ES

Since Wednesday, after reaching the high of the channel line in a higher time frame, the market has formed a bull flag bearish wedge channel over the past two days. The odds suggest that the market will continue to follow this pattern due to its inertial characteristics.

The market opened with a bearish gap and made several attempts to break through the bottom line of the higher time frame channel, all of which failed. This indicates that the support and resistance pattern is stronger in the higher time frame compared to the lower time frame. Traders who engage in intraday trading also pay attention to higher time frame patterns, while those who trade only on hourly bars tend to ignore lower time frame fluctuations. Therefore, the number of traders who consider the hourly bars is larger, reinforcing the significance of the higher time frame patterns.

Entry: Bar 6 formed a micro double top. A potential entry point would be to short 1 tick below Bar 6.

Target: The target is either a measured move down (not reached) or the bottom line of the higher time frame channel (Bar 9), indicating that you cannot be too aggressive when trading intraday.

Entry: The market shifted from a small downtrend (Bar 1 to Bar 16) to an uptrend. Bar 17 represents a breakout, and the pullback occurred at Bar 19, with a two-bar reversal at Bar 20. Notably, the high of Bar 20 is higher than the high of Bar 19. A possible entry would be to place a stop buy order 1 tick above Bar 20.

Target: Identifying a target is challenging since the uptrend channel is not yet formed. However, the odds suggest that if the market goes down, it is possible to add positions to scale up. When Bars 28 and 29 form a two-bar reversal, adding a position 1 tick above Bar 29 (Resistance works) would be a strategic move. Then, drawing the upper channel line will make the take-profit position clear, which will eventually be reached at Bar 33 or Bar 46.

CL

The market cycle of Crude Oil has been in a bear flag bull channel over the past several days. However, since Thursday, the market has closed below the trend bottom line. Despite a bullish opening gap, the odds suggest that the market might continue as a trading range. The intraday target would be attempting to close the gap (which it nearly did but not entirely).

GC

The market spent days attempting to close the gap formed on June 7. Today, the market opened with a significant bullish gap and tried to maintain the price within the range of the June 7 gap. It touched the opening low at Bar 28, and the consecutive bull bars from Bar 30 to Bar 32 clearly indicate that the market will either remain in a trading range or eventually shift to a bull trend.

Note: The TP target is not clear until Bars 22 and 43, which provide a clear market structure with defined boundaries. It is preferable to place limit orders rather than stop orders in this scenario.