RTY1! trade ideas
$RTY_F Small Cap Futures complete initial upside moveThe Russell Small Cap Futures completed their initial upthrust nearly a week earlier than expected. A trend change is underway, as the liquidity data indicated over the prior two weeks.
I have taken some profits on my AMEX:IWM Call Debit Spreads, and will look to reload on a pullback, anchored around the Green Flag Zone below. Eventual target for July is the Red Overhead Supply Zone, although that may take several trips.
The key here is the high-value zone within the currently dominant structure, the green flag zone below, which rises each week.
Members have been able to keep track of the plan over the past two weeks in the reports and live streams. The plan is designed so that there is no need to watch the screen during the day.
I will continue to plan ahead and use limit orders, waiting for price to come to me as I re-load and manage the position.
Above all, keeping track of the liquidity data to make sure that the Cyclical side of the Small Cap Index maintains its Quantitative advantage over the S&P and Nasdaq, which it started to gain on May 24th and the Russell 2000's Quantitative Data Advantage has been intensifying since then.
That has implications for a massive hedge fund Quant Algorithm Pair Trade that has been underway since mid-March, and which is beginning to unwind. We will be keeping track of that as it unfolds.
For now, the Quant data supports the plan we set on May 24th when I went long IWM and RTY.
RTY UpdateRTY seems to be the most interesting index so plotting that. MFI is touching overbought, but usually goes higher than m line, so I'm guessing RSI hits overbought tomorrow then we get a dip.
Really strange day as ES and NQ are red and small caps are pumptarded. PCAR up 3%, but TSLA and GM are red. Just really weird, but it's a rotation from tech to garbage stocks today.
I'm gonna wait until the indicators align before making any big trades, for all I know we could see a counter-rotation, lol. Also FDAX insicators are trending up but neutral.
RTY UpdateI find it interesting that small caps are just doing their own thing today and rallying. It did hit oversold on MFI yesterday unlike ES and NQ.
I closed out all my long position after open because I figured the market was gonna whipsaw, but wish I had held PCAR stock. Looks like it's trading with small caps, despite being in both SPX and NDX indices.
RTY UpdateRSI and MFI oversold. So are FDAX and HSI.
Assuming a Friday bounce on unemployment numbers.
RTY UpdateMFI hot oversold, but NQ MFI hit overbought.
Gonna post NQ as well, no idea what the market is doing.....
RTY UpdateRSI and MFI overbought but PCE numbers come out tomorrow.
I'll take the gamble and hold my long positions until open tomorrow
RTY local H&S ?Russel in the resistance zone. Might finish forming local H&S pattern and will be ready to go for correction.
RTY UpdateRTY MFI hit overbought as well.
RSI hasn't hit overbought yet, and I think the end play is the CPE numbers on Friday for the gap up, pump and dump.
Bullish until Friday open despite MFI indicators.
RTY UpdateHuh, I walked away from my computer and the algos start pumping, lol.
Hopefully they're doing the pump and dump, looks like it'll get overbought tomorrow then drop Thu, not sure how much. I can't imagine the market can melt up from here.
Will just wait for the market to get verbought at this point and short something tomorrow for a one day play.
CPE Friday, I have no idea which way the market goes.
RTY UpdateMFI hit oversold and bounced.
Yields climbing, dollar rising. I'm shorting gold with a few puts, lightly into some stocks as a short term play. No call options though, if it whipsaws sideways you lose money with options.
Tomorrow is Ponzi Friday so I expect the market to go up tomorrow, lol.
ICT Tape Reading Practice 2In this video, I do a quick tape reading practice of the M2KU2023, the time is 09:30 NY Local time.
RTY UpdateMFI went overbought, that's my cue to bail. RTY is the only index still cycling.
ES and NQ are also overbought, but not sure when the melt up will end. Could be today, could be July, lol
RTY UpdateI said this morning it was oversold. Finally showed some life in the afternoon.
I don't plan on shorting anything until RTY MFI hits overbought. at this point it looks like Monday or Tuesday.
I've got enough cushion on my long positions to hold until tomorrow. Probably going cash for the weekend.
RT UpdateAppears to be the only index cycling, everything else is melting up. MFI went oversold overnight so that means buy....
(or at least don't short anything)
RTY - Russell 2000 - med term top imminent?I believe the stars are aligning for a decent med term short for stonks
Fundamentals are poor - inflation and rates higher for longer (not factored into earnings yet)
Sentiment is extreme - note recent sentiment surveys all extremely bullish (greed) contrary to market perception
Bears have been capitulating - note short covering rallies (stopped out) in heavily shorted names
Technically RTY looks like a classic triangle consolidation (B/X wave)
Short 1880, stop 1980, looking for 1500 or lower (4 to 1 R/R) coming weeks/months
NOT INVESTMENT ADVICE
RTY UpdateRSI rolled over but MFI is still overbought. Oddly ES and NQ MFI are oversold.
Looking to be another mixed bag day, possible counter rotation out of small caps.
RTY MFI OversoldThe least reliable of the indices, but RTY MFI is oversold. ES and NQ aren't even close, but they aren't moving much. Flipped my shitcoin (BITO) puts at open which is why I was late to post. Too bad I shorted BITO instead of COIN, that would have been some serious money. Disappointed in the gap down, much smaller than I hoped for.
Staying cash today unless I see a good trade, not expecting the market to do much today.
Short Russel indexA few weeks ago a there was a setup exactly like this on the Russel. Indices were over extended, price took out prior day high. Price might take a few hours to fall,
RTY UpdateCryptos and small caps pulled back, Europe and China were red this morning. ES and NQ are still overbought though with no pullback.
Could very well be a melt up, still short on shitcoin through BITO puts. Nothing else, don't feel much like trading this week. Made decent money last week despite closing early on Friday, seems every time I make money I give it back to the market, lol. Might be easier to wait until MFI indicator goes oversold again and snag the next pump.
Bearish on crypto because it looks like Asia and Europe are throwing in the towel, garbage trades 24 hours and the Asians own a lot of crypto. 3hr indicators are oversold though, not sure I'd recommend opening a new short position.
RTY LongDebt ceiling bill comfortably passed in the house and expected to pass in the senate. ADP #'s are positive. Equities expected to go higher today.
Lower DZ is stronger.
- Trades taken using confirmation entires have a higher probability for sucess.
- Using an initial 1:1 target is recommended for reducing risk.
- Short-term income trade ideas are good for the day unless otherwise stated.
*** For educational purposes only ***
