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« Price Coil Creates Powerful SP500 Trade Setup | Main | Example Of Bullish Engulfing Pattern »
Wednesday
Oct032012

Long Legged Doji Confirms Support Level

(QQQ)(DIA)(SPY)(GLD)(FB)

 

Long Legged Doji Confirms Bullish Engulfing Support Level

 

Our last post highlighted the potential power behind finding a Bullish Engulfing Pattern in the S&P500 intraday market. As pointed out, they are not a common occurrence on a Globex Futures Chart. However, every Trader should be able to recognize it when it does appear and be prepared to take action and trade it for whatever profit potential it presents.

The chart below shows the 24 hour period following the day the pattern appeared.

 

SP 500 Emini Futures(ES) S&P 500 Emini Futures

 

As you recall the Bullish Engulfing Pattern occurred at a Weekly Trading Zone which increased its potential exponentially. Lets walk our way through the chart above:

#1) This candle tests the WTZ and Engulfing Pattern to the tick at 1436.

#2) This candle closes north of the CF_MA1 indicating higher prices are coming.

#3) We come within 1 tick of our next WTZ and print a Doji - possible reversal.

#4) This is an 8 point Long . Notice how the wick tests the same WTZ.

#5) Gravestone Doji sends price back down to retest the WTZ to the tick.

#6) Touch and go landing as price consolidated here earlier.  (True on #1 and #4 as well)

#7) Like a magnet price is drawn to the WTZ where it consolidates for several hours.

Notice after the candle marked #4, how price consolidates for 6 hours before breaking the trend line and continuing its upward journey. The retest at #6 I refer to as a "Touch and Go" landing as we already sat through 6 hours of the 1444/1445 Weekly Trading Zone being confirmed as Support and from a structural standpoint the market does not need to repeat. This move is not about consolidation but instead - confirmation. 

Also, #4 would be possibly called a Hammer by some traders instead of a Doji. The real issue is this, no matter which label you give it, the context was not proper to place a long trade based solely on that candle. If #4 were in the context of #1, I would have happily been all over it. There was a news event that occurred during #4 which contributed to the structure. Any time you find this single candlestick - the Long Legged Doji or Hammer after a substantial decline, you need only do one thing - Buy the break of the high on a stop. A more conservative approach is to allow for 1 bullish confirming candle and buy the open of the next candle.

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Emini Podcast for Wednesday 10/03/12

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