Trading or investing in stocks & commodities is a high risk activity. Any action you choose to take in the markets is totally your own responsibility. You are recommended to make appropriate inquiries and seek appropriate advise before sending money, incurring any expenses, acting on recommendations or entering into any commitment in relation to any reference published here. Past performance is not necessarily indicative of future results.
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.
That pretty much recaps the week yet we still remain FIVE weeks in consolidation at the MML highs to close out Q2. Talk about indecision.
ES trend on a daily chart continues to hold above its key moving averages, yet struggles at the short term 10ema as in week 26 managed to test the 50ema and hold above.
Open Gap formed upside on the NQ as it migrates closer to it’s downside gaps and YM/ES hanging in consolidation closer to it’s all time highs and not yet moving downside to it’s nearest gaps. Volume in week 26 above the 60 day average with Thursday’s price action at the highest.
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.
- Higher time frame unable to lead in one trend for the week, managed to test the T3-50ma and hold downside. Friday pullback unable to completely repeat Tuesday’s bounce back up and holds shy of the breakout. Momentum closes out the week upside with resistance at the T3 moving average.
- Zoomed view with 60m MML overlay on 10-7-0 Flex Renko Heikin Ashi momentum bars with price action consolidated between support and resistance. Structure in a volatile market.
- Similar in momentum to the indices, two big moves downside to keep you out of the intraday noise and ride the TREND wave on Tuesday and Thursday. Consolidation in the T34/50 ma’s gap to end off the week with momentum edge to the upside. Decision time.
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 26 Outlook
With the NQ breaking the 61.8% pullback and now holding above the 10ema, short term test will be for the index to hold above and move towards the all time highs. Any pullback will watch the 50ma and MML lower zones. Deeper pullbacks will look to the 200ma and open gaps.
ES/YM maintaining it’s momentum upside, holds in consolidation at the 10ema. Pullback to the 50ma will be the first level of support. Momentum upside look back up to the highs.
Chart of the Day – ES
Chart of the Day – 6E
Chart of the Day – NQ
Chart of the Day – ES
Chart of the Day – CL
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.