9:45 Chicago PMI
10:00 Pending Home Sales
10:30 Dallas Fed Manufacturing Survey
3:00 PM Farm Prices
***New: PTG Trading Room Chat Log’s Link
Prior Session was Cycle Day 1 (CD1): Normal for a CD1 is for a decline, which did happen this cycle, placing CD1 Low at 3612.75 before rallying at end of shortened holiday session. Range was 30.00 handles on 500k contracts exchanged.
…Transition from Cycle Day 1 to Cycle Day 2
This leads us into Cycle Day 2 (CD2): Price declined during overnight trade to successfully test CD1 Low (3612.75) for surety. Price is currently rallying off this level. back to 3-Day Central Pivot (3630). End of Month shenanigans may have an effect on overall price action today. As such, there are two estimated scenarios to consider for today’s trading.
1.) Price sustains a bid above 3630, initially targets 3640 – 3645 zone.
2.) Price sustains an offer below 3630, initially targets 3615 – 3610 zone.
*****3 Day Cycle has a 91% probability of fulfilling Positive Statistic covering 12 years of recorded tracking history.
PVA High Edge = 3642 PVA Low Edge = 3634 Prior POC = 3640
Range Projections and Key Levels (ES) December 2020 (Z) Contract
HOD ATR Range Projection: 3639; LOD ATR Range Projection: 3615; 3 Day Central Pivot: 3630; 3 Day Cycle Target: 3687; 10 Day Average True Range 37; VIX: 22
Nasdaq 100 (NQ)
Today is Cycle Day 2 (CD2)…Price is currently rallying off overnight low (12193.50) near previous value high (12292). As such, there are two estimated scenarios to consider for today’s trading.
PVA High Edge = 12292 PVA Low Edge = 12220 Prior POC = 12246
Bull Scenario: IF Bulls sustain a bid above 12255, THEN initial upside estimate targets 12310 – 12330 zone.
Bear Scenario: IF Bears sustain an offer below 12255, THEN initial downside estimate targets 12240 – 12220 zone.
Range Projections and Key Levels (NQ) December 2020 (Z) Contract
HOD ATR Range Projection: 12333; LOD ATR Range Projection: 12197; 3 Day Central Pivot: 12183; 3 Day Cycle Target: 12228; 10 Day Average True Range: 140; VIX: 22
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