Mid Morning ES Price Action Chart 04-01-2020
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Believe it or not, March has now come and gone and we are starting a new trading month. Seems like January was only a couple of weeks ago. Time is flying in these strange times, and maybe that is a good thing.
Prices traded lower and have been in a very tight range since early in the overnight session. The range is about 20 points, so relatively small in terms of the recent volatility.
However, 20 points is large enough to find short term trends, so the range is tradeable, just be sure to follow the range rules and be very careful about entering in the middle of the range.
I would expect prices will move outside of this range before the day is over, but so far, it has been holding for over 7 hours. Respect it until prices prove otherwise. Any small news item, good or bad, could send the market strongly in either direction right now, so trade smartly.
Comments
chrispy April 1, 2020 at
Made a bad squirrel decision in the middle of the range already. Problem was I saw it turn down three times so I went for the fourth. This was in the lower half of the bigger range. So my trade popped up and stopped me. It was not a key entry point so my bad.
Snow-owl April 1, 2020 at
I don’t want to be inappropriate as I am a newbie to this style of trading but what was the the time you placed the trade so I can look on the chart and learn. Thx for your time.
Mack April 1, 2020 at
That is why we sim trade, so we learn from out mistakes and we can also study our work at the end of the day. You will learn not to do that at some point.
Snow-owl April 1, 2020 at
Hi Mack: I’m taking your advise and spending the next 4 to 8 weeks sim trading on TOS. I was hoping (since I’m a visual learner) that i could see the chart to get a better grasp of what Chrispy was talking about. I still have a long way to go and I’m VERY Thankful for Mentors like yourself. BTW would it be more advantageous getting an account with NinjaTrader and if so who would you recommend? Thanx in advance…Charles…:o}
Mack April 5, 2020 at
If you get an account with NT, you have to use their brokerage now. Older traders are grandfathered in, but all new traders have to use the NT brokerage. I am not a fan of that, but NT make their own rules.