August still heating up here in Chicago and so has been the US Equities’ market melt up. I’m going to highlight a few Macro items and then I wanted to show a free inside look at how I work with traders on their “trading journal”.
There are some good trading lessons about adding reducing on the 1min/tick chart as well as risk management ideas.
To the markets first….
Tech came off pretty hard today late morning - or at least it felt that way to me after not trading much the last 2 weeks. However looking back at last week, there have been several knee jerk reaction moves to the downside, just followed up with a slow continued grind back higher. This is to be expected really with Vol being so slow and it still being summer.
But here’s what’s key from here….Tech grabbed headlines today and the Nasdaq is up 13 weeks off the May lows of 12915. 13 weeks is always a key time benchmark and fib number, plus this week we start NQ futures with a down daily cycle…
So watch your pivots on the hourly and 4 hour charts, if those levels start producing lower lows there’s plenty of TIME for a further setback.
Also big picture - I’ve been saying for months the biggest indicator of any shift in the global macro conditions will be the DOLLAR strengthening.
Also last few weeks I said, it’s all about the end of July lows in the Euro, if those levels broke in EURUSD then we could be in for a dollar rally, and that is furter signal of possible growth slowing/risk off move.
Thats playing out it looks like today…
I’ll have more updates in video form on Global Macro later this week, but we’ve been playing the Russell short mostly daytrade and long Nasdaq - that trade worked again this morning off of Pi (the first time down - first time is always key, second test is lower probability of a hold) and we took that pairs trade for a quick $1,500 in 30min of trade.
But that’s what we focus on in the PROP Trading Program and on that Team as well as the coaching.
I’m running an amazing offer through today to join the Prop Team and get coaching. My last update spoke about the details so I’ll be brief… but the program is 50% off and you also get a 30% savings on the subscription costs to get funded up to $150k in futures.
Huge savings hurry today, start trading real size and making some nice intraday money .
You don’t want miss on this next quarter’s opportunities, the link is here>
Oh and some huge levels and cycles coming up in Crypto - the last 2 times I made big calls like this was BTC breaking 47k it could go to 30k (it did just that) and most recently buying ETH and the market overall below 2k on ethereum …all of which we profited on in the PAID members CycleEdge service so join up there …its only $10 a month ($200 for the year).
I’m doing a new crypto update tomorrow so don’t miss it…
Ok here’s the coaching video - hope you pick up some key trading nuggets…
Cheers see you in the live rooms!