patrader

Lite blue horizontal lines are support levels and lite red horizontal lines are resistance levels that i am watching for three push wedges to end at/or near in order to exit my last contracts and/or reverse.One of the nice things about trading off the 15m chart is i can see(by looking "left") S/R levels in the recent past easier.Most of my S/R levels come from the 15m chart but sometimes when the market has moved a considerable distance in one direction i may need to go to higher timeframe charts to see S/R levels in these areas.I will transfer these higher timeframe levels to my 15m chart.I use the daily,240m and 60m charts for this.My main focus is the third push of the wedge ending at these levels.I look for important previous swing highs for resistance levels and swing lows for support.Usually these levels are at highs or lows where previous wedges end.I do not use volume or anything else to determine these levels just price action.The dark blue horizontal lines are breakout areas of swing highs or lows in the trend.HTH

15m ES chart

ES Daily chart

15m 6E chart

15m 6E chart

15m 6E chart

240m 6E chart

15m 6E chart

240m 6E chart(converging?)

15m 6E chart

6E daily chart (price finally came down and touched the tcl))

15m 6E chart(no 123 setup yet just a retest with slight overshoot )

240m 6E chart (three pushes down but tcl is parallel instead of converging)

6E Daily chart

Yes i did.Three pushes down with dueling lines(horizontal support 1.4010 level) on 6E 15m and Daily charts with slight overshoots.Took some off at tl and went to b/e.Now lets see if the 123 sets up.Then it will your turn, Thales to help drive it up to bigger targets.HTH

15m rth ES chart

15m 6E chart

15m 6E chart

6E Daily chart

15m 6E chart

I prefer that the tcl not be parallel and instead converge with the tl.These wedges are also called rising and falling wedges.Trend channels with parallel tcl's tend to continue trending until a large tcl overshoot forms a wedge.The wedge is usually a sign of weakening momentum and possible reversal of trend.It's important that a major S/R level be at or near the completion of the wedge in order to increase confirmation of trend reversal.Basically its a dueling lines concept where the third push of price,tcl and horizontal S/R meet.If price reverses off the tcl and S/R level then a 123 will possibly form and it's success will confirm the trend reversal.Many of my trades are initiated at tcl's but since they are "early" its very important to have a major S/R level included in the setup.What price does at the dueling lines point is also very important.Price should reverse and show ct strength.Until signs of ct strength than no trade.Sometimes a slight overshoot will occur before ct strength which i like because it traps late trend traders who add fuel to the ct when their stops are hit.The best reversals are strong with little sideways price action allowing me to scale out of contracts,go to b/e and hold the rest for larger targets after completion of the 123.Reversals that go sideways usually mean that the current trend is not done and the wedge will fail so i scalp out and wait for another wedge to form.HTH

I find value in the high/low of bars and the open/close(candlestick body only) of bars for reading charts.I find myself switching back and forth for clarification depending on the type of price action present.For example,during overlapping bar price action(sideways) i switch to candlestick body only bars which many times helps me read the market easier.Most of the time i use candlestick bars and draw my tl's and tcl's off their high/lows to spot wedges but sometimes it works better for me using candlestick body only(open/close)bars.i will sometimes do the same thing for S/R levels(like on the chart i posted). The main thing i am looking for is three push wedges on the 15m charts where the third push either touches or overshoots the tcl and at the same time is at/or near a previous R/S level.In the chart i posted price had touched the tcl and was near a previous support level which had previously DB.I had switched to candlestick body only bars a couple of times during the wedge formation because of the overlapping two sided price action that was going on especially at the top and bottom of the wedge.When price finally broke out of the sideways action at the bottom i switched back to candlestick bars to see price come down and touch the tcl and then reverse. I saw that touch and reverse as a possible wedge completion and DB pullback test.HTH

I sometimes find looking at candlestick body only bars helpful for clarification of current direction and S/R.

15m 6E chart