Set-up for Mar 09: YMH5 futures traced wide range day on Fri, Mar 06. Expecting continued weakness in the early going on the open on Mar 09. Daily PIvot at 17942 and 5 DMA at 18038 will be the initial resistance on any bounce. If 1st hr. hi is exceeded shorts should be closed. For instructional purposes only.
This simple set up from yesterday's commentary gained more than 80 points per contract.
The ym may establish a retracement. Price is currently at a 1.5 fib level along with being at the top of a channel. If price falls, price may retrace to the pivot low ( described on the chart). Which then may lead to a sell opportunity at the 17370-17700 level, and maybe fall to a support level at the 14450 area.At the 14450 price level rests a middle channel...
Wrap-up: Morning strong down move found support at 5WMA at 18014. Though too early to say, an outside week is forming on the weeklies.
Hi Everybody, here is a quick update on the recent MTPredictor TS4 buy set-up in the Dow, As you can see this has just reached its Profit target........
Looking at where the weekly low was when MACD crossed negative and seeing how many points later the YM finally hit bottom, we get some consistency, and an average of -588 points left before the bottom is reached. It's like a submarine that suddenly fills it's ballast tanks, weighing it down (MACD crossing neg) and trying to figure how deep it will sink.......
Price is looking for support and will likely find it at the 200MA or one of the pivots S1 - S3. Look for heavy volume to signal possible selling climax.
Volume dried up as the YM approached 18000 and the rally did not move the MACD from it's negative stance although the MACD turned in toward the signal line I think it could roll over (down).
I am watching the MACD to cross positive and to enter as close to a Support area as possible.