(Source: Seeking Alpha)

Economic Calendar 

7:00 MBA Mortgage Applications
10:30 EIA Petroleum Inventories
12:30 PM Fed’s Rosengren speech
2:00 PM Fed’s Beige Book

PTG Trading

Mild sell-off in prior session effectively hit 2329 LOD Range Projection before snapping back and settling back at midpoint. In overnight trade price is trading lightly within context of prior range with no directional bias.

Today is Cycle Day 1 (CD1)…Normal is for some magnitude decline with average measuring 2334.75. Bulls need to convert 2346 – 48 zone to new upper support and Bears need to convert 2334 – 32 zone to lower resistance.

Range Projections and Key Levels

HOD  ATR Range Projection: 2353.35; LOD ATR Range Projection: 2327.90; Cycle Day 1 Low: 2324.00; 3 Day Central Pivot: 2336.25; 3 Day Cycle Target: 2355.50; 10 Day Average True Range: 17.10

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

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:  IF price clears and converts 2346 – 48 zone to upper support, THEN upside targets 2353 – 56 zone.

Scenario 2:  IF price converts 2334 – 32 zone to lower resistance, THEN lower targets measure 2328 – 2325 zone.

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.

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