Emini Pulling Back from the Highs Trade Planning Feb 6
Mon, Feb 6, 12:11 PM ET, by Corey Rosenbloom
Last week’s breakout sent the market back toward the prior high.
However, this morning we’re seeing a pullback from the high to a key Fibonacci Level. What’s the plan?
Here’s today’s updated Emini (@ES) trading levels for your trades:
In the membership and on the blog, I highlighted the greater odds for another bounce up off the rising 20 day EMA on a bullish pathway toward the prior high… which is indeed what occurred this morning.
Here’s a quote to reference from Thursday’s member report:
Still, the Daily Chart suggests a BULLISH RALLY up away from the 20 day EMA near 2,275 toward the prior high/upper Bollinger Band near 2,300
That was the main focal point for setting up the bullish game plan that took us to the highs.
With price AT the highs, we’re seeing a natural consolidation and pullback in motion at the moment.
Frame your trades – and thus the game plan – on trading the departure (up/down) away from our achieved target.
If you’re new to this style of simple level trading, welcome aboard and keep checking back or get more details beyond just the @ES (stock scans, money flow, education) by becoming a member!
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey's book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).”
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