$SPX500 #ESfutures #Trading
Sometimes after a great deal of TA the underlying direction is not clear enough to trade off of.
What a week, and what an FOMC meeting. Jerome Powell is certainly improving his communication.
Some catalyst news concerns this week primarily are:
Overall the trend remains bullish, and we may see a pump into G20 on hopium of Trump/Xi Trade deal - the idea they can actually hammer one out though would be rather shocking. Strategically if Trump wants equities to go gangbusters, which he does - he would not go for an actual tariff agreement because if he can get his interest rate hike, and then end the tariffs we are going to the moon.
Takeaway for the week - not in a position nor do I see any ideal setups right now. I think I may enter a long in the early side of the week, however this idea could adapt as soon as futures open at 7pm on Sunday.
As usual guys, GL and make a million!
---ZenModeTrading.com---
What a week, and what an FOMC meeting. Jerome Powell is certainly improving his communication.
Some catalyst news concerns this week primarily are:
- The G20 Osaka Summit will be held from June 28 to 29, 2019 in Japan. (Thursday/Friday)
- Revisions to last months unemployment numbers
- Building Permits June 25th
- New Home Sales (m/m -6.9% while forecast is 2.2%)
- Consumer Confidence June 25th (current forecast of 131.1)
Overall the trend remains bullish, and we may see a pump into G20 on hopium of Trump/Xi Trade deal - the idea they can actually hammer one out though would be rather shocking. Strategically if Trump wants equities to go gangbusters, which he does - he would not go for an actual tariff agreement because if he can get his interest rate hike, and then end the tariffs we are going to the moon.
- RSI/STOCH Oversold, but no trend reversal
- Bollingers Oversold
- Currently finished EOD exactly on Fib support
- EOD selloff resulted on strong short-term bearish momentum
- Bill Williams 3 Lines - Bearish
- Strong sell off, after morning pump sell off
- Luckily finished the day with each trade profitable today, was long but sold entry from yesterday in the late morning around 11 (had meeting and missed a great sell off opportunity 1st thing in the am)
- We can see here the sell off was flirting with statistically a very strong trend downward
- We can see here with the volume pricing as well that the price was oversold likewise
- Why did the afternoon sell off occur? Not sure, but I closed my final long at 3:45pm for a nice profit simply because I had just exited a meeting and didn't want to worry about position over the weekend. Why gamble with all this volatility?
- 5/24/2019 I posted this harmonic (link available below)
- So close, but ironically rallied at the earlier Fib Point
- Do as I say, not as I do! ;) Should have trusted the TA and stayed long the entire ride. Rather I kept entering leveraged long positions and then would exit. Finished this period with positive P/L, but left thousands in profits on the table - opportunity cost is frustrating.
- Displaced EMA wildly bullish
- MA Ribbon looks very bullish, a compression like that is interpreted typically as the start to a nice bull run
- Still looks like a great long opportunity after a minor pullback
- Bill Williams 3 Lines look very bullish
Takeaway for the week - not in a position nor do I see any ideal setups right now. I think I may enter a long in the early side of the week, however this idea could adapt as soon as futures open at 7pm on Sunday.
As usual guys, GL and make a million!
---ZenModeTrading.com---
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