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53 Ticks LIVE Today. ES and E-Mini made Profit today.
Market Gave us clues today…
(Scroll Down For Video)
830am EST
– Dollar index futures are trading sideways, double-tops above us, double-bottoms below us
o Average true has been dropping today
o Speed of the market is dropping
o Tells us to expect a sideways day
o Slower timeframes will be used
– Noticed on the 30-min charts that we were seeing lower volume at the highs from last week’s bullish move to the upside.
o Divergence = price makes new highs, volume indicator does not (regular divergence)
– What is the best level for average true range?
o There inst a specific level or value
o The best ATR is a RISING atr
o The worst ATR is a falling ATR
Market Order
– One of the 3 main order types
o Places your order in the market to get filled at the next available market price
Guarantees your fill
NOT guarantee your price
o Considered to be ‘sloppy’ way of entering the market
Limit Order
– 1 of the main order types
o Places your order with ONLY the specific price in mind
Guarantees your entry price
Not guarantee your fill
o More precise, but not as aggressive, wont force you into a trade you wanted to be in.
We use a technique to enter the market called the ‘trap’ entry. Use buy/sell stops (limit order) to enter the market.
Bracket Order:
– Most charting packages always have these
– Places your stops and your targets for you automatically
How/What/When/Where do you use to determine a sideways market?
– Start with the dollar index futures
o Denomination currency
o Everything is settled in dollars
o Dollar moves it all!
o Dollar = sideways
o Everything else = sideways
– Candlestick patterns
o Double-tops
o Double-bottoms
– Technical Indicator
o Trigger Line (proprietary to SOT)
Flat = sideways market
Steep slope = trending market
o Average True Range
Low Reading (falling) = sideways/narrow market
High Reading (rising) = trending/wide market
– Where do I begin?
o Start w/ Dollar Index
o Slow timeframe to look at the big picture
o Fast timeframe to look at the entry patterns
Doesn’t really matter which specific timeframe you use.
Why do I use NT?
– Free charts
– Market data is free
– Great stability
– Vey quick and responsive
– The best fills with our data connect and our brokers
– Customer service is quality
5 trades today, 1 Scratch, 1 loss, 3 winners
+53 ticks, $590usd
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
