2023 ES September Candle

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Mr_OVBE

Tags - #Futures #september candle #monthly candle
- Last updated August 31, 2023

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Temet Nosce,

September 2023 is supposed to be the start of a downtrend. The September candle appeared, but no red and black X yet. The gap narrowed and the bears are slowly moving into position. So when will the full reversal happen? It would be tempting to get in early in anticipation of the big drop, however just like a rollercoaster, we need to relax during the climb to prepare for the drop.

Once that drop begins, what is the plan? I plan to buy SPX and XSP PUTS at least a week out, as well as short a futures contract. That is the entry. I will let the market tell me when to exit the futures contract, but options are volatile so I will take my profit as soon as I can. It will all depend on how sharp the drop is, but the market can go up and down very quickly. A profitable trade is always better than a losing one. Win to trade another day, and make a note of the setup so you are ahead of the game when you see it in the future.

So the daily and weekly candles will have to guide us into the bear trend. Once the top green squares cross below the bottom green squares, the momentum will begin. The top green squares and the candles have crossed below the yellow dotted line, which is the first signal for bear trend to begin. Do your own research and manage your risk.

~MorpheusCCI~
RPB - CIC