Tuesday, September 2nd – Trading Plan Prescription
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RUT/Russell Signs and Symptoms
Another low volume session with price turnaround and momentum still to the downside. Price action sell off on both midweek to only recover upside on Friday. Price action holding above the 50 day moving average and most recent highs. Daily trend Heikin Ashi candles upside last 17 days with 5/34 EMA crossover day 5, taking a pullback for the first time 2 days ago. Momentum continues upside. 4 hour swing size target upside. Holding above weekly and monthly Fibonacci targets. Momentum downside.
Trend: Confirmed Upside
Econ Calendar: Econoday
Red Star: ISM
Prescription
TF
Price action back UPSIDE after a pullback on Wednesday, crossover on Thursday downside and back upside on Friday. Talk about indecision in a market. Momentum continues downside as of Friday close. Light Monday session turned momentum upside. BIAS UPSIDE for Tuesday with caution. We still continue…lower than normal volume (60 day average) continues to concern me. As of Monday PM price action, holding 220+ ticks above 50 day moving average. Daily trend on Heikin Ashi upside with 5/34 EMA crossover pullback. Holding above Fibonacci levels. Swing size hourly upside target HIT coming back down.
Trend: Confirmed Upside
TF Average Daily Move: 1-4 for last week – Very low volume
Daily levels available for Premium Members.
IWM
Price action UPSIDE. Same picture as TF Price and Momentum not in unison. TF futures open on light Monday holiday session pushing momentum back upside. BIAS UPSIDE for Tuesday. Same as TF;Holding above 50 day MA. Swing size 4 hourly target above. Holding above key Fibonacci levels. Plenty of room to climb.Resistance now support at these levels.
Trend: Confirmed Upside
IWM Average Daily Move: 2-3 for 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.
