Trade Strategy 11.29.16

Markets

Oil prices are giving up some of Monday’s gains ahead of the official start of the latest OPEC meeting in Vienna tomorrow. Things are looking increasingly shaky following reports that OPEC’s technical experts failed to bridge their differences and Russia confirmed it would not attend the gathering. The group is aiming to agree on its first crude output deal since 2008, however, details of a potential accord remain unclear.

In Asia, Japan -0.3%. Hong Kong -0.4%. China +0.2%. India +0.2%.
In Europe, at midday, London -0.6%. Paris +0.5%. Frankfurt flat.
Futures at 6:20, Dow +0.1%. S&P +0.2%. Nasdaq +0.1%. Crude -1.8% to $46.24. Gold -0.4% to $1189.40.
Ten-year Treasury Yield flat at 2.32%

(Source: Seeking Alpha)

Economic Calendar

8:30 GDP Q3
8:30 Corporate Profits
8:55 Redbook Chain Store Sales
9:00 S&P Corelogic Case-Shiller Home Price Index
10:00 Fed’s Dudley Speech
10:00 Consumer Confidence
10:00 State Street Investor Confidence Index

PTG Trading

Bulls continue to hold control, even though Market On Close (MOC) Sell Imbalance topped $1.4B in prior session. Price is holding above CD1 Low (2198.25), which is marked now as Key Cycle Support.

Today is Cycle Day 2 (CD2)…Possible for retest of 2198.25 for validation of “secure low”…Pivot structure remains in bullish configuration…It would take a sustained price move below 2190 – 2192 zone to effectuate a shift.

Range Projections and Key Levels

HOD Range Projection: 2209.75; LOD Range Projection: 2195.00; Cycle Day 1 Low: 2198.25; 3 Day Central Pivot: 2204.75; 3 Day Cycle Target: 2218.50; 10 Day Average True Range: 11.05

**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.

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Today’s Hypotheses: December (Z) Contract

*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels.

Scenario 1: IF price holds above CD1 Low (2198.25), THEN initial objective is to convert 2206 to upper support. Secondary objective would be to clear and convert PH (2209.5) which would open door to expand to higher target zone between 2216 – 2218.50

Scenario 2: IF CD1 Low is violated and converted to lower resistance, THEN further downside potential exists targeting 2192 – 2194 zone. Weakness below this zone measures 2186 handle.

Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.

Stay Focused…Non-Biased…Disciplined  ALWAYS USE STOPS!

Good Trading…David

“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.” –Bruce Lee

*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results.

CFTC RULE 4.41 –HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN


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