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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 setup is the objective. It’s your patience and discipline that will continue to grow as a trader when you implement such tools.
Markets: YM, ES, NQ (RTH)
*Results will vary for each individual trader based on market entry/exit and/or live versus simulated environment.
Markets Covered: ES, YM, NQ, CL, GC, 6E, EMD, 6J, ZS, NG, PL, ZN
- News related event spurred selloff
- Volatility chop after initial drop
- Best option to take off 1st contact sooner or In/Out on hihger probability setups
- Don’t throw out trade management – stick to the trading plan.
- GDP – 1/3 of data Soybean exports.
- Iran/Iraq not to partake in Oil halt – CL drops
- FOMC next week – not expecting surprise
- NFP next week.
- Big Pic remains consolidated and ebbing to the downtrend for the short term.
- Overall trend of the day: FLAT (POP, DROP, POP & CHOP)
Charts of Interest
- NQ; Breakout to the upside above the cloud and T3-50 with the AD line at the extreme as a market internal of price action stall.
- NQ; Even with the best of setups, watching the AD line prior to entry can be a useful tool. Price ended upside after the stall.
- 3 index drop on news related event – ALWAYS be ready in both directions intraday.
- ES; news related events can be a quick opportunity for setups. Always watch for the quick reversal.
- NQ; market internals combined show the low of price action which offer an opportunity for the long uptrend setup.
- NQ; Murray Math chart – observance of how in conjunction with the trending HA bars or as seen here, Flex Renko bars can be a useful market internal for overbought/oversold levels. Not a part of the core strategy.
……view additional charts posted intraday via Twitter
Recap reflective of highest probability setups based on price action crossover of T3-50 and 50/144ema cloud with 1 of 4 possible trade management setups and exit strategies. Market order entries/exit will vary whether simulated or live for each trader. All setups are called out on real time charts in a screenshare room and randomly posted online.
- Several setups included re-entry if stopped out.
Government Required Risk Disclaimer and Disclosure Statement
CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN.