weekly set up
Natural Gas, Looking for Short one last time.
Natural Gas Daily Chart
Nothing complicated, As Natural Gas Price go Up, Volume Decrease.
Easy trade, for educated traders.
Sellers will jump in next week, but the support area will stop them.
Will be very surprise if they succeed to close under
Aussie Dollar waiting for a pull back
Break Out on Weekly Chart
Last week sellers made a Break Out on Weekly chart, after breaking Bullish Trend line.I was looking to see a pull back, but Buyers din’t show they presence at all, and Sellers keep they direction. And after this second week ,look like Sellers are committed to go to the 200MA. Since we pass all major resistances, this should not be hard to achieve.
Volume: On volume part, Sellers Keep they commitment and even make it stronger.For those who miss last trade short, I suggest to wait for a pull back. It may happen may not.Taking short right know, is very risky.
I was working this week to see where&when we should see Aussie price pull back for next Long/Short trades depending on your strategies.
On 240min chart 6A , we are testing past trend line, this trend line was great support for sellers.Right now, it look like it may support Buyers Price. And give them some momentum to bring Aussie price Up.
One of the reason why It look like we may get a support here, is because buyers volume start to increase as we move at this trend line(60min chart). And Aussie are Over Sold,if we compare to 50MA.
For those who are looking to take Short Position, wait till we go back to 50MA
I choose 60min chart for those who are interesting to take next Long/Short Trade. On 60min we can clearly see a bearish Trend with very nice Lower-Higher trend and 50MA who act very well to take Short trades/or for Long Targets.
Right now,Aussie are in a small consolidation , sellers have hard time to break this new Buyers Support trend line. For traders who are interesting to go Long, your first targets will be 50MA. Control your stop properly, because I won’t be surprise to see sellers come back and retest 0.9700 price.
For those who are more likely to take short trade, 50MA can be a nice area where you can take a Short Trade, but as I said before, is less risky to wait till Aussie price go back to 200MA ( 50MA on 240min chart). And your first short target will be 0.9700 ( retest last lowest price), following by 200MA on weekly chart.
Hi Traders,we are moving to the double top of 2000 & 2008. Is why on this post, I will use S&P 500 Index, to show you what’s going on and talk about Market Movement.
First Part: Will be about Market Movement with S&P500
Second Part: Is about Targets on ES 1440 charts for next week.
Day Trading Monthly Movement of Market
Dark Green Trends Lines: This is to show you how confident Buyers was few month ago.
Lime Green Trends Lines : As you can see…after 1300 points, Sellers and Buyers are more careful. and we have more consolidation zone, and almost every time, we have important unsupported price.
RED Trend Line: Buyers may pass this trend line, but if they don’t close above, expect sellers get in and with a lot’s of commitment.
Dark Line: 1st one, is a double top, that buyers need to pass, to make a Higher High level. If they achieve this, Next long term target will be ~1530.
Day Trading Weekly Movement of Market
On this chart, we can see Buyers getting in the market before we go to 50MA and touch are trend line. I don’t know if they was to exited about “fixing” Fiscal Cliff for 2 months or they party to much on New Year. However…Buyers are better close above my “Red Line” if not, on weekly chart, we may go back to MA50 and MA 200.
Day Trading Daily Movement of Market
On Daily chart, we can see that before buyers let sellers get in, and respect 50% Fibonacci retracement. This time, buyers get in the market way to fast. With not much volume (you will see on my next ES 1440 charts). They didn’t close above the double top, not even touch it, miss it by 2points.
We close on “Doji” candlestick. Buyers better get in market and show some STRONG commitment if not…they will regret this last “RUSH“.
Conclusion for Market Movement on S&P 500 US Index:
What I can see, if we put all those 3 charts movement together.Buyers, are less confident now than few months ago. And start to lose discipline.Sellers are more likely waiting the perfect moment to get in and pay back for buyers lack of discipline.
Day trading Chart of Targets for next week on ES E-mini Futures.
After week of consolidation, I don’t see any long term consolidation for next week, but won’t be surprise if we do get one. Is why if you take any trade next week, I will suggest to keep your targets close to your entry points … be always ready to get out if it doesn’t go your way any more.
This Week I’m Neutral ( because we have to many double top after this one, I will be more Short than Long.)
PS: VOLUME: As you can see ES 1440(Daily), Buyers keep pushing Up, and “Rushing” with less volume than before.
Thank you and have a great week traders
PS: Day trading is not easy,we are in dangerous zone now, I don’t recommend to get in the market now, if your not well educated about Market&Trading.