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Bean Meal has one of the best setups out there. First a weekly (my favorite time frame).
On the chart below you can see we've been in a trading range for about 12 months. I didn't label but we have an upthrust last Jan. Slow grind back to support, with a decent reaction. However demand wasn't able to do much. After 3 bars we closed low end indicating selling present (July 14 bar). This selling allowed a retest of support. Which brings us to where we are today.
Were on the right hand side of the range, last three bars are quite weak. Demand has dried up and the market is finding it hard to move away from support.
Daily, With all the selling in the background we see a two bar spring. Demand had the opportunity only to fail. This inability to make higher prices indicates a lack of demand.
I expect lower prices next week. Everything indicates were about to enter the abyss.
Happy trades to everyone - again not a sexy as ES, none the less a nice setup.
Wyatt
Two nice setups offered today in the ES 5 min time frame.
First entry was a labored retest of a Ross Hook 1, 2, 3 pattern. I'm not firm believer of pattern base trading "at all". However price action gave the entry, I use the RH setup simply for the objective + 4.5 pt.
Second setup, a trading range spring. From the last high to last low using fib ext. the 1st objective + 3.75 pt.
