Mack’s Mid-Morning ES Price Action Chart 07-22-2024
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Prices rallied during the overnight session only to turn lower just after the regular session opening. There is a large overhead gap on the daily chart, so price may attempt to fill that gap. That target is down at 5552.75. We have had the largest correction in some time over the past couple of trading days, so a sideways to up day is not out of the question. I would suspect that prices would attempt to correct back to the midline of the large green channel on the daily chart at a minimum, but prices do not always go straight down either, so be flexible today and expect some mixed trading no matter how things turn out overall.
For now, the bias is still up mildly. An attempt at another leg up is possible.
Comments
Rbabaan2 July 22, 2024 at
Hey Mack,
Do you have any videos of using the envelope strategy here besides the manual?
Mack July 22, 2024 at
I mostly only use that strategy on my daily chart for a longer-term view. It is obviously a mechanical strategy, and no mechanical strategy can hold a candle to chart reading, so my goal is to try and convince everyone to learn to read the chart. Once you can do that, trading will never be the same and you will never look at it the same. You will then also understand why mechanical systems are never consistent in the long term.
If I do have any examples recorded, it would be on my YouTube channel. You can search there and see, but I cannot remember if there is anything recorded are not on that strategy. If so, there won’t be many as I’m trying to teach price action and chart reading.
Rbabaan2 July 24, 2024 at
Ok gotcha. i was wondering how you were really using it and you answered it. thanks Mack!! much appreciation to you sharing your knowledge with us.