Markets
It’s hard to find a pulse in the currency market today as dealers pack up for the holidays, though the mood remains bullish for more dollar gains in the New Year. “Yields spreads should attract more capital into the USD,” said Ray Attrill, global co-head of forex at NAB. The dollar index is marginally higher at 103.05 and within striking distance of the week’s 103.65 peak.
In Asia, Japan closed. Hong Kong -0.3%. China -0.9%. India +0.3%.
In Europe, at midday, London -0.1%. Paris flat. Frankfurt flat.
Futures at 6:20, Dow flat. S&P flat. Nasdaq -0.1%. Crude -0.8% to $52.55. Gold +0.2% to $1132.80.
Ten-year Treasury Yield flat at 2.54%.
(Source: Seeking Alpha)
Economic Calendar
10:00 New Home Sales
10:00 Reuters/UofM Consumer Sentiment
1:00 PM Baker-Hughes Rig Count
2:00 PM Bond markets close
PTG Trading
Prior session produced a normal Cycle Day 1 with a decline that successfully tested 2250 Key Support, then rallied back to close back at 2258.75 open range. Net net , a neutral consolidation session.
Today is Cycle Day 2 (CD2)…Expectation is for continued light pre-holiday trade with an upward lean. Bond Market closes early today, so most traders will effectively be gone by noon.
Range Projections and Key Levels
HOD ATR Range Projection: 2271.95; LOD ATR Range Projection: 2246.30; Cycle Day 1 Low: 2251.00; 3 Day Central Pivot: 2261.25; 3 Day Cycle Target: 2275.73; 10 Day Average True Range: 14.70
**Note: The odds highlighted are NOT predictions or trade recommendations, rather a guide based upon historical observed occurrences.
Today’s Hypotheses: March 2017 (H) 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: Bulls want to push price back above 2258 handle and keep a bid into the holiday.
Scenario 2: Bears have been ineffective in forcing any meaningful decline..They would prefer price below 2250 support to force some selling for to cover short positions.
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.
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