- in Uncategorized by schooloftrade
28 Ticks LIVE Today! Market Sentiment Lesson, Re-open 745am EST
815am EST:
– Dollar Index Futures have broken to the upside out of its sideways range, but threatening to pullback into the previous trading range below.
o Average true range has been dropping since 6am EST, we are at the lower end of the ATR over the entire week
o Wait for the ATR to increase, this will tell you when there’s more opportunity in OTHER markets.
o Pace of tape indicator shows a VERY slow speed of the market
– Crude Oil Futures are trading at its lows for the week, but sitting in a sideways range from 82.60 to 83.00
o Average true range has been flat, we will wait for some reaction from the market to make a further decision.
o Pace of tape indicator is all RED = Slow price action, so be careful!
830am EST
– Gold Futures are at their lows and double bottoms from multiple days this week
o Be careful around these lows, wait for the market to PROVE to us that it wants to break those lows and STAY THERE.
o Average true range has been increasing for the past 15 minutes, ATR is at its weekly highs
This is the best environment we’ve seen on Gold all week
– First move of the day @ 905am EST
– Gold Futures, testing the lows, we looked for the reversal
o Breaker short @ the LOD if I have
Green POT
BIG SELLERS
Momentum Pointing Down
o 2-step Reversal Pattern is used if we don’t see the breaker short
We usually look for the 2-step before the breaker, especially if there’s anything but green POT.
1000am EST
– Russell Futures are trading sideways in the dead center of their weekly trading range
o We call this: Chop Zone
o Be careful, not much support/resistance are affecting price, so it may sit there.
– Gold Futures we have a trend line overhead as resistance, and the same as support
o Lets wait a little longer to see where the price goes next and wait for a better opportunity to trade.
1115am EST:
– Dead-Zone: after the morning news (1030) and before the Euro session ends.
o Look for more volume, more speed, more opportunity at around 1130am EST.
– After 11am, we look for the market to transition into lunch
o What do we look for?
Slower Speed of the Price Action
• Pace of Tape Indicator = RED and <100
Sideways Markets
• Average True Range: New lower lows on the ATR
• Flat Trigger Line on different charts
• Double-tops/bottoms on the Fast timeframe
No BIG MONEY
• Filtered time & sales window
2 trades today, 2 Winners
+28 ticks, $280usd
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
