As expected, the recent correction set up a great buying opportunity.  Every time we have a multiple day sell off, once price find support, the market tends to rocket higher once again.  The ES is up over 20 points in just a couple of hours this morning.

Prices are in a clear and steady up trend for now and the bias is certainly up for now.  This is a big move, so prices could find resistance soon, but it also would not surprise me to see this rally rest for a bit and then continue higher once again.  You can not trade with that mentality though, so follow the price action and take what it will give you, because it can change on a dime!

Mack's Mid Day ES Chart for 12-14-2014.
Mack’s Mid Day ES Chart for 12-14-2014.

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Comments

Seev2014 December 11, 2014 at

My channel is drawn slightly different, but it doesn’t seem anyone could go wrong as long as you didn’t counter trend trade this morning. Another great day! Thank you!

rimallz December 11, 2014 at

Thank you Mack,, I got it right today..

Jay December 11, 2014 at

Mack, this is a bit off topic. but when you are scalping for four tics within a range, what do you consider to be a safe minimum range size? That is from the high to the low. Would something like two points be the bare minimum?

Mack December 12, 2014 at

That really depends on the situation, but you at least want a minimum of 6 ticks if entering on a stop order.

Jay December 12, 2014 at

Thanks!

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