Emini Breakout Update and New Fibonacci Grid June 6

Jun 6, 2016: 11:48 AM CST

We have a new breakout to a swing high in the @ES!  This means we’ll pull our Fibonacci Grid higher.

Here’s today’s updated Fibonacci and Emini (@ES) trading levels for your plans and trades:

As I highlighted to members, we were carefully watching the 2,103 pivot level within our larger range context.

A worse-than-expected Jobs Report Friday set the stage for a bullish market – yes you read that right – on the assumption that the Federal Reserve will continue to be unable to raise interest rates at their next (and possibly future) meetings.

Yes, that’s the bizarre world in which we continue to exist – bad news is good news as it means the Fed will be accomodative.

For short-term traders, this led to a fourth intraday rally/reversal up away from our 2,087 level back toward 2,100.

Today gives us a breakout – on higher Breadth – beyond 2,100 and draws our focus on a possible short-squeeze bullish play.

Watch for a Bear Trap under 2,100 (target 2,088) or else remain tepidly bullish above 2,100 in the @ES.

Get these levels in advance with in-depth planning and trading opportunities by joining the Daily Membership.

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Corey Rosenbloom, CMT

Afraid to Trade.com

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1 Comment

One Response to “Emini Breakout Update and New Fibonacci Grid June 6”

  1. Zeeshan Says:

    It’s always beneficial to trade with the breakout since then we could make some serious money. I always enjoy trading that way and can lead into serious benefits. I am quite lucky that I trade with OctaFX broker where they have excellent features and facilities to do with tidy spreads, high leverages and many such benefits, so all this works fabulously for me and allows me to work at my best and leads into serious rewards without any major trouble at all.