Price Action Trading, (5/24/24) ES, 1L, Choppy 2 Leg Rally to Choppy Range

After the large selloff yesterday I thought there was a reasonable chance that the market would rally a bit and take back some of the previous day's move. On the open the market traded in a range until the 7AM economic data. Then the market consolidated and rallied up to another range for the next 3.5 hours. Then there was a selloff to two legs back into the range and into the close. I took one trade and it was a loss. I trusted the trendline I drew more than I should especially since the trendline support already had a previous break and prices were already pressing against the HOD.

Friday, May 24, 2024
Trading hours 6:30AM-1PM (PST)
OPEN - 5304.50
HIGH - 5329.25
LOW - 5294.75
CLOSE - 5321.50
Volume 1,201,691 (total)

Potential market moving news - Revised Consumer Sentiment (7AM PST)

Points of interest - Time in Pacific Standard (time stamp in video)
6:26AM (1:50) Possible L Trade 2ELV, two legs down, EMA supporting, signal bar moved one tick down then reversed strongly with close at the high of previous, enough room to high, possible triple test.
6:36AM (3:30) Trade 1 (R) HL, confirming 2EL, bounce off bottom of trendline. Hindsight – there was a break of the trendline already, prices just came from testing the high and a new high was made on the previous 2EL, signal bar was bearish.
7:19AM (6:36) Almost L Trade F2ES, possible FBO and prices could reverse back down, EMA bounce but EMA currently not reliable, buying at top of range, no room for confident scalp before HOD.
8:45AM (10:10) Almost S Trade F2EL, EMA rejection, prices just came of two legs down, could reverse up on larger timeframe or find new low for break of green down channel, need signal bar to break below previous or match lows instead of being inside bar.
10:24AM (13:20) Possible L Trade F2ES, coming from bottom of range and triple test, strong reversal after moving down two ticks with close at high of previous and a break above, enough to top of range.
12:18PM (16:48) Possible L Trade F2ES, confirmed failure, coming from breakout of red down channel expecting a corresponding breakout on other side, possible bounce off yellow up channel.

This video is mainly for my own learning process and to improve my trading. I decided to make it public incase it can help anyone else. 2000tick, NinjaTrader 8.

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Risk Disclosure:
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