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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.
Where did the Permabears go?
…or shall we say, “Buzz Kill Market!” Seriously though, I have got to wonder where all the pessimists and the “sky is falling” outlook for the markets mindset is at this juncture. Now, I have said many times before and still remain steadfast that at some point markets will recoil and pullback even further than in week 20. At this point, don’t fight mother TREND as the ES not only rallies up to the former high but breaks out and above 2400.
Simple question each week to ask. Where is the market in relation to the short term 10 and where is the 50ema? We know the 200 to be at a considerable distance that isn’t even in our thoughts. Week 21 held well above the 10ema which continues to be a a clear indicator of trend and momentum for the swing/ETF trader.
With the most recent closure of open gaps in week 20, the indices have clearly left a major distance down to the next collective of holes in the regular trading hours. Making new all time highs in week 21, the nearest open gaps leading into week 22 will be the closest one made on Thursday’s open of the US market.
Wrapping up week 21 with its intraday noise on the charts, can be appreciated on the higher timeframe at a smoother and more controllable trend. While the intraday trader is at the whim of both directions, feeding off the larger time frame with price action above the t34ema and splicing into on a lower time frame on price action above the 50/144ema and T3 moving average crossovers, can be rewarding to allow your winners to run in TREND upside. If lucky, long tails won’t take you out at the start of your move.
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 21 Outlook
Sticking to the technical’s; price momentum at a key decision point as the indices sit at the 50% pullback and just above the 10ma. Momentum is clearly back upside with MML levels above and holding above key moving averages. All time highs and MML zone high are levels to watch upside. Any break through above, watch the higher time frame range charts for continued momentum in TREND. Downside price action look to the 50ma and MML zone low.
Chart of the Day – NQ
Chart of the Day – 6J
Chart of the Day – NQ FULL Session
Chart of the Day – CL
Chart of the Day – 6E
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.