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Looking at the week behind 1 day @ a time…..
Good trading is always going back over the trading WEEK 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.
- YM, ES, NQ, CL, GC
*Results will vary for each individual trader based on market entry/exit and/or live versus simulated environment.
Relentless Market Once Again
“Eliminate the intraday noise and steady the course the SP500 e-futures heads back upside,” as stated in last weeks recap. Back upside in week 17, the SP500 futures regained the highs of the Murray Levels, and closing above the previous weeks high. Bulls 1, Bears ZIP.
“Any upside action to maintain its momentum would need to push not only back above the 10 but 50ema as well,” as stated in the week 16 recap. Mission accomplished by ALL the indices to regain some traction on the daily charts in week 17 and push above both moving averages. Clearly the momentum back upside.
Major open daily gaps created this last week, which at some point markets will retreat and close. With the start of the week never attempting to close out the Sunday gap and the break above the key moving averages seen above, another clear indicator for the week that market action was upside. All time highs remain on the YM and ES futures as the NQ made 3 this last week as the Nasdaq hit 6000.
With Monday and Tuesday’s session the highlight of the week in upside momentum and managing to pull away from the weekly VWAP, the ES retreats on Friday as the NQ clearly holds above to close out the week.
In the end, finding pockets of intraday trend are being ready in both directions is the ammo if the day trader. With Heikin Ashi bars and MML charts in your tool box, you can always find an opportunity to ride a trend as seen below in the charts of the day.
TREND Charts of the Week
Looking for the chart of the day means looking for what I call the Golden Setup or simply which chart had the highest probability of price action running in TREND. Whether it ran 20 or 100 ticks, it’s the patience to wait for that setup and trust the entry. This is what I strive each day in the market to wait for in each of my setups.
- Great examples below of how with ALL charts in sync and price action with the 50/144ema cloud, a higher probability of momentum following through in TREND
Daily Recap/Outlook Videos:
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.
Week 16 Outlook
Watch the price action on the ES and YM to follow through to regain traction above the 10 and 50ma. News/information on tax reform this week maybe what the market needs to move in either direction in addition to key economic data this week. Any failure here, look to open gaps, lower MML levels and the 200ma for next levels of support.
Chart of the Day – CL
Chart of the Day – 6J
Chart of the Day – 6J
Chart of the Day – NQ
Chart of the Day – 6E
Recommended Viewing for April
- Another AMAZON Best Seller on Trading Psychology & Trade Management
One Simple Strategy. ANY market. ANY chart. ANY time frame.
e-Manual available on teaching this trading strategy.
Real-time charts shared daily in screenshare room.
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.