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Markets Take a Breath & Dollar Holds- Sep 3, 2020

MARKET COMMENTARY -In a rare quiet night markets have rotated into higher support and holding as the dollar bounces and digital reserves like crypto and gold futures dip. Volatility continues to increase. Below 93.2 the $DXY will continue to have trouble holding supports.

Moving higher with small pockets of savage downdrafts is still the likely price flow.

INTRADAY -Wait for recent high congestion to test and set up on tight ranges before going short, and if you can – choose going long at heavy and deep prior support regions. Keep an eye on the 4-hour resistance and support that we discussed in our study webinars. BIG time frames will help you position with the wind at your back.

All dips remain buying zones for now for quick strikes – BUT dips could certainly get deeper as price action takes little time for moving into support tests.

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This week’s calendar

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Econoday Calendar

********If you feel you need some help understanding how price moves, remember you have the COACH’S CORNER for video review.

THINKORSWIM USERS –Chart share links for ES_F , NQ_F , YM_F , CL_F , GC_F – levels here for download to the ThinkorSwim platform

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LINK FOR TODAY’S TRADING DATA EXCEL SPREADSHEET

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TRADING LEVELS

If you find yourself being chopped up, widen your time frame or take time away from your screens. This is a time when less is more.

TRADING VIEW & ACTION PLAN
We are in trending breakout but without a signal of strength. This means that deep dips could occur before a move upward. This is a long grind with candle retracements but bullish traders are being increasingly bold. As long as we hold or recover the area near 3451- 3492, we remain in a path that shifts us north and we are much more likely to trend into 3565.5 and beyond into higher Fibonacci targets of 3585, else we slip back into the shorting zones and supports in our range near 3291.75 and lower. Remember that we still have no strength signals -we should be careful not to add to positions that do not move properly into targets.

Intraday LONG trading from support edges like ABOVE the VWAP or tight moving averages will give you the least risk event for engaging – removing your trade at resistance will allow you to participate – understanding that countertrend bounces can be swift and sharp but will likely fail under the broken structure of the market.

Intraday SHORT trading from resistance edges like the old highs or bigger moving averages will give you the least risk event for engaging. Follow the candle trend until candles stop breaking higher.

Here’s a link to the METASTOCK software– you can have your own copy of Metastock to run these tests and setups using Target Rich Trades.

ES_F Sept contract
Target Rich Trades from MetaStock –

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