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FOMC Week Continues – Apr 11, 2019

MARKET COMMENTARY

Bullish undercurrents still hold at support levels near 2880 in ES_F as we lift higher into resistance this morning. More sideways action is expected as crosscurrents hold. FOMC Powell speaks on the Hill all week. We could have more forceful language as they push back against the request for rate decreases. Traders will continue to look for support action to engag. Lower highs are likely ahead. Ranges hold.

Target zones of congestion are wider and still bullish overall – near 2880 – 2924. 

Please note that as traders grow tired of being skittish about a fade, pushes to the upside in a failed breakout pattern could occur

Intraday motion is likely to continue long on pullbacks. Aggressive shorts at the failed retests of 2900 will need tight stops and to be trimmed at support quickly in the current environment.

Shorts should begin to provide higher probability of holding into rangebound support.

Remember the overall trend is still long so we have to consider buyers holding the edges of support.  Above 2870 will keep us in this formation in the current chart and short time frames – from daily charts.

UPDATE -Our Metastock Map for swing trades, TARGET RICH TRADES, is in a holding pattern until our next red resistance diamond shows up – we need to stand to the side as we expand before another contraction. Bullish behavior still holds at support making room for longs to continue to hold part of a position

Completed is the trade below:

Short at 2831 with first target at 2814.75

Three targets have been acquired 2814.75, 2808.50, and 2794

  Here’s a link to the software

How about finally starting that trading journal?

You should – Here’s an easy way to keep track of your progress

PROTECTED DATA SITS BELOW –

IF YOU CAN SEE THIS LINE, YOU ARE LOGGED IN 

WEBINAR LINK FOR THE WEEK

NEW LINK FOR TRADING DATA EXCEL SPREADSHEET

HOW TO TRADE THIS SPREADSHEET AND TRADE MECHANICS IN GENERAL- STUDY VIDEOS SERIES

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