Trading Perfect ABC with SuperBars
This morning S&P Emini futures sold-off from the high of 1152 to 1136 level. Around 11.30am, @ES traded outside the extreme Fib. bands near 1136 and reversed its down-trend inside the Fib. bands. After lunch hour, @ES traded above the mid-Fib. Bands (1140.75) to form 'B' pivot and retraced below the Fib. Bands to signal formation of ABC Bullish pattern. The 'C' retracement (59%) was below the mid Fib. Band to confirm Perfect ABC pattern. The Entry Level for this Perfect ABC was at 1139.75. Price closing above the EL with a strong Green SuperBar and above the mid-Fib. Band signaled a clear entry into Perfect ABC around 1140.25. A Stop loss was placed around 1138 to protect the trade. Strong SuperBars suggested higher targets into this ABC Pattern as 100%AB was set 1142.5 and 162%AB at 1145.25.
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