OK...GC has given us a nice winner and true to our plan we will cover everything except one contract! (see past posts) This trade is a big winner for us and we would like to keep riding the move but with the ECB announcement tomorrow it's a flip of the coin. We could hedge with options but we choose to cover and leave one 'risk' contract to see if the...
You only have the past data plus what is going on now, that is the present to predict the future price action.
So what you need exactly to be a successful trader??
- Well, you need the odds to stack up to pick the right direction of each trade.
- System, method, strategy that generates big winners vs losers.
- Be emotionless by having precise entry / exit...
V's are in for the season. As we said on the $ES chart...the $NQ is in full buy mode. We are looking at a test of the highs and then possibly the 4400 area. Keep it on your watch list.
The over all market remains strong. The NFP number is out on Friday and could pop us into the 2100 area. For now the path of least resistance is up. Be smart with your risk.
Traders,
An expanded triangle completed at point-5 following a surgical alignment with an internal symmetry projection off of same pattern's Point-3.
Since this Fibonacci validation, price rolled below the pattern's 1-3-5 Line and is now at a point of recovery as it approaches this line's underbelly.
Look for signs of capitulation, such as repeated failure...
S&P500 This Week Perspective
This week should be the turning point on weekly chart and price should start falling off the high next week. Are we talking about the odds here, the import point I want to stress on here is the weekly high 2044 must be respected. Any breakout of this high will turn S&P 500 into bullish mode again 2064, 2070, and 2099 are possible...
This mini is in need of a pullback but with every hint there's a rally. Friday produced and nice reversal candle on a Daily basis and we passed on the signal. When the algo buying starts you can get trapped quickly. Watch the price ladder...when pullbacks are shallow and aggressively bought be rest assured the algos are in charge. Either get on board with them...
S&P500 Forecast-ed Move for this week.
ES 12-14 reached 2030 completing the forecast-ed move published at beginning of the week. There is good probability for the market to reach the second boundary 2048-50 today or early next week. So sell stop loss can be moved now below 2028-30 level until the next target is reached either today or next week.
For the short...
The ES1! paid us well on our last trade (see post link) The only mistake is we didn't press it into the mid 1800 levels. Now the bounce is on. Here are some levels we are looking at for the next week. If we creep above the second resistance area then the bulls could step in and try to squeeze the bears.
The ES1! is treating us well. We almost got both targets on the same day. So we are still holding half our contracts. From our original post we have moved our stops down to protect gains. We are expecting a little bounce before she rolls over again. FYI...we will do what we can to protect the gains of the second half of the trade while giving the market...
S&P Futures are seeing a large sell-off, after putting in a double-top through a longer-term wedge pattern. Current price action has broke the large, ascending trend line first created in in 2012; subsequently, that was the last year the S&P saw a 10+% correction.
Reality sucks when key data points deteriorate. Housing data is continuing its downward path, while...
The emini is looking weak in this area. This consolidation suggest more downside. We will look to get short on any smaller time frame bounces. The stop will be just above the resistance area. If we break 1957 we could invite some new selling and squeeze the weak longs. PUKE'M
Elliott Wave Principle is a 'theory' based on a line chart. Sometimes I forget about that.
Yellen, Scottish vote, option expiration , $BABA IPO - this week will give us a hard time yet.
thepatternsite.com
Isn't it amazing that mediocre economic data can't make a market move but a crappy iwatch can turn the market on it's ear. That's what the markets have become.
The SPY is trying to break but no clear break down yet. We will watch the ES1! during the globex session for possible entries. Though we are expecting a bounce before any break.
Friends,
A quick and dirty way to forecast your way across the blank screen is to make use of very simple tools, such as Fibonacci forward projections of its significant 1.618 extension.
In the case of the #ES, here we are dealing with a high-probability geometry, derived from a Elliott Wave's pattern, in which we recently noted a Bullish Flat.
Hope this...
Please see chart notations. Several aspects of the E-mini to watch. Small gap to fill to the upside will be fulfilled around 1968-1970 handles. Large gap to fill to the downside would be fulfilled at 1930 handle. Price is respecting the support/resistance barriers offered by a pitchfork fan draw from the LMA swingpoints. Price is currently contending with the...
