Trade Strategy 5.25.17

Markets
 
All eyes are on OPEC’s highly anticipated meeting today in Vienna, where the oil cartel and over a dozen other countries look set to extend their crude production cuts for another nine months. The producers originally agreed to slash output by 1.8M barrels per day in the first half of 2017, but there are concerns that the latest extension cap will not be required from all OPEC members, like Libya and Nigeria. Crude futures -0.9% to $50.92/bbl.
 
In Asia, Japan +0.4%. Hong Kong +0.8%. China +1.4%. India +1.4%.
In Europe, at midday, London +0.1%. Paris +0.3%. Frankfurt +0.2%.
Futures at 6:20, Dow +0.4%. S&P +0.3%. Nasdaq +0.4%. Crude -0.9% to $50.92. Gold +0.3% to $1256.70.
Ten-year Treasury Yield -1 bps to 2.25%

(Source: Seeking Alpha)

Economic Calendar 

8:30 Initial Jobless Claims
8:30 International trade in goods
9:45 Bloomberg Consumer Comfort Index
10:30 EIA Natural Gas Inventory
11:00 Kansas City Fed Mfg Survey
1:00 PM Results of $28B, 7-Year Note Auction
4:30 PM Money Supply
4:30 PM Fed Balance Sheet
10:00 PM Fed’s Bullard: U.S. Monetary and Economic Policy

PTG Trading

Weekly Review and Preview can be viewed @ PTG Preview 5.22 – 5.26

S&P 500 e-mini (ES) has finally broken through the 2400 resistance barrier and has rallied to reach 3 Day Average Cycle Target of 2412.50. Should price momentum continue, further upside targets measure 2419.50 followed by Cycle Range High at 2424.50.

Range Projections and Key Levels

HOD  ATR Range Projection: 2419.50; LOD ATR Range Projection: 2395.50; Cycle Day 1 Low: 2344.50; 3 Day Central Pivot: 2394.75; 3 Day Cycle Target: 2412.50; 10 Day Average True Range: 17.08

**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: June 2017 (M) 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 have total control above 2396 key support pivot. Any pullback is expected to illicit continued buy response above 2400. Upside measures 2419.50 ATR Range High.

Scenario 2:  Bears have not been successful and are trapped above 2396 key support pivot…They need help from the divine to reverse the current momentum. They have a shot if price can stall at Cycle Target of 2412 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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