We had an upward trend in 4h and it has just broken it, so we hope that during the night it will stay in that area that is found. On the other hand in Diario we have an upward trend and the area below of purchase would be its regression to have a high probability of buying.
I have been backtesting a setup on the 15 minute chart where price grinds/spikes higher and engulfs at the High of Day only to dump down to the Low of Day.
I notice there are three variations of this pattern
It blows through the Low of day and makes a substantial lower low
It just barely takes out the Low of day
It comes just shy of the Low of day and DOES...
This is what I am somewhat looking for and how I plan on trading the market. I don't know if it will play out like I imagine it but to me, this is what makes the most sense.
In order for the next monster move higher, we are going to need to pull back a bit more. April 19th's low can not be the low yet. It just doesn't make any sense.
Last week we had record low volume on indexes as they drifted higher. There as a drought of news to move the market - and the volume was reminiscent of a holiday week.
Indexes
The DJI went vertical to fill the last weekly imbalance we had that was MOST in the premium of the swing.
From HERE - we are at a major deciding point. The weekly chart still is...
What a WILD week we had!
Last week was insanely noisy between the FOMC on Wed, NASDAQ:AAPL earnings on Thursday, and NFP on Friday. This coming week of May 5th offers very little in the way of news catalysts, so it will be great for us TA based traders.
So far, all of our weekly objectives have been playing out - and nothing has really changed from my perch...
If this sets up how I would like, then I am going to look for a buy low opportunity for a move higher through that lower high on the inside.
I will be entering in on the 15' chart and use a 50 tick stop. Target will be anywhere between 150-225 ticks
Introduction to Ratio Spreads on E-mini Dow Jones Futures
In the dynamic world of options trading, Ratio Spreads stand out as a sophisticated strategy designed for traders looking to leverage market nuances to their advantage. Regular options on the E-mini Dow Jones Futures are a popular choice (YM).
Defining the E-mini Dow Jones (YM) Futures Contract
Before...
Current micro-primary count for YM1!. Working off premise of impulse wave down from 40358 to 37463, corrective double-three bounce off low with zigzag W, X, expanded flat Y. Count valid with price above 37866, with median line of pitchfork as target.
I think the market is trying to rally a little bit and form the lower high and the right shoulder.
I placed the 0.5 and 0.66 golden pocket as a general guide to where it COULD pullback to.
That cluster I marked, to me, is a dead give away that is the market's objective and will take that out for a stop run.
I have noticed that the past 12 NFP's have generally...
Last week we got the YM1! backtest that I wanted on the weekly.
We rejected the weekly IRL and now I am looking to take out LOY on the Dow.
Dropping to the h4 chart, we can clearly see the market is now primed to drop. I am looking for a sweep of highs to begin the weekly sell program.
For those watching - we also got the 50% retrace of SPX on the...
Short Term Elliott Wave View in Dow Futures (YM) suggests the Index ended wave (4) correction at 37473. The Index has now turned higher in wave (5). However, it still needs to break above the previous wave (3) peak on 4.1.2024 at 40358 to rule out a double correction. Up from wave (4), wave ((i)) ended at 38451 and pullback in wave ((ii)) ended at 382808. Wave...
Unlike ES and NQ, YM is not trading above it's respective highs which is $38,958 and barely closed in a premium indicating weakness.
Sitting on my hands awaiting more information.
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
In comparison with ES and NQ, YM has been more disciplined in terms of following market order flow as there are few liquidity gaps present and the ones that are present (such as the one I outlined last week @ 38238 - 38150 was respected going into last weeks trading.
I must note that Thursdays sell off through the newfound liquidity void has meant that smart...
