Sunday's Gold Trade Setup

Able to spot this price action from the Globex market and was quite successful in 'digging' the Gold for a nice opportunity. Got stop out on the first try but due to price action interpretation, tried to come back and capture the big vertical leap from Gold. That's what you called timing the opportunity and as what Jesse Livermore, the famous trader known for, it's the 'sitting that's making me money' (because I've been sitting from my trading table one hour before the Globex market has to open and was imagining/analyzing the market).

Here's the chart and how to be a Gold 'digger'!

Friday's Market Update

The market indices did not perform on the upside due to Friday's profit taking day. The S&P chart below made a chaotic move, the Crude made a nice upside direction, while the Gold mostly on the sideways. The Crude is the best instrument to make a trade last Friday's market, and the rest are not that quite tradeable. To make a good outcome in trading, you need to have a different instrument to monitor for better trading selection.

 

 

NQ's 'W' Trade Setup

The market drops hard in the open today only to make a reversal a couple of hours thereafter. It made a 'w' pattern that shows a double support as shown from the 5-min chart below. Timing the reversal and riding the sloping ema's upwards is the best opportunity to make a trade in today's market.

So What Now With The Market

Nothing, do nothing, if you don't know what's going on with the market do nothing, as what Jim Rogers professed. The broad indices are topping out, including the Crude, and the Gold is struggling too. So what now in the market for traders, either take a break, watch the market price action, learn, go over with the mistakes, find something to do, or hibernate for a while. The market seems exhausted from this observer's point of view. It's time to make a break for the market participants, month of August and September in the market is a bit slow. Most participants are going on a holiday/vacation. The charts below shows how the market is up to.

 

 

Crude Wrong Setup

This refers to my earlier post regarding 'Crude Bullish Cup?'. Was wrong with my observation and got stopped at 106 as shown below. That's how the market is, it's all about probabilities, we cannot predict the market movement. All we have to do is admit we are wrong and  move on. Wait for the next trade or look for other opportunities, or might as well reverse the trade. That's how to be in the market, ready to change/adapt. In this chart, the bullish cup with a handle pattern failed.

Crude Bullish Cup?

Shown in here is the 5-hour chart from the Crude (WTI) which is forming a bullish cup with a handle pattern from the technical view of this observer. The handle is forming due to its double support from the 106 range level. While the cup was firmly/flatly supported at 103 range level. I guess it is time to put a long position at the current level with stop at the support, 106.

Monday's 'Autistic' Market

Today's market was confusing and sorry for that title word, no offense please, it's just for 'figure of speech' describing today's market environment. As everybody knows who are in the market, it moves more than that. Anyway, today's market is for the quants or the HFT's, not for the discretionary traders. Just look at the charts below, isn't these charts are all confused?