MYM1! trade ideas
Price Action and Trade Review for the DOW Jones IndexPrice action is key for understanding the major market bias and also for managing risk.
On top of that, understanding Price Action will give a better understanding of where other traders may be trapped and will help structure your trades.
In the video, I talk through the DOW Index and price action from the previous session. I look at where we were looking for trades and the price action that led to trapped traders getting squeezed out of the action.
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Timing the Next Move with 4 IndicesThroughout the entirety of last year, it was a period marked by bearishness, and I believe that many of us have forgotten about it. However, at the beginning of 2023, the market suddenly shifted to a bullish trend.
There are three reasons attributed to the bullish trend during the first and second quarters:
1) The onset of an AI rush.
2) The apparent taming of inflation.
3) The resolution of the bank run crisis in March, which seems to be under control for the time being.
In this study, we will examine how to time the next significant market move or identify a change in trend using these four indices.
Reference for trading:
Micro E-mini S&P500 & Options
Minimum fluctuation
0.25 index points = $1.25
Micro E-mini Nasdaq100 & Options
Minimum fluctuation
0.25 index points = $0.50
Micro E-mini Dow Jones
Minimum fluctuation
1.0 index points = $0.50
Micro E-mini Russell 2000
Minimum fluctuation
0.10 index points = $0.50
Disclaimer:
• What presented here is not a recommendation, please consult your licensed broker.
• Our mission is to create lateral thinking skills for every investor and trader, knowing when to take a calculated risk with market uncertainty and a bolder risk when opportunity arises.
CME Real-time Market Data help identify trading set-ups in real-time and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs www.tradingview.com
US30 (YM1!) Intraday trade - SHORTThe US PCE has released, and it is unchanged.
Personal income is also down.
What does this tell us? Inflation is slowing down, and we can also start to be confident of this new reality as the last few weeks of data have been on the downside for the US economy.
As people will have less money to spend, and credit conditions worsen, the US30 should see some outflows from investors.
Technically, US30 has entered a mid term historical rejection zone.
Below that, we a zone - highlighted in purple - which is essentially no mans land. No significant support has been built in this area, so price normal moves decisively to one side or the other.
Look to enter a BREAKOUT SHORT underneath the current 4HR candle.
DO NOT enter straight away. Wait for the rejection and THEN ENTER.
US30 (YM1!) Intraday trade - SHORTUS30 is now retesting the STRONG support zone it broke. This zone was formed over the past few days, so I am expecting a rejection.
Look to enter a BREAKOUT SHORT below the current 1HR candle.
Again, DO NOT FOMO into a position now. Allow the price to reject before jumping in.
Remember, aim to make good trades, protect your profits and then think about making a gain after that.
How to identify a trend move using AnchorsIn the video I discuss the concept of Anchors in trading and how I use them in my own trading.
Anchors play a major part in identifying the prime areas to trade and also in risk management when in a trade. I will discuss my prime setups and trading areas using anchors and multi-timeframe analysis.
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US30 (YM1!) Midterm trade - LONGLooking for a break up out of the descending triangular pattern on the 1HR.
Jackson hole is this week and the FED will need to decide which way the market will go.
Historically, there is a rally towards the end of the year for stocks ( around the end of August ), before a drop in Christmas.
Enter with a smaller lot size to accommodate for the bigger stop size.
Dow Futures (YM_F) Looking for Corrective Rally SoonShort Term Elliott Wave view in Dow Futures (YM_F) suggests that cycle from 7.27.2023 high is mature and about to complete soon as 5 waves impulse. Down from 7.27.2023 high, wave ((i)) ended at 35076 and rally in wave ((ii)) ended at 35660. Index extended lower in wave ((iii)) as another impulse in lesser degree. Down from wave ((ii)), wave (i) ended at 35115 and rally in wave (ii) ended at 35456.
Index extended lower in wave (iii) towards 34328 and rally in wave (iv) ended at 34709. Final leg wave (v) ended at 34308 which completed wave ((iii)). Rally in wave ((iv)) ended at 34645 as a zigzag structure. Up from wave ((iii)), wave (a) ended at 34605, wave (b) ended at 34465, and wave (c) higher ended at 34645 which completed wave ((iv)). Down from wave ((iv)), wave (i) ended at 34307. Short term rally should fail in 3 or 7 swing against 34645 for further downside within wave ((v)). Once the 5 waves decline ends, it should complete wave A in larger degree. Then the Index should rally in wave B to correct decline from 7.27.2023 high in 3 or 7 swing before the decline resumes.