8:30 Initial Jobless Claims
8:30 Philly Fed Business Outlook
10:00 Existing Home Sales
10:00 Leading Indicators
10:30 EIA Natural Gas Inventory
12:00 PM Fed’s Harker Speech
2:05 PM Fed’s Bowman Speech
4:30 PM Fed Balance Sheet
***New: PTG Trading Room Chat Log’s Link
Prior Session was Cycle Day 1 (CD1): Normal CD1 as price declined, established a new cycle low at 3676.75. Prior range was 97.50 handles on 2.293M contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price is rallying off the CD1 Low (3676.75) to the 3-Day Central Pivot Zone and P-POC (3708). Normal for CD2 is for some consolidation to balance the past few wide-swing sessions. Volatility is expected to remain elevated for the foreseeable future, so manage trade risk properly. As such, estimated scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 3710, initially targets 3725 – 3735 zone.
Bear Scenario: Price sustains an offer below 3710, initially targets 3690 – 3680 zone.
PVA High Edge = 3725 PVA Low Edge = 3692 Prior POC = 3708
Range Projections and Key Levels (ES) December 2022 (Z) Contract
HOD ATR Range Projection: 3770; LOD ATR Range Projection: 3627; 3 Day Central Pivot: 3710; 3 Day Cycle Target: 3780; 10 Day Average True Range 103; VIX: 30
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Cycle Day 1 Low was established at 11049 as high volatility remains the dominant theme this week. As such, there are two estimated scenarios to consider for today’s trading.
Bull Scenario: IF Bulls sustains bid above 11105, THEN initial upside estimate targets 11160– 11180 zone.
Bear Scenario: IF Bears sustains offer below 11105, THEN initial downside estimate targets 11035 – 11005 zone.
PVA High Edge = 11225 PVA Low Edge = 11109 Prior POC = 11131
Range Projections and Key Levels (NQ) December 2022 (Z) Contract
HOD ATR Range Projection: 11356; LOD ATR Range Projection: 10830; 3 Day Central Pivot: 11157; 3 Day Cycle Target: 11368; 10 Day Average True Range: 384; VIX: 30
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!
“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.
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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