On the hourly chart, looking for a bullish pullback at/near the rising hourly 21ema.
Looking for a sideways consolidation to go sideways until the 21ema catches up.
The green line inside of the consolidation is Tuesday's closing price.
Stop will be 75 ticks and Target is up there around 200 ticks
A technique that I use is during a downtrend, the first pop above the 200sma 9/10 will produce a lower low and continue down to break the lows.
Price is currently popping above the 200sma
I will show you various examples of this technique from the last two years
Using this information, I will expect the lows to be broken and a new lower low will...
Nobody will ring a bell at the top.
What a great selloff we had last week! I was expecting a pop higher for the sell but they just wanted to pull the rug on bulls early in the week it seems.
Pretty much everything got monkey hammered. Indexes and Oil slid while gold held in (for now). The great news is we now have a directional market to trade again - these are...
I am waiting for the dump back down to the flat hourly 200sma and support of Friday's close.
Depending on how Tuesday and Wednesday trade out. I will be looking at the pivot lows for stop loss hunts.
Same setup as Thursday October 12th on the hourly chart.
Same broken down market trading in a negative position.
Bearish on Index Futures.
- SMT at previous month's high.
- Inversion on daily timeframe.
- Monthly BISI as draw on Dow.
- ES/NQ lagging behind, expecting a run for previous month's low.
Still overall bearish, but if we could clear Fridays lows, we could possibly get a scalp in on the retracement to 50% of the fib off Fridays drop. The bigger move however would be the short. There's close liquidity to the sell side on the HTF (Daily).
What a week we just had!
Friday we saw aggressive broad selling all the way into the close. The NDX is once again just flopping around in this multi-week range - while The Dow is meaningfully breaking down.
For indexes - I will be focusing on the Dow this week. The DJI has been super clean lately and is the only index really making the sizeable moves as...
Here is a short video on my key price action concepts which enable me to build a picture of what is happening and what side of the market I should be on.
I like to use Anchors to a trend and key levels to build the trades on a 5min and then use the 1min charts for the entries.
Enjoy the ramblings !!!
The basic concepts discussed are :
- Anchors
- Price...
The weekly internal liquidity has been made with buyside resting at $38637 and sellside printed at $37463 but the overall week has been rangebound.
We can clearly see that there has been a fight at the daily liquidity void with candle bodies rejecting that zone. 38344 Fridays high is my first point of interest with 38410* being target 2.
Last week Thursday's...
CBOT_MINI:MYM1! Dow Futures have broken below the distributive uptrend channel and confirms the double top formation. Long-term MACD is bearish while mid-term stochastic has shown an oversold crossover. 23-period ROC is below the zero line and Ichimoku has shown first sign of bearish signal. Support is at 37,600
Due to a delayed upload, my bias is neutral for the duration of the week. Initially, i was looking out for the weekly order block to be attacked, which occured before continuing it's downwards projection to the weekly sellside liquidity @ 37,675.
In my last YMM post, i stated that YM could front run the index markets and thats exactly what we saw. But this does...
