Hello everyone! I hope y'all have had a good month so far. We've been on the road with cheer and to be quite honest I had burnt myself out of writing about the market. Coming back my weekly analysis will look a lot different. My focus will be on futures trading levels and how I trade the futures. I don't see the point in writing about the options market when I do not trade it.
* Unless there is something I see that I just have to share. *
Now that we got all the fun macro-economic events from last week behind us, I'm excited to see how the market balances. We also have GDP this week that could cause a little volatility. I'm only analyzing /ES today as I attempt to find my groove with it again. I noticed last week that I was entering a little too emotional and getting stopped out of my great setups. After crunching numbers, I realized I was scalping way too much and overtrading which I can only assume was coming from an emotional standpoint. I'm focusing on only /ES to rebuild my confidence with the ticker. I am very thankful Friday I caught a full move that I planned for the first time in weeks, and it opened a lot of doors into how my trading had changed in a negative way from what it was. Confidence definitely needs to be restored.
/ES_F|
For /ES this week it's separated by chart timeframes and at the end I will put them all together. I hope to show how I create my analysis by walking through it step by step.
/ES-F Weekly|
First for /ES will be my weekly levels, these are the levels that I prefer to enter my trades on. When looking at the weekly candle from last week it's very apparent that buyers were present, but sellers overtook them and drove the price down last week. I would like see /ES retest the strength of that old weekly demand down to around $3751 this week based on this weekly chart.
/ES-F Daily|
/ES-F 4Hour|
/ES-F Hourly|
After breaking down these timeframes I can give myself an idea that while there is more downside potential, there is a more immediate potential for short-term upside (Whether it be small or large) I have found that charting this way gives me a good idea of the potential highs and lows while preventing me from holding my trades into unrealistic expectations. This helps keeping a bias at bay for me and helps me prepare myself for any wildcards I may run into.
All Information is not written by a registered financial advisor. The information in this newsletter is to be used as an educational forum to discuss and analyze the financial markets. No information on this site constitutes - or should be understood as constituting - a recommendation to enter any securities transactions. There is an inherent risk with investing and no promise of positive return. Do not make investments without speaking to your financial advisor.
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