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: 5 setups; 57 Ticks NET ( NQ: 41 | ES: 6 | YM: 10 )
Markets Covered: ES, YM, NQ, CL, GC, 6E
Additional Focus: AAPL, GOOG, NFLX, SBUX, FB, AMZN
- 3 markets.
- 5 setups.
- 57 Ticks
- NQ: 41 Ticks (31/10)
- ES: 6 Ticks (6/0 )
- YM: 10 Ticks (10)
- Trend #3/Setup #1
- US open TREND session predictor: LONG.
- YM and NQ follow through to the LONG to the fib projection level
- Overall trend of the day ended being LONG
- 4 hour
- With only 3 charts in sync, probability was good for continued momentum as price was above the 50/144 on lower right chart and break above T3-50 on left 10 tick range chart. While the golden setup would be to have ALL 5 charts in sync at once, you could choose to only wait for those setups or take on additional risk with a good portion of the charts in sync and the setup as seen below.
Full Session Chart
AM session had the momentum of price action lift with eventually all 5 charts in sync. By the mid-session, while the setup was a clear golden setup, the momentum slowed down significantly to the point that one 10 tick range bar was forming for up to an hour. As stated in the room, I was going to let this one go even though it appeared it may continue in TREND. Sure enough, it did and once price action turned downside at the tops, and the AD line and 50/144ema were RED, the short was in play even with the risk increased as compared to all charts in sync. Bailed on the ES even though the momentum continued downside.
Trend #1 – OVERNIGHT
RTH Closing Charts
- Above Average:
- Below Average: NQ/ES/YM
- Four hour TREND – ALL confirmed UPTREND
- Four hour chart price action holding above fib extension level #1
- Price above 50/200 moving averages on all 3 indices
- Open gaps above and below
- Open gap formed from previous session
- NQ with 2 open gaps above.
- YM/ES with only open gaps below
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.