Today looked positive because it rallied late in the day to close well off the lows and above the middle of the range. And, buyers did step in. However, I don't see this as strength. Tomorrow is the last day of the month, and so we may see the market try to hold as fund managers look to chalk up a good month for the beginning of the year. We'll see if they can do that. … [Read more...]
Springs on the Anticpated Up Day
In last night's post (see that post here), I indicated a further rally was likely today. And, we did get that rally. Not a rip roaring rally, but it is the holiday period, after all. Many traders leave early for the holidays and so the volume and activity is typically low over the days leading into Christmas as well as the week between Christmas and New … [Read more...]
Trading The ES
It was another good day of trading in the S&Ps. You might not know it from the daily chart, as the dailies are contracting. But the intraday has been quite lively. Today's action was pretty classic Wyckoff trading. I am showing the full Globex session on the 3,000 tick chart. I like using tick charts because they capture the overnight moves nicely and even during the … [Read more...]
Today’s Trading – You’ve Gotta Love Those S&Ps!
You have to love days like this. The S&Ps offer so many great opportunities. It is no wonder that so many traders work the ES day after day. In the opening range, it appeared that buying was coming into the market. The overnight had stayed within a narrow range and it seemed reasonable that the S&Ps would take a shot at trading through the high of three days … [Read more...]
Anatomy of a Trade
Patience was the watchword for today, as it so often is. We have been in a nice rally the past two days after a good selloff. So, we can expect that the market would pull back at some point soon. That point happened today. What I would like to show in this post is how to integrate market structure and trade setup triggers. We start with the 9,000 Tick Chart, a chart that … [Read more...]
