Posted 7:07 a.m. The day began with a gap down. Both bulls and bears made money with limit orders. This increased the chances for a lot of trading range price action today. The bulls so far are not getting their follow-through buying. There was a 75% chance of at least 2 hours of sideways to […]
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Intraday market update: May 11, 2016
Intraday market update: May 10, 2016
Price action trading strategy is expect 2nd leg up
I will post around 7:11 a.m. The Emini gapped above yesterday’s high, creating the possibility of a bull breakout above a 60 minute, 2 day bear flag and a measured move up. Although today began as a trend from the open bull trend, the follow-through buying was not strong. This makes a big bull trend […]
Intraday market update: May 9, 2016
Learn how to trade a minor candlestick pattern buy signal
Posted 7:10 a.m. The Emini continued Friday’s rally on the open, but the rally has now lasted over 60 bars in a relatively tight bull channel. This reduces the chances of a big bull trend day, even though the Emini triggered the Wedge Bull Flag buy when it traded above Friday’s high. Not only is […]
Emini weekend update: May 7, 2016:
Learn how to trade a wedge bull flag candlestick pattern
Monthly S&P500 Emini futures candlestick chart: Sell signal bar The monthly S&P500 Emini futures candlestick chart reversed down in April after reaching a new all-time high. That makes April a sell signal bar on the monthly chart. If the monthly S&P500 Emini futures candlestick chart trades 1 tick below the April low of 2026, it […]
Intraday market update: May 6, 2016
Learn how to day trade a wedge bottom
Posted 6:54 a.m. The Emini reversed up from below yesterday’s low and from below the wedge bottom. However, the 1st 3 bars had big tails, and the bar closed back below the top of yesterday’s 2 hour Final Flag. This increases the chances of a lot of trading range price action, like yesterday. The bulls […]
Intraday market update: May 5, 2016
Learn how to trade swing trading price action
Posted 7:00 a.m. The Emini began with a limit order market just below yesterday’s high and the 60 minute moving average. The bulls want to get above yesterday’s high to trigger the buy signal on the daily chart. The 3 weeks down have created a wedge bull flag. The bears don’t care if the buy […]
Intraday market update: May 4, 2016
Learn how to swing trade when trading range price action
Posted 7:05 a.m. The Emini gapped down, but entered a tight trading range. Both bull and bear limit order scalpers made money, increasing the chances for a lot of trading range price action today. Neither has much conviction, but both are making money scalping. The reversal up from below yesterday’s low was strong enough to […]
Intraday market update: May 3, 2016
Intraday trading strategy for trading range price action
Posted 7:02 a.m. The Emini broke strongly below yesterday’s low, but the follow-through was weak, the 1st 3 bars were dojis, and the breakout bar was exceptionally big, which means a possible exhaustion gap. While the Emini is Always In Short, this is climactic behavior in an oversold market. This is unlikely to result in […]
Intraday market update: May 2, 2016
Online day traders exit failed breakouts quickly
Posted 7:02 a.m. The Emini tested down to just above the moving average, and then reversed up to form an opening reversal. When an opening reversal comes just above the moving average, it is more likely to not lead to a rally. Also, yesterday is a buy signal on the daily chart, but it is […]
Emini weekend update: April 30, 2016:
Learn how to trade a failed buy climax candlestick pattern
Monthly S&P500 Emini futures candlestick chart: Failed breakout above trading range The bar on the monthly S&P500 Emini futures candlestick chart closed today. It was a reversal bar, but the bar had a bull body and it followed a big bull trend bar. The bar on the monthly S&P500 Emini futures candlestick chart closed today, […]
