Week 52/Day Two (21)

         

  • No live trade videos for today’s post
  • One-trend setup from 12/27 closes out
  • Week 52/Day 2 choppy trend on the charts
  • Closing in on ATH
  • The last word – Weather APP’s and TV folks 
  • Joining our community of like minded traders
  • Celebrating today: National  Short Film Day     

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.   


Looking back one day @ a time…..

Good trading is always going back over the trading day 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 setup is the objective. It’s your patience and discipline that will continue to grow as a trader when you implement such tools.

Markets currently trading: MNQ, MCL

*Results will vary for each individual trader based on market entry/exit and/or live versus simulated environment.


Live Trade Video: N/A


By the Numbers…..

One trend session from 12/27 closes out in pre-market action. For the globex trader, option to hop on the trending train giving us a total of a 1052 tick move. Four more opportunities intraday for a total window of 420 ticks. Weekly win ratio at 100%.


Trend Highlights

Setups reflective of highest probability trend based on price action crossover of the T3 moving average in sync with momentum indicators and using 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 screen share room and randomly posted online.

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NQ/MNQ

With the pullback off the large move of the last 4 days, the Nasdaq hugging the globex low offered up four downside moves, each for a solid 50+ ticks. Bouncing off the daily PP and Fibonacci 61.8% pullback, no further opportunities presented themselves. MML reset at end of session to find price action resting at support. All time high above and within reaching distance. Momentum leaning however not cleared to the upside as 50/144 has gone green and moving average in proximation of crossing the VWAP. There is no doubt that traders out there most likely thought this was the end of the upside move. Rightfully so, a pullback is good before the next move higher and if and when that happens, we will be ready just as we were for today’s downside limited pullback.

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The Last Word….my 3 sense

As promised off yesterday’s note, the alarm was set to arrive promptly to the market with absolutely no bias to the direction we would take today. Promptly I arrived prepared.

I can’t say that theory holds up with me and the weather folks and the prediction of the forecast. From weather APP’s to choose from that armor us with overload of information to the TV weather personalities that we enjoy watching and commenting on why they chose that outfit for the day, I am constantly left empty handed when I look out the window and I see just the opposite of what was predicted. Right? I’m all prepared. Shovel is ready. Boots at the door. Food in the house and ready to hunker down for the big storm. Hours have passed and yet nothing. My bias is inherently ingrained as I see the clouds and the weather ramblings running through my head…it’s going to snow! It has to snow! Yet…..

Do you see where I’m going with this?

Between the APP’s and the TV folks, they are predictions. We come prepared each day to the market with our varying technical gear to be ready. Like the predictions, they are just that. No control of what may happen in the sky or on the charts. Sure, history says it should snow today under these conditions. Like the weather, we don’t control price action. We can predict. If however you leave the prediction at the door, you will be ready when and if it happens. As for the weather, I need to also leave that bias of what should be and what actually happens.

Current Chartbook

If this strategy is of interest to you, please join us daily in the trading room with access to the chartbook templates and trading with like minded traders. Information may be found here.


Celebrating Today

National Short Film Day is a day to commemorate the event when a public audience viewed a series of short films for the first time ever to eventually become the birth of the motion picture industry.

As a huge collector of classic films, a new avenue which has opened up over the years on the internet has given way to some amazing short film artists in the hopes of discovery. From DUST, OMELETO and Short of the Week you can be sure to find something that fits your genre of film.

Info Credit: Nationaltoday.com; Image Credit: Shorttothepoint.com


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.     

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