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MES Daily Review(5/9/19) Today was a bull reversal day and will likely result in a large trading range day. There was a bear trend from the open after a large gap down and failed bull trend on bar 1. There were several good sell setups (red arrows), and a breakout gap which remained opened for the morning session. The appropriate stop for all entries was above the high of the day (red bar). Prices began transitioning into a trading range after the gap from the second sell setup was filled. The bears then failed to break strongly below the previous low, where prices reversed up strongly. However at that point it was not clear if the bears would develop a larger bear channel as the breakout gap was still open. Once the bear trend continuation setups failed and the bulls got a strong bull breakout, it was clearly always in long and entered a BTC bull trend. Buying anytime during this spike was reasonable, but the stop was below the low of the day (blue line). After the two legged pullback there were a few good trades (high 2's /wedge bull flags). The appropriate stop for these entries were below the start of the bull spike (blue line). When the bulls failed to breakout above the high in a buy climax, it was a good place to take profits (three red arrows). The market is currently testing the open of the day and the open bull gaps. It has become a trading range day with heavy two sided trading.
CME_MINI:MESM2019
by tradersmentality
MES Daily Review5/8/19 Yesterday was a weak bull trend day that evolved into a trading range. The market opened always in long from the previous day's strong rally from a wedge reversal (nested and larger). The bears attempted to form a bear trend from the open, but failed on the third bar and were unable to fill the bull breakout gap. There were a few reasonable buy setups shortly after the open, with the appropriate stop below the micro double bottom (blue bar), or the prior days low (either were acceptable). However prices formed a nested wedge reversal, where it was a good idea to exit even with a loss. The bears filled the bull breakout gap, but failed to break below the opening low. It was a bit risky to take the first buy setup since it was a doji bar and there was strong selling (reasonable to expect a second leg down from the wedge). The second leg down failed, and resulted in an outside bull bar / high 2 bull flag. The stop was below the low of the day. It was reasonable to take profits after the tails formed and larger paroblic wedge reversal with a good bear bar (red arrow). Once again the bull gaps were filled, but the bears could not break the swing low, and prices set up two good high 2's. Again the best stop was below the low of the day. When prices formed a double top with the larger wedge, it was reasonable to take profits. The market went mostly sideways in a tight trading range after this point, until the second leg down from the wedge reversal into the close.
CME_MINI:MESM2019
by tradersmentality
AUDUSD SELLI have reasons to believe that a gain of 16 pips can be acquired off a drop as I analyzed on the 5 min interval. It's already in a down trend, there was a double tap off resistance zone and there were not any key levels of structure in recent past that can serve as an obstacle for this 16 pip drop. Now the RSI is at the midway point and shows there is plenty of room for price to go the other way. This is why I put a STOP LOSS just above the second resistance zone above the first one.
Short
by QSInvestments
XBTUSD Breakout on bitMEXIn order to benefit from the bitMEX Inverse Swap Perpetual markets, We must take full advantage of the Breakouts. I achieve this by setting 'Stop Market Orders' I set One just north of the ceiling of the 'squeeze' & One just south of the 'Floor of squeeze' In the scenario we just witnessed I set my Stop market order to LONG bitcoin @ $7439 & set the other Stop Market Order to Short bitcoin @ $7360 ish. This works in our favor Bcuz regardless the price goes North, It takes our order, If the price drops Well again it takes our order for an easy 100+ point profit... Cheers, I hope this Helps clarify my strategy on bitMEX I use a 1 & 4 hour candel to draw the 'squeeze ceilings & floors OR some call it a 'Flag OR Pinnet' Regardless. Then to set my Stop Market Orders I use the 5 min candel view to get precisely the right entry prices
BITFINEX:BTCUSD
by bitcoinatx