Posted 7:15 a.m. The Emini opened with a trend from the open bull trend and is Always In Long. Although the rally lacks consecutive big bull bars and tails were prominent, an 8 bar bull micro channel without any bear bodies is enough to make traders buy the 1st pullback for a scalp. With the […]
Intraday market update: January 29, 2016
Intraday market update: January 28, 2016
Learn how to trade a sell climax in a trading range
Posted 7:01 a.m. The Emini opened with a big gap up above the 60 minute moving average and testing the top of yesterday’s bear channel. It then entered a tight trading range. This big gap up after yesterday’s big selloff creates a Big Down, Big Up, Big Confusion pattern and it increases the chances of […]
Intraday market update: January 27, 2016
Learn how to trade bottoming price action
Posted 7:15 Today is an FOMC report day. Day traders should wait for at least 2 closes after the report before entering. The initial move reverses about half of the time. During the 1st 5 bars, bulls made money with limit orders twice, as did the bears. This is a limit order market and it […]
Intraday market update: January 26, 2016
Trading range price action for 2 weeks
Posted 7:02 a.m. The Emini got close to the top of the bear leg and broke above the 60 minute moving average, but reversed down. However, bull scalpers had 5 chances to make money in the 1st 5 bars, and the bear follow-through after the 2 bear bars was bad. This is trading range price […]
Intraday market update: January 25, 2016
Day trading tip is to expect a trading range for 2 weeks
Posted 7:09 a.m. The Emini began with 4 consecutive bear bodies, but the bars had prominent tails, and stayed within yesterday’s trading range. This is trading range price action, which is also present on the 60 minute and daily charts. Although the Emini will probably trade below Friday’s low or today’s low this week, it […]
Intraday market update: January 21, 2016
Learn how to trade a bull trend reversal
Posted 6:53 a.m. The Emini began with an early selloff after yesterday’s strong rally. Big up, big down so there is big confusion, and confusion is a hallmark of a trading range. The Emini is Always In Short, but it is more likely that the selloff will be a bear leg in a trading range. […]
Intraday market update: January 20, 2016
Price action day traders looking for a bottom
Posted 7:09 a.m. The Emini gapped below yesterday’s low and the bottom of the bear channel, but began with reversals, small bodies, and prominent tails. Bulls and bears were able to make profitable scalps. This is trading range price action and it increases the chances of more throughout the day. The bears then had a […]
Intraday market update: January 19, 2016
Day trading tip is to look for a rally this week
Posted 6:53 a.m. The Emini gapped up but sold off on the open for the 1st several bars. Although the bulls want an opening reversal up from the moving average and then a bull trend day, the size of the selloff makes that unlikely. This means that either a trading range or bear trend day […]
Intraday market update: January 15, 2016
Learn how to day trade at support
Posted 6:48 a.m. The Emini opened with a huge gap down to just below 60 minute moving average targets and just above the September low. It was also a 60 minute wedge bottom. It reversed up from the 1st bar. At the moment, it is Always In Long, and has about a 40% chance of […]
Intraday market update: January 14, 2016
Day traders expect trading range price action after sell climax
Posted 7:52 a.m. The Emini had a strong reversal up. I was trading actively and was delayed in posting this. The Emini is clearly Always In Long, but the rally is a buy climax at the 60 minute moving average. The odds are that it will go sideways to down for at least an hour […]