Monday, August 25 – Trading Plan Prescription
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Daily VLOG Recap (NQ/YM/ES/TF/QQQ/DIA/SPY/IWM):
Available to Marketfy Members
RUT/Russell Signs and Symptoms
Price action above the 50 day moving average. Daily trend Heikin Ashi candles upside last 11 days with 5/34 EMA crossover day 5. Momentum continues upside. 4 hour swing size target upside. Holding above weekly and monthly Fibonacci targets.
Econ Calendar: Chicago/Dallas Fed/ PMI/Home Sales.
Prescription
TF
Price action UPSIDE after a pullback and crossover as price and momentum in unison. BIAS upside for Monday. Would like to see momentum spread increase. 13 days in a momentum uptrend on lower than normal volume (60 day average.) Holding 40+ ticks above 50 day moving average since Friday’s close. Daily trend on Heikin Ashi upside with 5/34 EMA crossover. Holding above Fibonacci levels. Swing size hourly upside target HIT and climbing.
TF Average Daily Move: 2-3 last week (very low volume)
Daily levels available for Premium Members.
IWM
Price action UPSIDE after a pullback and crossover. BIAS for Monday UPSIDE as price and momentum in unison. Would like to see momentum spread increase. Holding above 50 day MA. Swing size 4 hourly target hit and climbing. Holding above key Fibonacci levels. Plenty of room to climb.
IWM Average Daily Move: 2-3 last week (very low volume)
Daily levels available for Premium Members.
Stocks
Look for increased volume at market open of at least 50% above norm for average three month volume in 5 minute increments. Recommend to run scan on watch-list (IBD 50, Q50) for price momentum.
…as always, ready in both directions, regardless of trading plan. When opportunity presents , wait for 2 bar confirmation crossover and use 5/34 EMA and 5/13/21/80 to stay in trend. Trading rules always a gold standard.
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While I am a believer in simply trading the charts and what is in front of me from the market open, I will look for market trend based on the internals market wide and the market I am trading accordingly. No crystal balls or mirrors to tell you where the market is headed prior to the open, as I have no clue. Waiting on the 25m Open Range to set and subsequent 1 hour open range, with levels above and below I can manage my trade by removing contracts or re-entry based on contract size and look for the momentum move. My simple trading method by use of a combination of exponential moving averages limits my loss and times my precise entries regardless of where price action is. Either way, it’s all about patience and discipline. My trading plan is simply a cognitive exercise and reminder to always stick with my plan, regardless of which direction the market goes.
TradingFibz 