Trading Session Recap (Week 39; Day 3)

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:   16 setups;  518 Ticks NET  ( NQ: 379 | ES: 139 | YM: 0) 


Econ Data

  • MBA Mortgage Applications: Purchase applications for home mortgages rose a seasonally adjusted 1 percent  Refinancing applications, fell 2 percent. Composite is NEGATIVE.
  • Durable Goods Orders: flat and so are the indications from the bulk of the August durable goods report.
  • EIA Petroleum Status Report:  inventories fell 1.9 million barrels; DRAW
  • OPEC: OPEC REACHES DEAL TO LIMIT OIL PRODUCTION,  EXECUTION IN NOV – OPEC SOURCE
  • Multiple Fed Speakers: Evans: We’ll Likely Be Stuck With Low Rates ‘for Some Time’

Kenneth Polcari Newsletter Highlights

Next up – the continuing saga called OIL……While stocks rallied, Oil fell 3% as traders now appear to be accepting the fact that any cap or cut in production is not happening……Saudi Energy Minister, Khalid al-Falih said yesterday that he does not expect to reach an agreement out of the Algiers meetings…..and BOOM…the bottom fell out…..

In the same breath he did express hope that there is still enough time to  come to a control agreement for the November 30th OPEC meeting.(causing oil to rally a bit this morning…)

CLICK HERE to read more of his daily newsletter and subscribe


Recap/Outlook Video: 

Markets Covered: ES, YM, NQ, CL, GC, 6E, EMD, 6J, ZS, NG, PL, ZN


Daily Stats    

  • 2 Markets.   
  • 10 Setups.  
  • 315 Ticks
    • NQ:  218 Ticks (11/19/48/22/-12/44/42/44)
    • ES:    97 Ticks (79/18)

Session Highlights

  • Late day trend – Thank you OPEC!
  • Overall trend of the day: UPTREND (DROP and POP)
  • Fib projections levels hit:
    • DOWNSIDE: 
    • UPSIDE:

Charts of interest

ES

  • Keeping it simple on price action under the cloud and T3-50.
  • T3-10 for trade management

9-28-16-es-example-of-remaining-in-trend-with-t3-10

  • Setup prior to OPEC news release.

9-28-16-es-opec-news-2

NQ

  • Keeping it simple on price action under the cloud and T3-50.

9-28-16-nq-example-of-remaining-in-trend

  • Examples of using the AD line in conjunction with price action for trade management

9-28-16-nq-to-the-midnight-open-with-ad-line

9-28-16-nq-to-the-25m-or-and-1hr-or-pp-wiht-ad-line

9-28-16-nq-to-the-25m-or-on-post-opec-news

CL

  • EIA and OPEC news today – Good trending run

9-28-16-cl-trending-above-cloud

  • Management of the setup with the T3-50 and 50/144ema cloud.

9-28-16-cl-trending-above-cloud-5-opec-news

—————————————-

……view additional charts posted intraday via Twitter

—————————————-

Setup Highlights

AM Session

9-28-16-nq-am-session-setups

PM Session

  • NQ

9-28-16-nq-pm-session

  • ES – Setup #1

9-28-16-es-setup

  • ES – Setup #2

9-28-16-es-setup-2

—————————————-

RTH Closing Charts

OVERALL TREND 

  •  Price on a 4 hour chart in relation to the 50/144 and T3-50ema
    • NQ:  UPTREND – Above T3-50 and 50 above 144ema
    • YM:  DOWNTREND pullback – Above T3-50 and slight breakout above 50/144ema (downtrend)
    • ES:   DOWNTREND pullback  – Above T3-50 and above 50/144ema (downtrend)

9-28-16-big-pic-post-market

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. 

———————————

Open Gaps

  • ES/YM/CL  gaps closed today

9-28-16-open-gap-post-market

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2 thoughts on “Trading Session Recap (Week 39; Day 3)

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