July 11-12, 2019 — We finished another great week day trading the Stock Indexes — E-Mini S&P (ES), Emini NASDAQ (NQ), E-Mini Russell (RTY) — and Crude Oil (CL) — in my LIVE! Trading Room.
Except for Wednesday, when FED Chairman Powell made his “surprise” remarks at a breakfast and shot the markets up-up-UP — after they had mysteriously churned up-up-UP the day before, without retracements — almost as if some insider banksters “knew” what he would say the next day (Nah!) . . . Monday-Tuesday-Thursday-Friday this week saw very little volume and either dead or whippy price action as the HFTs were in complete control and the Stock Indexes stayed plastered to near their all-time highs. I explained in the LIVE! Trading Room how and why this affects price action and what to expect going forward.
It’s that time of the Summer when we usually consider taking my “patented” Chartsky’s Summer Scalps.
Last year, for the first year, volatility remained high enough for us to continue pursuing regular trades and normal Profit Targets.
You can see from what we achieved this past week, volatility is still there — just coming in fits-and-spurts . . . so I’m not ready to give-up valuable ticks and so we’ll wait at least another week before considering Summer Scalps.
On to the specific days . . .
July 11th — The Daily Profit Target SOLIDLY Earned
July 11 — As usual, we were PATIENT and DISCIPLINED and that’s even more important when conditions are tougher and mistakes are harder to recover. Also, FED Chairman Powell was scheduled to “testify” before one of the countless Committees or Sub-Committees in the House of Representatives. I discussed how that works in the LIVE! Trading Room but you can sometimes see price spikes before, at the scheduled time of, or during these regularly scheduled appearances. Even though we were front-run by the HFTs in the E-Mini S&P (ES), we had the FULL Daily Profit Target in the E-Mini NASDAQ (NQ) right at the 9:30 Open but price whipped us out of an excellent Entry before turning to the Profit Target. That happens. So we kept going. We took a long break and came back and waited for market structure and price action to scream “SELL!” and we did in the ES. There was a companion trade available in the NASDAQ but not the same market structure so it wasn’t an official call.
July 12th — We Turned To Crude Oil For the FULL Daily Profit Target
July 12 — With the Stock Indexes pretty much dead and stuck in either WHIP or UGLY WHIP, we turned our attention to Crude Oil and caught a great Entry and sat through 4-5 candles of dead whip until price turned down fast-and-hard just like I told members of the LIVE! Trading Room to expect. It came right back but we had milked that one for a solid 20-ticks and the FULL Daily Profit Target.
I’ll make a video on my YouTube Channel of the July 12th Crude Oil (CL) day trade since it can help folks understand the need for PATIENCE with both their Entry and their Trade Management. Not much is said or written about patience as a part of trade management . . . although I’ve been talking about it for years. It’s very important though.
So, like I wrote, we were fortunate enough to see a good end to a great week and if your results on this past tough week weren’t as fortunate, you could be trading with us in my LIVE! Trading Room as soon as tomorrow!