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Takeprofittrader

Morning Ideas August 26, 2022Good morning traders... I don't really know what to make of this if I'm honest. I think the 5 minute video is worth a watch because it would be too nuanced to type it all out in a write up. I don't like chasing breakouts, especially with resistance (or support) right above (or below), so I'm going to be neutral here. One thing to remember that I didn't touch on in the video is that today is day 2 of the Jackson Hole Symposium, and also Powell (FED chair) is speaking today. This can cause more whippy action, like we saw yesterday during day 1 of the Symposium. I'm going to tread lightly here.
CME_MINI:ES1!
by TakeProfitTrader
Morning Ideas August 17, 2022Good morning traders, Today is FOMC minutes day. They come out at 2pm. As I say in the video, it's a bit concerning that the market has fallen overnight. Usually the mornings of FOMC are more "muted" kind of trading. I give some levels in the video that I think are important for today. As a trader with a long bias, I need the market to hold onto 4250. 4180 is critical, and although it seems far away, I mention the level because it can absolutely get there today if the news is bad. I explain more in the video, I think it's worth a watch.
CME_MINI:ES1!Long
by TakeProfitTrader
Morning Ideas August 12, 2022Good morning Traders... We FINALLY broke 4180, and reached the 4250 area! It's been the move we had been looking for last week and this week. Now the market will likely pull back and try to push again through 4250 and HOLD. If we can do that, I would imagine we see 4500 eventually (not immediately). This move is going to take some time because the market has to fight through a lot of volume to get there. I'd keep my eye on 4180-4170 area below. If we pull back you'd really like to see the market hold onto that area. If we cannot, I think it's a high probability we start to push lower. For now, all is good. I'd expect the market to be in pullback/neutral mode today as it's Friday and the market is stretched a bit (with resistance above)
CME_MINI:ES1!
by TakeProfitTrader
Morning Ideas August 5, 2022Good morning traders, NFP numbers came in hot, adding 528,000 jobs vs 250,000 expected. The market may have been expecting more because we sold off 40 points in the SP500 immediately. The selling brings us back into the thick area around 4120. I am looking at 4160 as the scene of the crime, and the market needs to get through 4180 before I think it's reasonable to see a squeeze towards 4250. Below, I think 4060 is key if we want to see the market stay in this dense upper area. If we fall below 4060, I think we start to attack the lower prices in the profile. This would mean we'd see prices well below 4000. Your (educated) guess is as good as mine, but look for those areas to be key today.
CME_MINI:ES1!Long
by TakeProfitTrader
Morning Ideas July 27, 2022Good morning traders... FOMC minutes are today at 2pm eastern, so again, I do not expect a lot of directional movement. We had more directional movement than I expected yesterday, but we ended up taking it all back at the close, due to earnings reports from some big companies. It pretty much leaves us in the exact same place we were at the open yesterday, and I would expect to see more of what we saw overnight, than what we saw yesterday. If we start to trend off the open, I would be careful chasing it into the FOMC minutes.
CME_MINI:ES1!
by TakeProfitTrader
Morning Ideas July 18, 2022Good morning traders... Running back into 3910 area, as expected once we were unable to hold below 3775. 3910 is a key area today, in my opinion. I think if we can take 3910 (THE KEY IS TO HOLD ABOVE IT), I think it sets us up for a rally into 4000 area. I would remind you that lately this market has had several chances to regain these higher prices, and it has failed almost every time. What does this mean for you? I wouldn't chase the market up here. Wait to see if it can hold above 3910 before you decide that it's time to get long. Make your own plan, just giving you mine :)
CME_MINI:ES1!Long
by TakeProfitTrader
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