Mack’s Mid-Morning ES Price Action Chart 01-18-2024
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Sorry this is late, but the road conditions here are worse than ever. It is misting rain this morning and still below freezing here, so on top of the snow, we now have a coat of ice, so things are getting worse rather than better. It took me an hour to go 5 miles this morning. It’s not just the roads either as there are cars stuck and blocking the roads and just making it more dangerous.
I am going to upload this report, read through a few emails, then I’m going home before I am unable to do so. It is very unlikely that there will be a chart lesson tonight. If things are not better tomorrow, there won’t be a mid-morning report either. I’m now concerned about travel for our vacation. We thought it would clear up by now, but so far, no such luck. I will keep you posted as to how that all works out, but as of now, this may be the last mid-morning report before I leave town, if I am even able to do so.
As of right now, prices are just giving us more of the same. They move some during the overnight session when the volume is thin, then just go sideways and mixed the remainder of the day. It looks like the 4800.00 price level is still acting as resistance, so we will have to see if prices can get through that level. If not, prices will likely chop sideways and may sell off at some point as well. For now, things are mixed and sideways.
Comments
Azteclao1 January 18, 2024 at
Stay safe Mac, we value your lessons but not at the cost of you getting hurt. Things is georgia arnt bad just really cold.
scott bryant January 18, 2024 at
Hello Pat,
Sorry your vacation is not going according to plan. Hopefully everything works out and your able to enjoy your vacation. I also, want to thank you for your knowledge and expertise regarding price action.
I am new to your teaching and look forward continuing my education on price action with you.
Question-
What does it mean when small to mid-size candlesticks have very high volume, to low average volume to their previous candlesticks? Does this help with price action? Example would be today’s ES chart from 8:35am to 8:50am.
Hope to hear from you soon, thanks.
Mack January 18, 2024 at
You don’t indicate what time zone you are in, so I am going to assume you are on Eastern time, and that was the unemployment news announcement. You need to be aware of the high volatility news release times each day and make sure you are flat when they come out. If you are a premium member here, you can download a free newsguard to add to NT if you use that as your trading software. If not, go to most any of the forex sites and look for their daily news lists. We are only interested in high volatility US news events. Always be flat 10 or 15 minutes before they come out. If FOMC rate announcement, be flat an hour prior to release.
scott bryant January 18, 2024 at
My apologies Mack, for calling you Pat.
And, I am on west coast time. Thanks for the information.
Mack January 29, 2024 at
If you want to send me a copy of the chart and point out what area you are asking about, I can take a look and let you know what I think. Thanks!