For Monday April 26, 2021
Full Emini and Forex daily reports will only be issued when Al is in the Trading Room. See sidebar calendar for “No Webinar” days when this “SP500 Emini trade setups” post will replace the daily report.
For Tuesday April 27, 2021
Charts use Pacific Time
When I mention time, it is USA Pacific Time (the Emini day session opens at 6:30 am PT, and closes at 1:15 pm PT). You can read background information on the intraday market reports on the Market Update page.
Question re MM approach, was is right to consider Bar1 open till Bar2 close as MM down and to expect similar size of move toward bottom?
I wrote about this on the more detailed version of the chart in my Encyclopedia.
Half of the strong moves on the open are simply tests of support or resistance and will reverse. This selloff on the open was a test of the 60-minute EMA and Friday’s close.
It was strong enough for at least a small 2nd leg down, but unless it broke far below support, traders knew there was a 50% chance it would lead to the low of the day. That means that by the close of the 2nd bar, there was significantly less than a 50% chance of a measured move down.
Noted, tnx!