Dow Futures: Blue Wedge of Truth Under AssaultLike $ES_F, $YM_F is testing the top of its Blue Wedge of Truth at 24,200. The bottom of the Wedge currently sits at 23,900. Broad risk-off sentiment seems likely to result in a test of the latter.
YM1
US30 - Dow Jones - YM1! - H1 - Intraday Analysis US30 - Dow Jones - YM1! - H1 - Intraday Analysis - SELL
We could have a possible bearish correction of the major trend,
because on the immediate trend is we are bearish.
Enter Short on the breakout of the 0.786 Fibonacci Level with a Target will be @ the 0.618 Fibonacci Level.
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Entry: 24460.00 | Stoploss: 24600.00 | Takeprofit: 24110.00 |
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Disclaimer: All information and ideas provided is for educational purposes only. It is not a recommendation to buy or sell.
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Taylor Technique ... Raschke/Connors 80/20 ES_F YM_FA little something to put in your toolbag...
The fade this morning falls in line with the Taylor Technique for swimg trade fades of previous days highs/lows when the previous day opens in its lower/higher 10% and closes in its higher/lower 90%.
When this occurs the retest of the previous day hi/lo is likely and IF they fail to hold a fade is likely.
Raschke & Connor modified it to 80 & 20% i believe to create more trading ops. Google it.
I track these levels on a daily basis with a fib tool marked at 80/20 (yellow lines)
Yesterday the ES & YM both opened in their respective lower 20% and closed in their respective 80% The RED line is the previous day high.
Note the YM tested and faded while the ES was unable to retest setting up the bearish reversal resulting in an intial 250+ pt ym and 30+ pt es move.
I trade the ym but watch the es for signals. These may have occurred on the nq & rty as well but I dont track them.
US30 - Dow Jones - YM1! - H1 - Intraday Analysis - US30- Dow Jones- YM1! - H1 - Intraday Analysis - SELL
We are waiting for a breakout on the 0.786 Fibonacci Level to consider to enter short.
Our first target will be the 0.618 Fibonacci Level
and second target the 0.382 Fibonacci Level.
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Entry: 24440.00 | Stoploss: 24640.00 | Takeprofit1: 24140.00 | Takeprofit2: 23640.00 |
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US30- Dow Jones- YM1! - H1 - Intraday Analysis -US30- Dow Jones- YM1! - H1 - Intraday Analysis - BUY
We had our Breakout of the Parallel Channel on the H4 & H1 chart.
This shows us the strength of the Bulls that are now in place until we reintegrate our Parallel Channel.
Now we are waiting for a Pullback on the 0.786 Fibonacci Level to consider to enter long.
Our target will be the 1.272 Fibonacci Level @ 25440
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Entry: 24460.00 | Stoploss: 24290.00 | Takeprofit1: 24850.00 | Takeprofit2: 25440.00 |
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Time to Short ES and YMMarket needed to rally today so that we can get short setups. We have two halfway back short setups here. Selling off from the Weekly. But, Trend changes require this usually require the larger HWB. Basically, I am a seller up here in the sell zone between 2856 - 2883.
Dow Jones - YM1! - SHORT - H4Dow Jones - YM1! - SHORT - H4
Wait for a Pullback to SELL
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Entry: 23475 | Stoploss: 23950 | Takeprofit1: 22500 |
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Resell YM Short after some Bullish Short Term ActionBeautiful Sell of YM (Dow Jones Index) futures at the 50-61.8 Fibonacci Zones during the last few days. Now, a retracement is needed to the new sell zone. So, expect bullish action back up to new 50%.
Today's end of session selloff triggered my sell signal for SPYI am trying a new combination of indicators on my TOS platform for swing trading. Right now it reads RED/Bearish for SPY and DIA but not yet for QQQ. It will be confirmed at the open tomorrow. I will let you know. When I back test this indicator, it seems pretty reliable. Let's track it in the next few weeks...
The above are for education and entertainment only. They must not be interpreted as investment advice nor recommendations. Trade at your own risk and mostly, trade safely and keep safe!
Update Dow future THis what I predict to dow. still there a one advance and the whole correction is flat.
Stock Markets Like to Double Top - Awaiting Secondary Top in ESI have been wrong. My timing is a bit early. The key here is to just trade what the market gives you, basically, continued up moves as it tries for a double top. This week should see the culmination of this short-term uptrend as we get a secondary double top and can begin a summer decline in earnest.
Is it a case of "Sell in May and go away!" ? If today sees a week session, I would think we might be in a case of "Sell in May and go away!"
The market gaped up last night but the job reports coming out at 8:30 will be telling a lot as to what direction the market may take in the next few days!
