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No webinar today – Range Bounce Continues- Jul 23, 2019

MARKET COMMENTARY

The last 10 trading days continue to keep us rangebound into the Fed release- 3008 to 2971 -with buyers showing up at the key levels of the support and moving north into resistance. Range based bounces should continue but with negative drift, we should see lower highs. We’ll reverse this negative drift with several days over 3016. Divergence still exists – and our levels of note still remain important – 3006, 2993, and 2974. The failure hold above 2992 will signal that further dips will continue and a loss of 2971 brings 2758 to view.

Gold holds higher lows but is now below breakout territory of 1422. Bitcoin and cryptos continue to bounce at support but bitcoin sits below the region near 11,000 as the dollar grinds back above 97, another key level. Oil slowed its sharp fade but traders are still battling around 56 -a very key breakout level.

BIG PICTURE -Daily momentum is mixed and neutral to positive and with some divergence. The breach and hold of support areas near 2993 will need to be hold if we are to recover further. Below 2971, we’ll gain more traction in a move deeper down.

INTRADAY RECAP – Neutral as traders hold support above and bounce off 2971. Watching the support levels near 2961 and 2974 in the ES_F are on my radar today below and 2993 and 3006 above.


NEUTRAL TO NEGATIVE SLANT – CROSS CURRENTS PRESENT -BOUNCE ACTION VERY IMPORTANT- USE DIPS TO ENGAGE ONLY INTO RESISTANCE- TOO MANY TESTS OF SUPPORT WILL MAKE THIS TRADE MUCH MORE DANGEROUS

Divergent action still sits below the movement of price on both sides of the trades – long and short – but traders are still looking at deep support edges to bounce.

HOW TO STUDY THE CHARTS WEBINAR – RECORDING

This image has an empty alt attribute; its file name is DECISIONS-1024x561.png
DECISION EVENTS

The last 10 trading days continue to keep us rangebound into the Fed release- 3008 to 2971 -with buyers showing up at the key levels of the support and moving north into resistance. Range based bounces should continue but with negative drift, we should see lower highs. We’ll reverse this negative drift with several days over 3016. Divergence still exists – and our levels of note still remain important – 3006, 2993, and 2974. The failure hold above 2992 will signal that further dips will continue and a loss of 2971 brings 2758 to view.

Gold holds higher lows and is in breakout territory above 1422. Bitcoin and cryptos continue to bounce at support but bitcoin sits below the region near 11,000 as the dollar grinds back above 97, another key level. Oil slowed its sharp fade but traders are still battling around 56 -a very key breakout level.

BIG PICTURE -Daily momentum is mixed and neutral to positive and with some divergence. The breach and hold of support areas near 2993 will need to be hold if we are to recover. Below 2971, we’ll gain more traction in a move deeper down.

INTRADAY RECAP – Neutral as traders hold support above and bounce off 2971. Watching the support levels near 2961 and 2974 in the ES_F are on my radar today below and 2993 and 3006 above.


NEUTRAL TO NEGATIVE SLANT – CROSS CURRENTS PRESENT -BOUNCE ACTION VERY IMPORTANT- USE DIPS TO ENGAGE ONLY INTO RESISTANCE- TOO MANY TESTS OF SUPPORT WILL MAKE THIS TRADE MUCH MORE DANGEROUS

Divergent action still sits below the movement of price on both sides of the trades – long and short – but traders are still looking at deep support edges to bounce.

HOW TO STUDY THE CHARTS WEBINAR – RECORDING

This image has an empty alt attribute; its file name is DECISIONS-1024x561.png
DECISION EVENTS

NEW SHORT ENGAGES ON BOUNCE ACTION    Here’s a link to the METASTOCK software

IF YOU DON’T JOURNAL YOUR PROGRESS, YOU SHOULD – How about finally starting that trading journal?

 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

LINK FOR THE WEEK BEGINNING JULY 22, 2019 – 

NEW LINK FOR TRADING DATA EXCEL SPREADSHEET

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