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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.
It Will Never be the Same
Nothing seems to put any dent in this market that is willing to self correct and pullback as markets recoil, regather and push back upside. Disregarding any negative news or potential of WWIII by North Korea, week three in trend as the ES pulls back upside to the MML high resistance.
Indices have managed to regain traction on the daily charts and hold above their perspective 10 and 50ema’s. A clear indicator of trend and momentum for the swing/ETF trader. For the day trader almost a sure thing to buy the dips or lows of the day as momentum is clearly not set on coming down….yet.
The most troubling of charts that I continue to post each week as price action continues to pull farther away from each indices perspective open gaps that sit there like a gigantic black hole just waiting to be closed. Not to mention the fact that the ES has one all the way down at 1860.75. While I am a trend trader and the obvious momentum remains upside, the caution must be carried forward. Remarkably, the NQ made three new all time highs in week 18.
Wrapping up week 18 with its intraday deep pullbacks, slow grinding uptrend and uncertainty that seems to plague the markets in 2017, price action was challenged to stray far from the T3-34ema as markets not ready to pullback, played it safe after a Monday lift, midweek chop and last 20m pop on Friday to close out the week at the MML highs. Oh the long candle tails!
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 18 Outlook
Key Events will most definitely play a roll in price momentum this week. To the upside, the YM and ES to regain and ring the all time high bell last seen in March. The NQ with MML levels just above on the higher time-frame surely could be a carrot dangling ahead. Momentum to the south can also turn on a dime in key events which may easily test the 10 and 50 period moving averages as well to close out the two open gaps from week 17.
Chart of the Day – NQ
Chart of the Day – CL
Chart of the Day – NQ
Chart of the Day – NQ Globex
Chart of the Day – NQ/YM/ES
Recommended Viewing for MAY
- Another AMAZON High Reviews on Trading Psychology
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.