Trend chart of ES turned up within the first hour, at the same time, a dummy long signal was formed. Long position was established above the high of 935am candle. First (minimum target, ~1.7R) was set at yesterday’s high at 1430.50.
Both minimum target and Fib extension 100% were achieved. Stop was moved to Fib extension 100% to protect profit and let the profit run. After ES made a lower high, position was closed at Fib extension 161.8%.
* Fib extension was calculated using yesterday’s low and today opening range high.
Here is the 5-min chart of ES (E-mini S&P futures)
[photopress:ES5min.jpg,full,pp_image]
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