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Monthly Archives: September 2020

The AMS Market Profile Tool – ES Charts

Did We Just Get a Buy Signal

By: The Wizard

 

Despite taking into consideration that it was Yom Kippur, the one-way trending market helped invigorate the short term charts.  I’m not going to jump up and down just yet for a couple reasons.  There is a debate tomorrow night and although Trump should triumph the bar set for Biden is so low that if he gets a couple sentences out there the Fake News Media will anoint him the winner.

On the positive side inflation reared its head and the Democrats may have finally put forth a COVID-19 plan that the Republicans can work from.  It seems that both parties want something along those lines but with Washington one never knows.  In addition, the shipping of 150 million 15-minute COVID test kids is positive; time to declare the pandemic over.

Similar to yesterday’s post, the longer term are not much help.  Shorter term, especially daily and 30-minute Market Profile charts are beginning to look positive.

ES – Monthly

Except for the highest histogram point being well below the market, it’s going to be a long while before that changes, there remains support under this market.  Another couple more up days like today will turn September green a technical indicator many will follow.  The smallest histogram is above the market’s recent highs.  Sometimes that happens but few look at these charts in this manner.  We do.

ES – Weekly

Outside of the normal indicators we get from the Market Profile charts I’m looking at last week’s wick.  Not testing the downside is important.  Coupled with support under the market and the lowest histogram indicators being above the close this one looks to go higher.

ES – Daily

 

Looks like the daily has turned the corner.  The only thing left is for the ES to close above its highs of recent weeks on volume.  Everything else one would want to see from a Market Profile chart like this is in place.  Downside below 3200 changes everything but that seems unlikely at this point in time.

ES – 30-Minute

The 30-Minute chart, with support directly below the close gives us the best indication of upside direction and potential.  Remember, water flows from high to-low points.  The market had every chance to back and fill the lower low point but chose to move towards the top of the chart, never-never land, to go where no chart has been before . . . OK, I’ll stop.

As you can see I do most of my technical work after the market closes.  That is how I use Market Profile.  Since most of you are day-traders,  I suggest you keep an eye out for the Zone Decoder charts Niels works best with.  We are partners here at  AMS Trading Group and are in the final stages of building our own platform.  Have a suggestion let us know, we listen especially if you think it will make you and others better traders.

If you have any questions send me an email at david@amstradinggroup.com or just follow us on the site.  We’re happy to help you get your feet wet with the AMS Trading Group products and trust we will be a beneficial source for all of your trading needs.

 

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