As those reading, know I have written extensively that I am expecting ES to largely spend this week building a base. This means rangebound trading between 4630 and 4500. The purpose of this up and down trading will - like all bases - be to setup the next clean trend move for us to trade.
Yesterday, I wrote “I think price probably consolidates more inside these triangle structures before making that move. Remember range bound trading can be very trappy, and very random. Today was clean, but may not always be the case. I think that we do get a pullback before pushing higher, if not from this 4575-90 zone, then from 4615-20”
~4590 it was and ES was unable to clear it today, selling back to the bottom of the range. Since we have now been stuck in this range for over a week, I do suspect a resolution is coming possibly by the end of the week. Today, I’ll talk about the direction, how I am trading it, and a few significant risks