Price Action Trading, (5/17/24) ES, No Trades, Range Day with a Late Failed Breakout

Описание к видео Price Action Trading, (5/17/24) ES, No Trades, Range Day with a Late Failed Breakout

Prices primarily stayed in a 13 point range with a failed breakout during the last 90 mins. Price action was slow with low volume. What made things a little challenging was although prices stayed in a larger 13 point range there were several areas where prices would come back and make consistent support or consistent resistance levels, but not at the same area. So you would have a range that you could trust the high side more than the low side (or vice versa. The EMA also wasn't as helpful today due to the choppy ranges. I took no trades today since I had more difficulty trusting setups that were ambiguous to me.

Friday, May 17, 2024
Trading hours 6:30AM-1PM (PST)
OPEN - 5320.50
HIGH - 5328.75
LOW - 5305.75
CLOSE - 5327.25
Volume 993,169 (total)

Potential market moving news - N/A

Points of interest - Time in Pacific Standard (time stamp in video)
6:46AM (4:00) Possible L Trade 2EL & MM, measured move two legs down, possible FBO of developing range, good signal bar, break of yellow down channel has made tested the lows.
7:19AM (5:57) Possible L Trade HL, confirm 2EL setup, break and close above EMA, break of green down channel has test lows and failed a second attempt to go down, prices look to be reversing.
10:37AM (11:00) Possible L Trade 2EL & F2ES, aggressive, two key entry points with signal bar closing strong and above previous bar, just enough room to scalp before hitting local high.
11:10AM (11:57) Almost S Trade F2EL, EMA rejection, close outside trading range, strong bearish close, unsure If range is correct or if premarket low might be support.
12:36PM (15:02) Almost L Trade 2EL, break of the green up channel looking to test high, almost bounce off EMA, also pressing to new highs, premarket high has held, possible moving back into range, no enough room for comfortable scalp.

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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