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...
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.
Well, as you can see Dow Jones in the daily chart swept the liquidity and created a new all-time high, then had a bearish reaction and shiffed the market structure as well.
after that, the price had a retracement from a bullish FVG to a bearish breaker block and continued to the sell side.
For now, there are two different bearish scenarios which I follow the...
I will try to formulate a gameplan for Friday's NY session for a possible day trade
Starting with the daily chart
Price was in a spike and channel pattern that just got broken out of with its 850 point drop from its high of day.
This is a sell signal for people that trade the daily chart.
Thursday surged off of the daily 21ema and the 21ema is now curling...
Markets have been selling hard recently. Done well with shorts but starting to feel it's a bit too easy.
Would be much more comfortable shorting into a rally.
This may or may not come, but at this point we can prep to trade momentum setups long if the bear move fails and then plan the retracement trade.
Welcome to our discussion on the three vital aspects of a trade: Entry, Risk Management, and Exit. Mastering these components is crucial for successful trading. Let's delve into each aspect, understanding their significance and how they contribute to your trading strategy.
Entry:
The entry point marks the initiation of a trade. While it may seem straightforward,...
CBOT_MINI:YMM2024 Dow Jones Index Futures Elliott Wave Analysis CBOT_MINI:YMM2024
there Some more clearly we will coming week
1. If we are at WXY correction we bounce at first green zone ( note- WXYZ for lower target also possible)
2. If are doing ABC correction we will see further down early coming week for lower target.
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
$40,358 all-time highs was printed at the beginning of the week but a drastic sell-off led YM to sweep below the Feb 14th bullish fair value gap @ $38,909 before a late friday retracement.
Inverted fair value gap between the 18-20th Mar 24 has been attacked and respected on the Friday so I will be keeping a close eye on YM to see whether it could be the first...
YM (DOW 30), 4 Hour, Indicators: This is what I need to see turn to get confirmation on our short position up here. The 4 hour is still locked in "embedded" mode on the slow stochastic. My bet is that this is going to come off "embedded" and in the process swing back to the middle of the Bollinger band. . . if that happens, that would take us back to 39921 . . ....
YM (US30) 4 Hour, Fibs: Traded the first bear fib after the double top and saw it trade past its objective yesterday. The Dow has been one of the weaker indices of late, after outperforming most of the year. It didn't even make it up to the 50% line, selling off at the 38.2% line in the initial down move. Then, yesterday, on the rebound, it traded it's halfway...
I've been saying for some time now that Dow Jones has _no_ relevant resistance till 40k and now here we are
If that resistance fades quickly then the next relevant resistance is at 45k and probably most retailers will come up with excuses to short it the whole way there also
"But how did you come up with that number?"
See for yourself heh this is a very clear...
If you look at the 4HR, US30 made a clear Smart Money Reversal, and we are going for a second phase distribution, aiming towards Previous Monthly Low, & external Sellside liquidity. We also have a bullish Fair Value Gap below that external liquidity, which could indicate a point of reversal where the sell program would be done.
