820am est
- We realize it’s the end of the month and a Monday
- End of month MAY result in unexpected volume drops and increases, as traders get out of, or into new position to finish off the month or get next month started.
- We’re day traders so we’re always flat overnight so this type of information is only useful for keeping an eye on the POTENTIAL for a rough day today.
- Im not going to throw in the towel yet, so lets wait and see what today has in store.
835am est
- We have personal income comes out slightly higher than expected
- The dollar is dropping to new lows this morning, which should result in higher prices on the markets we trade most.
845am est
- We’re seeing a wedge within a wedge on the 34range crude oil chart
- We’re trapped inside the space between the two support legs of the wedge.
- We want to be patient here and wait to buy at support.
- Beware the middle of the range around 98.00 and sell the highs and buy the lows.
920am est
- We notice that the momentum on the 13range crude oil chart has gone from overbought to oversold VERY quickly.
- This tells me that we have NO pressure strong enough to keep the market moving in any direction for very long
- We then open the average true range on the crude oil and we get confirmation of this concern.
- We see lower lows and lower highs on the 3minute average true range chart
- This now tells us a LOT about what to expect
- Narrow trading ranges, end of the month, slow and inconsistent speed all tells us a story, one that MIGHT end in big losses if we don’t pay attention.
925am est
- We notice the crude oil getting comfortable in the same nasty range-bound market from end of Friday.,
- We’re trying to look at the BIG picture to find the best possible LOCATIONS to look for a trade.
- Buy 97.00 but it’s a tough spot, and I can sell 97.65 but it too is in a tough spot.
- The best location is to buy pullback above 98.00
- If price drops
945AM est
- We have news come out, but today has been very slow so we’re trying to find the BEST trading opportunities.
- What if price rises? Where will we trade? We will sell the resistance of 97.65
- What if price falls to new lows? We will buy 97.00 the low of the channel.
1015am est
- Gold has been very slow all day today
- We now see flat trigger lines on ALL timeframes
- We also see each trigger line is at the same price level
- This tells us the market on gold is flat and has been flat for quite some time today.
- We want to see a steep SLOPE to the trigger lines.
- We want to use a difference in the price values for each trigger line.
1015am est
- All the news is behind us
- We now have to be careful that the speed of the markets don’t get TOO slow so we get into a bad trade
- Next we see now on crude oil that we are trading right in the middle of the nasty choppy price action from Friday
- Crude oil trades slowly around 97.50 down to 97.35
- We need to be very careful trading around this area.
- Where’s my next pattern going to be high %?
o Sell 97.60
o Buy 96.71
o Stay away from the middle of these two extremes
1113am est
- We have the market personalities VERY slow and sluggish
- We were expecting to see a sluggish end of the morning b/c of the end of the month
- We have hit our profit goal for the day today
- All the GUESTS and the MEMBERS have their min 30 ticks of profit
- 150 ticks per week
- We don’t want to give that back, so move to a demo on the FTM
- We’re seeing dropping ATR
- And we’re doing our best to wait patiently for the 1130am EST European close.
- If you were looking to make more profit today you would ALWAYS wait for 1130am
- If you’ve hit your goal, not that important.
- I like to LISTEN to how the market reacts around 1130am when the euro markets close down.
Posts
0 comments:
Post a Comment