Trading Futures, options on futures and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. The lower the day trade margin, the higher the leverage and riskier the trade. Leverage can work for you as well as against you; it magnifies gains as well as losses. Past performance is not necessarily indicative of future results.
BIG PICTURE – Pre-Market
Attempting to determine which way a market will go on any given day is merely a guess in which some will get it right and some will get it wrong. Being prepared in either direction intraday for the strongest probable trend is by plotting your longer term charts and utilizing an indicator of choice on the lower time frame to identify the setup and remaining in the trade that much longer. Any chart posted here is merely a snapshot of current technical momentum and not indicative of where price may lead forward.
Kenneth Polcari Morning Thoughts
ShadowTrader PreMarket Analysis
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Econ Highlights for Today
- Fed Speakers
- JOLT’s
- Wholesale Trade
VIX: 9.63
NQ – Nasdaq Futures
Levels to watch in both directions
- MML Chart (4hr overlay of 60m/weekly/daily, 5m)
- MML Chart (Range overlay of Range/5m/30m)
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- Nearest Open Daily Gaps: 5995.5, 5512.75, 5449.75, 5232.5
- Lowest Open Gap: 4017
ES – S&P Futures
Levels to watch in both directions
- MML Chart (4hr overlay of 60m/weekly/daily, 5m)
- MML Chart (Range overlay of Range/5m/30m)
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- Nearest Open Daily Gap: 2374, 2353, 2315.75
- Lowest Open Gap: 1860.7
As always, leave your bias at the door of where you think the market should be, watch the charts in front of you and stay away from the Z-Vals. Be ready in both directions. Trend will reveal itself on Heikin Ashi bars and proper trade management will keep you in the trend.
Thanks for reading and remember to always use a stop at/around key technical trend levels.
Don’t forget to view the end-of-the-day charts as momentum in the markets can shift substantially from day to day and reset any charts posted above.
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.
TradingFibz 