This week I will be more actively trading the order flow in the /NQ contract. However I still see an opportunity to trade the /ES, but my goal is to hone in on one good trade idea, a fade from the outside of the range, and only take one or two trades a day.
Last night I highlighted a consolidation formation occurring in the /ES and it has begun breaking down. The primary support has not yet been taken out, but we are in a momentum environment where it looks vulnerable. Although the move away from this consolidation will pack serious energy, I see an opportunity to fade the move, even if only for 2-3 handles.
I have highlighted that opportunity on the following market profile chart and also I highlighted a few possible scenarios on the second market profile chart below:
