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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.
Week 24 and the end of the June contract on the indices as the FOMC interest rate hike, Jeff Session’s testimony and Quad Witch don’t budge the ES as it remains consolidated at the MML highs.
ES trend on a daily chart continues to not only hold above its key moving averages, the short term 10ema also holds below as a means of continued support of the uptrend as daily price action dipped under and managed to close above.
Unlike in previous weeks, indices not ALL sitting at new all time highs, The NQ pulling back significantly in Week 23 and remains downside as the ES and YM hold consolidated at the tops. Next open gaps indicated by the arrows down a clear indicator that the market has yet to close out unfinished business with deep drops on the YM/ES.
Splicing into the higher time frame trend via the lower time frame charts enables the intraday as well as swing trader the early entry into the bigger picture in TREND. In each perspective market, knowing where the big pic trend is on smaller time frame than a daily chart but large enough to flush out the noise, can keep you in the TREND and manage the setup.
- 3 Weeks trending above the T40 breaks trend and momentum shift to consolidation in week 24.
- Zoomed view with 60m MML overlay on 10-7-0 Flex Renko Heikin Ashi momentum bars
- Early momentum off week 23 continued downtrend with a rebound off the 50ma to 50% fib pullback
- Friday short term price action plays off fib levels and retrace to 50%
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 24 Outlook
With contract rollover approaching and indices (YM/ES) holding at all time highs, watch for the follow through of Friday’s price action to set the tone at the start of the week.
Look for NQ to test support at 50ma downside (50% Daily MML). 80 point move to regain traction above the 10ema will be the challenge for the NQ as the short term higher time frame momentum has shifted to the downtrend. Deeper pullbacks will look for Daily MML, 200ma and open gaps.
ES/YM maintaining it’s momentum upside, watch for any short term correction to fall below the 10ema to drop to the 50ma. If price action is able to hold above the 10ma, retesting the all time high of week 23 and breaking above will look for daily MML high levels as price action has entered ZONE HIGH at resistance level 1 (see video).
Chart of the Day – NQ (BIG PIC)
Chart of the Day – NQ
Chart of the Day – NQ
Chart of the Day – ES GLOBEX
Friday – QUAD WITCH
Chart of the Day – ES
Recommended Viewing for JUNE
- 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.