Posted 6:54 a.m. The Emini sold off on the open to below the 60 minute moving average down to a 50% pullback of yesterday’s rally. The channel down had about 15 bars and it was tight. This means that the 1st reversal up will probably be minor. A minor reversal is a leg in a […]
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Intraday market update: May 17, 2016
Intraday market update: May 16, 2016
Sell climax trading
Posted 6:54 a.m. Friday was a sell climax. Today had a 75% chance of at least a couple of hours of sideways to up trading beginning by the end of the 2nd hour. It might have begun at the end of Friday. The Emini began with a series of bull trend bars that rallied above […]
Emini weekend update: May 14, 2016:
Trade a trend reversal candlestick pattern
Monthly S&P500 Emini futures candlestick chart: Might trigger sell signal The monthly S&P500 Emini futures candlestick chart is moving down and it might fall below last month’s low. This would trigger a sell signal for a failed breakout above a 2 year trading range. The monthly S&P500 Emini futures candlestick chart still has not triggered […]
Intraday market update: May 13, 2016
Learn how to trade a triangle candlestick pattern
Posted 7:02 a.m. The Emini rallied on the open after a breakout test of yesterday’s 10:05 a.m. breakout point. The Emini will probably get a 2nd leg up today and reach a Leg 1 = Leg 2 target, but the bear channel at the end of yesterday was tight. This often means that the bulls […]
Intraday market update: May 12, 2016
Learn to trade opposite candlestick patterns
Posted 6:52 a.m. After 2 days of extreme trending and bad limit order trading, the odds are that today will have a lot of limit order trading. Traders are uncertain and they will be quick to take profits. In the 1st 4 bars, both limit order bulls and bears made money. While it is likely […]
Intraday market update: May 11, 2016
Learn how to trade buy climax candlestick pattern
Posted 7:07 a.m. The day began with a gap down. Both bulls and bears made money with limit orders. This increased the chances for a lot of trading range price action today. The bulls so far are not getting their follow-through buying. There was a 75% chance of at least 2 hours of sideways to […]
Intraday market update: May 10, 2016
Price action trading strategy is expect 2nd leg up
I will post around 7:11 a.m. The Emini gapped above yesterday’s high, creating the possibility of a bull breakout above a 60 minute, 2 day bear flag and a measured move up. Although today began as a trend from the open bull trend, the follow-through buying was not strong. This makes a big bull trend […]
Intraday market update: May 9, 2016
Learn how to trade a minor candlestick pattern buy signal
Posted 7:10 a.m. The Emini continued Friday’s rally on the open, but the rally has now lasted over 60 bars in a relatively tight bull channel. This reduces the chances of a big bull trend day, even though the Emini triggered the Wedge Bull Flag buy when it traded above Friday’s high. Not only is […]
Emini weekend update: May 7, 2016:
Learn how to trade a wedge bull flag candlestick pattern
Monthly S&P500 Emini futures candlestick chart: Sell signal bar The monthly S&P500 Emini futures candlestick chart reversed down in April after reaching a new all-time high. That makes April a sell signal bar on the monthly chart. If the monthly S&P500 Emini futures candlestick chart trades 1 tick below the April low of 2026, it […]
Intraday market update: May 6, 2016
Learn how to day trade a wedge bottom
Posted 6:54 a.m. The Emini reversed up from below yesterday’s low and from below the wedge bottom. However, the 1st 3 bars had big tails, and the bar closed back below the top of yesterday’s 2 hour Final Flag. This increases the chances of a lot of trading range price action, like yesterday. The bulls […]