Markets (Top Stories)
***Written Tuesday evening for Wednesday’s trading for contribution to MrTopStep’s “The Opening Print” publication.
Prior Session was Cycle Day 3 (CD3): Markets continued their balancing “logjam” trading mid-zone for majority of the session, until the final minutes, when price aggressively sold down to 4125, the lower quartile range edge. Prior range was 31 handles on 1.282M contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Battle for directional control continues with price “log-jammed”…Violation and conversion of 4125 opens trap door for lower price probes targeting CD1 Average Decline 4097. Failure to breakdown potentially keeps the price rangebound until there is a definitive and sustained directional lean. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 4137, initially targets 4150 – 4155 zone.
Bear Scenario: Price sustains an offer below 4137, initially targets 4115 – 4110 zone.
PVA High Edge = 4142 PVA Low Edge = 4130 Prior POC = 4135
*****The 3 Day Cycle has a 91% probability of fulfilling Positive Cycle Statistics covering 12 years of recorded tracking history.
For more detailed information for both bullish and bearish projected targets, please visit: PTG 3 Day Cycle and/or reference the Cycle Spreadsheet below:
Link to access full Cycle Spreadsheet > > Cycle Day 1 (CD1)
Range Projections and Key Levels (ES) June 2023 (M) Contract
Nasdaq 100 (NQ)
Prior Session was Cycle Day 3 (CD3): Positive 3-day Cycle Statistic was fulfilled as price maintained bid throughout the session until a sharp liquidation break into the closing bell. Prior range was 128 handles on 558k contracts exchanged.
…Transition from Cycle Day 3 to Cycle Day 1
This leads us into Cycle Day 1 (CD1): Average Decline measures 13362 for CD1. Currently price is trading back to mid-range (13500) and we will use this level as today’s fulcrum. As such, scenarios to consider for today’s trading.
Bull Scenario: Price sustains a bid above 13500, initially targets 13555 – 13575 zone.
Bear Scenario: Price sustains an offer below 13500, initially targets 13525 – 13520 zone.
PVA High Edge = 13530 PVA Low Edge = 13457 Prior POC = 13485
Range Projections and Key Levels (NQ) June 2023 (M) Contract
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