Looking at the week behind 1 day @ a time…..
Good trading is always going back over the trading day and reviewing the setups that may or may not have worked out and what kept you in or perhaps took you out too early. Looking for the trend move and remaining in the trade is the objective. It’s your patience and discipline that will continue to grow as a trader when you implement such tools.
Market Traded: YM, ES, NQ (RTH)
Weekly Total: 11 setups; 373 Ticks NET ( NQ: 254 | ES: 0 | YM: 119 )
Markets Covered: ES, YM, NQ, CL, GC, 6E
Additional Focus: AAPL, GOOG, NFLX, SBUX, FB, AMZN
- 2 markets.
- 5 setups.
- 114 Ticks
- NQ: 43 Ticks (39/2/2/0)
- YM: 71 Ticks (29/42)
- Trend #/Setup #1
- US open TREND session predictor: SHORT.
- YM follow through to the short to just shy of the fib projection level.
- Overall trend of the day ended being FLAT after the move downside.
- 4 hour Big Pic prior day pullback off the 50/144ema holds steady.
- Trend of the session goes to the Crude seen below on very smooth and steady price action on all 5 charts in the RED.
- Good example on the YM today of how all 3 indices from the US open where strong to the upside with all 5 charts in the green. So you go with the long even though the US session TREND prediction was to the short. With patience, the trend did change and all the way to and just shy of the fib projection level. optimal entry would have been once price action setup under the US open. 5 attempts on the NQ today which never followed through as smoothly as the YM. Golden rule remains…watch the charts in front of you and be ready in both directions.
- Completely missed the setup 😦
- With ALL 5 charts in the RED on all 3 indices, it appeared that price action was to remain in that trend till the EOD. Watching the charts in front of you, leaving your bias at the door, the setup on the NQ with 2 charts in the GREEN and price action breaking above the 50/144 ema and market internals AD line in an uptrend, makes a breakaway. A higher risk entry but valid for good probability to move in TREND.
RTH Closing Charts
- Above: YM
- Below: NQ/YM
- Four hour TREND – Upward trend on ES/YM with PB on all 3 to the 50/144ema and steady
- Price on Daily 50/200ma Above 50/200 on ALL 3 indices.
- Open gaps above and below
- CL closes out upside gap
Top Row: Daily chart with supporting 50/200ma and volume based on a 60 day moving average
Bottom Row: 4 hour chart. T3 moving averages. 50/144ema.