PacMan Trend Symbol; Guidance into PCE and Next Week
Updated
The video explains it all a lot better, but basically, we are sitting with higher highs and lower lows on the trend timeframes that brought us here (30m-4hr), otherwise known as the Pac-Man symbol.
Trends into today are;
Last Macro Trend Signal Spots (ES Contract)
30m - 5083 Uptrend (4/25/2024) Higher High
1Hr - 5083 Uptrend (4/25/2024) Higher High
2Hr - 5131 Uptrend (4/25/2024) Higher High
3Hr - 5123 Uptrend (4/25/2024) Higher High
4Hr - 5131 Uptrend (4/25/2024) Higher High
6Hr - 5250 Downtrend (4/2/2024) Higher Low
12Hr - 5204 Downtrend (4/4/2024) Higher Low
Daily - 5166 Downtrend (4/12/2023) Higher Low
Weekly - 4769 Uptrend (12/11/2023) Higher High
Monthly - 5304 Uptrend (03/31/2024) Higher High
If we move directly higher from here, the 6hr is going to be a lower high, but it will be the lone trend calling for a lower movement, as when the 12hr and Daily strike, we will have a higher high.
I did not account for us to drop so harshly from GDP data yesterday, and certainly didn't expect that drop to fizzle out and us to push higher over after this occurred. This is why I almost never short into Earnings season.
Economic Calendar;
PCE Data is today. I foresee it pushing us lower, but not with enough confidence to blindly trade short into it.
Major next issue is the Fed Meeting on Wednesday of next week.
Overall, likely just missed opportunity from not going short at the close of Wednesday and catching most of the move back down yesterday, although I likely would have let at least half the profit reverse before I jumped out anyways.
I expect I'm going to miss out on a drop today, but without trend confirmation I just don't feel strongly enough about shorting into this PCE data at this point.
I made some good trades earlier, so I'm fine with it, and I still have Gold Long from 2305 and my Soy contracts are FINALLY starting to generate some revenue at around $1500 each.
Safe trading, and remember your risk management.
Trends into today are;
Last Macro Trend Signal Spots (ES Contract)
30m - 5083 Uptrend (4/25/2024) Higher High
1Hr - 5083 Uptrend (4/25/2024) Higher High
2Hr - 5131 Uptrend (4/25/2024) Higher High
3Hr - 5123 Uptrend (4/25/2024) Higher High
4Hr - 5131 Uptrend (4/25/2024) Higher High
6Hr - 5250 Downtrend (4/2/2024) Higher Low
12Hr - 5204 Downtrend (4/4/2024) Higher Low
Daily - 5166 Downtrend (4/12/2023) Higher Low
Weekly - 4769 Uptrend (12/11/2023) Higher High
Monthly - 5304 Uptrend (03/31/2024) Higher High
If we move directly higher from here, the 6hr is going to be a lower high, but it will be the lone trend calling for a lower movement, as when the 12hr and Daily strike, we will have a higher high.
I did not account for us to drop so harshly from GDP data yesterday, and certainly didn't expect that drop to fizzle out and us to push higher over after this occurred. This is why I almost never short into Earnings season.
Economic Calendar;
PCE Data is today. I foresee it pushing us lower, but not with enough confidence to blindly trade short into it.
Major next issue is the Fed Meeting on Wednesday of next week.
Overall, likely just missed opportunity from not going short at the close of Wednesday and catching most of the move back down yesterday, although I likely would have let at least half the profit reverse before I jumped out anyways.
I expect I'm going to miss out on a drop today, but without trend confirmation I just don't feel strongly enough about shorting into this PCE data at this point.
I made some good trades earlier, so I'm fine with it, and I still have Gold Long from 2305 and my Soy contracts are FINALLY starting to generate some revenue at around $1500 each.
Safe trading, and remember your risk management.
Note
Side topic... Did you see this Japanese Yen meltdown?! Yikes!You wanna go Long on it because it is lower than ever, but ya know... don't catch a falling knife and all that.
Note
PCE above expectations and the market is... rallying?Note
That rally fizzled... should be a bizarre day... PCE should pull us lower, at least under 5100, BUT, Google and Microsoft did well in Earnings and have enough capital that they will not be affected by rates for longer issues like other companies so they could pull the markets higher with their first official day open post earnings.Note
Bleh... I'm as undecided as the market is. Seems like a good time to cap out. I cashed out my Gold position for just under $5000, so at this point I'm grabbing coffee with a friend and I'll check back around 12pm EST.Note
So I tried to make an updated video this morning, but I'm a bit tired so I'll do it later because I feel like I'm rambling too much. Overall, I went long into the Powell Pump based on trends, cashed out at the top around 5120, reversed my position based on the newly formed 2hr trend that called for us to swing down, and then cashed out at 5050ish there, making for around an $8000 day. I expected the downward movement to happen today, and not right after Powell spoke, but I didn't want to test fate so I jumped out. Overall, with a fairly bullish pattern yesterday, most trends calling for a move up, I'm mostly bullish, but, we've managed to wiggle into a more bearish zone and I see a lot of economic data that could drive us lower. So being unsure, I am sitting out. I'll make a video later if I feel more energetic and focus better.
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