M2K1! trade ideas
Russell futures> potential short and long scenarios.This is my set up, for Russell
Obviously a short entry has a better risk reward with 3 potential targets. But I don’t get to pick direction. My bias however is long due to the down wedge and strong supply. Price tends to attracted to strong demand or supply zones.
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Russel (RTY) - get ready to shortRussell futures ready to drop.
- upwedge
- overbought RSI
- Riding upper bollinger band for a while now
This is a pretty simple trade plan. Enter short if price breaks lower end of up wedge .
Aggressive entry = on break of wedge
Conservative entry on retest of wedge
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RTY: Buy the backtestAfter a successful day for the bulls, RTY has pulled back slightly to retest the fib line in the low 2240s. 2243 is a perfect place to enter a trade given it's very close to a fib stop loss (2241).
Combined with bullish action for BTC and Ethereum, the risk reward favors a long here.
E-MINI Russel 05 MARCH 2021 1443 hrsyou can see the accumulation off of the demand line,
Could mark up here. Looks like it left an accumulation range and is already attempting to M/U.
does not matter though... wait for it to come down and clear that supply zone. If you enter long here, you may be buying right into weakness.
Look for no supply signal on the 5/15.
What is a no supply signal?
Sources of education:
Richard Wyckoff
Tom Williams Volume spread analysis VSA/ Master the Markets
Pete Faders VSA*
Read the ticker dot com
Wyckoff analytics
Dee Nixon
Avoid buying into weakness/supply/resistance
Avoid selling into strength/demand/support
Avoid entry when price is in middle of a range (phase B)
When you set a target and wait for price to get there (proactive/decreased risk)
When you enter a trade when its already on its way to a target (reactive/increased risk)