the news.
The time filter held above the top of the Persistence Zone denoted by the 2 orange lines, which again represents where the fight was the greatest the prior week since we are discussing the weekly profile.
This gives us our control bias and tells who is in control of the market on any of the 5 profiles that we apply it to. With the time filter holding above the top that told us that the bulls had taken control of the market on the week and to look to buy the first retrace, utilizing the Daily Profile to trigger the buy entry.
During the sell off on Tuesday the ES came within ticks from touching the bottom of the PZ and then we began to see buying pressure enter the market once again and denoted the fact that the bulls were attempting to maintain control of the market on the week and keep the ES above the bottom of the PZ at 1630.25.
The following candle closed higher then the prior and above the midpoint of the PZ or in the bullish half of the zone. This generated the buy signals and told us the bulls had maintained control of the market on the week and to look for a move to the 1651 to 1653 area, which the midpoint between MR1 and MR2 on the weekly fell.
The midpoint is used to determine if the market is making a bullish breakout or not, by analyzing the close of the candle. If the candle closes above the midpoint then the market is making the bullish breakout and we can buy the first retrace. This is the current case since today we got that close.
Look to buy retrace movement tomorrow, utilize the Daily Profile and look for a failure to the downside which will generate a buy signal and will be derived from either Rule 8, 10, or 12. There is key resistance at 1653 to 1656 area but if the ES can break through it prices will then test the 1665.00 area before receiving more key resistance.
Good Luck tomorrow the chart or screenshot of the Zone-Trader Weekly Profile is below. Once again the Zone-Trader Philosophy kept us traders on the right side of the market and kept us from being caught up by the news driven movement, with the models ability to interpret the underlying psychology of the market in real time on multiple time frames. Zone-Trader Philosophy the best Intuitive based trading methodology in the world.
The ZoneTrader Weekly Profile captured the underlying psychology once again and told us traders that this selling would not sustain itself, the Bulls were in fact in control of the market on the week and the movement was an overreaction to the news.
The time filter held above the top of the Persistence Zone denoted by the 2 orange lines, which again represents where the fight was the greatest the prior week since we are discussing the weekly profile.
This gives us our control bias and tells who is in control of the market on any of the 5 profiles that we apply it to. With the time filter holding above the top that told us that the bulls had taken control of the market on the week and to look to buy the first retrace, utilizing the Daily Profile to trigger the buy entry.
During the sell off on Tuesday the ES came within ticks from touching the bottom of the PZ and then we began to see buying pressure enter the market once again and denoted the fact that the bulls were attempting to maintain control of the market on the week and keep the ES above the bottom of the PZ at 1630.25.
The following candle closed higher then the prior and above the midpoint of the PZ or in the bullish half of the zone. This generated the buy signals and told us the bulls had maintained control of the market on the week and to look for a move to the 1651 to 1653 area, which the midpoint between MR1 and MR2 on the weekly fell.
The midpoint is used to determine if the market is making a bullish breakout or not, by analyzing the close of the candle. If the candle closes above the midpoint then the market is making the bullish breakout and we can buy the first retrace. This is the current case since today we got that close.
Look to buy retrace movement tomorrow, utilize the Daily Profile and look for a failure to the downside which will generate a buy signal and will be derived from either Rule 8, 10, or 12. There is key resistance at 1653 to 1656 area but if the ES can break through it prices will then test the 1665.00 area before receiving more key resistance.
Good Luck tomorrow the chart or screenshot of the Zone-Trader Weekly Profile is below. Once again the Zone-Trader Philosophy kept us traders on the right side of the market and kept us from being caught up by the news driven movement, with the models ability to interpret the underlying psychology of the market in real time on multiple time frames. Zone-Trader Philosophy the best Intuitive based trading methodology in the world.
