Follow up to Day Trading Plan - S&P500 price and direction

Day trading plan - plan to trade the S&P500 emini futures

The S&P500 emini future seemed to fill the projected price action model I put up for the Money Maker Edge™ trading course.

Plan the trade and trade the plan.

Support was hit, then reversed to get the new high.  Watching on Friday , February 6, 2015 for this to close at the highs with a possible break through resistance.

S&P 500 Emini Day Trading Gap Monday January 25, 2010

                                S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Monday January 25, 2010

S&P Emini 500 Futures had another convincing distribution day on Friday.  Volume was more than double the average at 3.54 million contracts, and the range was very deep to the downside.  All signs that the rally from March 2009 may be in for a correction.  After three high volume down days in a row, however, look for a bounce in the short term.  A spike to the 115 level over the next couple of days, with a break below 1085 may be a signal that the correction is for real.  Friday's action filled two open gaps that had been underneath the market price levels for awhile.  The open gap from the Monday December 21 close of 1108.75, and the open gap from the Friday December 18 close of 1098.25, both filled on Friday.  High volume tests to the downside have occurred twice in the rally, once in summer of last year and once again in the fall.  Both times the test has been overcome to the upside.  Action on the moving averages for this downside test seem to indicate a more serious challenge to the downside.

S&P 500 day trading course

Forex trading - US equities will give direction

Risk appetite is still lurching lower after yesterday's speech by US President Barack Obama that outlined dramatic reforms of the banking system; most notably the proposal to limit the extent banks can engage in proprietary trading and prevent banks from investing in hedge funds and private companies. Confusion is still rife as to how the definition of proprietary trading will be applied, and whether some of the largest financial institutions in the US will now face break-up to separate their commercial and investment activities, but investors reacted emphatically with an aggressive equity sell-off that saw $30bn wiped off America's top shares in two minutes. EURJPY plunged from 129.50 levels before the news to overnight lows of 126.56 – the strongest level of the JPY seen in over 9 months. Overnight, Asian indices have joined the equity market rout, with the Nikkei down over 2.5% and the Hang Seng down around 1.5%, with the misery compounded by renewed fears that China is moving towards tighter monetary policy. The flight to safe-haven assets such as the JPY will be an unwelcome development for newly appointed Japanese Finance Minister Naoto Kan who will now have his resolve tested after being quoted as favouring USDJPY in a range of 90 to 95. USDJPY has already dipped to lows of 89.79 in overnight trading, and if it falls further it is likely to dent Kan's credibility and prompt a scramble to verbally intervene and weaken the JPY. Meanwhile, Greek Finance Minister Papaconstantinou denied speculation Greece would require aid in its mission to handle the current budget concerns, stating "We are not expecting anyone to come to our rescue. Greece has not asked for it, not is it expecting anything of that sort". This followed an IMF spokesperson that was quoted yesterday as saying there was no expectation for Greece to request financial help from the IMF, appeasing concerns of sovereign default for the time being. EURUSD has recovered from its 1.4028 lows t [...]

Forex trading - live day trading course and currency trade room.

S&P 500 Emini Day Trading Gap Friday January 22, 2010

S&P 500 Emini Futures Day Trading THE GAP

S&P 500 Emini Day Trading Gap Friday January 22, 2010

S&P Emini 500 Futures had no gap today, but had  a big drop on huge volume.  The price drop was a convincing bearish move, that came within a tick of filling the open gap from the Thursday, December 31 close of 1110.50.  That's close enough to call the gap filled.  All indications point to further downward movement in the index.  Volume on the day was a robust 3.4 million contracts, and the range was more than double the 14 day average true range at 27.5 points deep.  The close came at the low end of the range, indicating a further decline is possible if the index breaks the 1110.50 level in the morning.  If positive earnings reports come from GOOG, some of the prominent financial companies this evening, or from GE tomorrow pre market, the index could bounce before resuming any correction to the down side.  A good measure of how far down a possible correction my go can be gleaned from the open gaps beneath the current prices.  The lowest lies at 902.00 from last July.  That's a big drop from here, but 10 months of upward market movement can be erased relatively quickly.

S&P 500 day trading course

Forex trading EURUSD sells as republicans win Mass. US equities head lower.

The JPY has weakened markedly overnight after strong Chinese continued to suggest robust economic conditions prevail. China's Real GDP in Q4 was an astonishing annualized rate of 10.7% (10.5% expected) and there were upward revisions to the Q3 data from 8.9% YoY to 9.1%. In addition, Retail Sales surged to 17.5% YoY (16.3% expected), and CPI jumped to 1.9% YoY from 0.6% levels seen last month. So far, USDJPY has traded up to 91.66 highs as the data soothed some of the effects of recent bouts of risk aversion. Nevertheless, considerable concerns are still weighing on the market's sentiment and keeping the USD elevated. Yesterday's earnings releases failed to inspire, with Morgan Stanley missing estimates by a significant margin (profits of 14 cents per share against expectations for 41.5 cents per share), dragging US equities lower. The USD has also been boosted by a Republican victory in the election for the Massachusetts senator vacancy; the win means that the Democrats no longer have the 60 votes required to automatically pass their healthcare bill, and indeed the prospect of political stalemate reduces the likelihood of further fiscal stimulus (stimulus that would likely weigh on the USD). The high demand for USDs has left NZDUSD still languishing around 0.7200 levels (after falling over 2.5% yesterday post-CPI) despite better than expected Retail Sales data overnight which came out at 0.8% MoM (consensus 0.5%). One of the main events of the coming session will be the release of the BoC Monetary Policy Report, followed up with the usual press conference with central bank Governor Carney. Yesterday's CPI was a subdued -0.3% MoM (vs. consensus -0.1%), a release that has reduced the odds that the BoC will cast off its conditional rate pledge before the end of Q2. The data pushed USDCAD to test major resistance at 1.0500 (1.0493 the high), and we remain vigilant of Governor Carney repeated any mentions of currency intervention in his press conference whic [...]

Forex trading - live day trading course and currency trade room.

Forex trading - dollar still stengthening against Euro Jan 21

Forex day trading -

The yen fell after a report from China showed economic growth accelerated to the fastest pace since 2007, damping demand for Japan's currency as a haven. The yen dropped the most against the Australian dollar among the 16 major currencies on speculation Japan's central bank will keep interest rates close to zero as the economy struggles to gain momentum. The yen slipped to 83.44 per Australian dollar as of 7:57 a.m. in London from 83.04 in New York yesterday. It depreciated to 128.95 per euro from 128.68, and was at 91.52 per dollar from 91.24.

The euro was near the weakest in five months against the dollar after the cost to protect Greek bonds from default reached a record. The euro traded at $1.4088 versus the dollar from $1.4106 yesterday, after earlier dropping to $1.4068, the lowest since Aug. 18. Gold declined for a second day in London, falling to the lowest in more than two weeks, as a stronger dollar curbed demand for the metal as an alternative investment. Gold for immediate delivery fell $5.10, or 0.5 percent, to $1,105.95 an ounce at 9:43 a.m. local time, the lowest since Jan. 4. The metal dropped 2.4 percent yesterday. Bullion for February delivery was 0.7 percent lower at $1,105.30 on the New York Mercantile Exchange's Comex division.

Forex trading - live day trading course and currency trade room.

S&P 500 Day Trading Course Gap for Aug 27, 2009 Learn How to Trade

Trading opened today at 1024.25, just 2.75 points below yesterday's 1027.00 close. We hit both our low (1020.25) and our high (1032.00) before 11am market time today. The rest of the day consolidated into a 4 point range between 1028.00 and 1024.00, piercing a few times but never with enough momentum to break out of the congestion.

The day closed at 1026.75, after trading an 11.75 point range through the day. The gap of 1027.00 was closed shortly after 10am this morning.

The large price jump you see in the chart from 10 to 11am is contributed to by stronger than expected U.S. durable orders, as well as improved U.S. consumer confidence numbers that were released this morning.

S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.

S&P 500 Day Trading Course Gagp For Aug 26, 2009 Learn How to Trade

Trading opened today at 1030.00, up 4.25 points from yesterday's close. Early morning yielded us our high of 1038.00, then meandered a bit back and forth. This afternoon brought us our low of 1024.75, as well as our close of 1027.00.

Today's range came in at 13.25 points total with a close of 1027.00, 3 points down from open.

S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.

S&P 500 Day Trading Course Gap for Aug 25, 2009 Learn How to Trade

Trading opened today at 1029.25, up 4.25 points from Friday's 1025.00 close. Prices did a small run up this morning to the 1034.00 level, where they hit resistance and the high of 1035.00, then consolidated in about a 3 point range until about 12:30pm market time.

Prices turned and dropped this afternoon back into the 1020's, with a low of 1021.25 and closing trading today at 1025.25. Today's range was 13.75 points while the gap of 1025.00 was filled.

S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.

S&P 500 Emini Day Trading Gap Monday August 24, 2009

S&P 500 Emini Day Trading Gap Monday August 24, 2009

S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.

S&P 500 Day Trading Course Gap for Aug 24, 2009 Learn How to Trade

Trading opened today at 1013.75, 7 points up from yesterday's 1006.75 close. The morning gave us yet another quick touch to our bottom (1010.50), then consolidated until 10am. Better than 40,000 contracts in a minute would give prices the push they needed to break through resistance and fly to new highs.

After this push however, prices consolidated again in a tight 2.5 point range piercing a couple times but not getting the steam required to move again until after the 3 o'clock hour. We hit our high of 1027.00 in the last 30 min of trading today, then relaxed to a record close for '09 at 1025.50.

Our trading range today was a decent 15.25 points, although most of it occurred in a very small part of the day. Blink and you could have missed it! Today's gap as yesterday's, was left behind unfilled at 1006.75.

S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.

S&P 500 Day Trading Course Gap for Aug 21, 2009 Learn How to Trade

Today trading opened at 996.25, only 1 point up from yesterday's close of 995.25. We had another up day today closing the gap and hitting our low of 994.25 only minutes after open, then turning and moving up from there.

Mid day left us in a 3 point range of consolidation from 1001.75 to 1004.75, until we broke through resistance and headed to our intraday high of 1007.75 roughly 15 or so minutes before close. Close came in at 1006.25, giving us a daily range of 10 points and an intraday range of 13.5 points.

Let's see what tomorrow brings, see you at the starting lines!

S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.

S&P 500 Day Trading Course Gap for Aug 20, 2009 Learn How to Trade

With an open of 978.25 only 1 tick away from the gap this morning we quickly touched it and TOOK OFF! Climbing 17 points from open to close today and an overall range of 20.75 points, we had a day to go long.

The low came in at 978.00 which was our gap for the day, and the high 998.75 came close but could not break resistance at the 999.25 level. Trading closed today at 995.25.

S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.

S&P 500 Day Trading Course Gap for Aug 19, 2009 Learn How to Trade

Today's open came in at 980.75, up 2.25 points from yesterday's 978.50 close. Trading to our low of 979.00 around 10am market time we didn't manage to close today's gap. From there we moved up for the rest of the day, our high hitting 990.00 a couple times and then moving in to close a few points lower at 987.00.

S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.

S&P 500 Day Trading Course Gap for Aug 18, 2009 Learn How to Trade

A solid gap down today opening at 984.25, 18.5 points from Friday's 1002.75 close. We opened only to immediately hit the high of 985.00, then started our morning decent into a 4 or so point area of consolidation between 982.25 and 978.25 for the remainder of the day. We did pierce it a couple times, one bringing us our low today at 976.50.

Today's close was 978.50 after trading a congested 8.5 point range for the day. Our gap from Friday was left unfilled, up at 1002.75.

S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.

S&P 500 Day Trading Course Gap for Aug 17, 2009 Learn How to Trade

Bit of a dip today, opening at 1010.25 we opened at our close from yesterday. From open we instantly hit our high of 1011.50, then moved down for the entire morning dropping 18 points from open to our low of 992.25 before lunch.

Our intraday range today came in at a respectable 19.25 points, while our gap of 1010.25 was closed on opening. Have a great weekend!

S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.

S&P 500 Day Trading Course Gap for Aug 14, 2009 Learn How to Trade

Hello Money Makers! Today we traded what turned out to be a sideways day again. We did have some good chances for some 4pt, 5pt, and even better trades (which I hope we all caught), but at the end of the day our open of 1008.25 and our close of 1010.25 end up only being 2 points apart.

Our 1012.00 high and 998.00 low did offer us a decent 14 point range in which to make some moves, as well as took care of our 1003.50 gap from yesterday's trading.

Have a good day trading tomorrow as we head into another weekend!

S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.

diverging topside wedge, learn to trade S&P 500 emini futures

http://www.moneymakeredge.com/blog showing the elliot wave and a diverging wedge for the resistance on the bear trend we are in. Break to new highs or retrace to lower levels.

S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.

S&P 500 Day TRading Course Gap- for Aug 13, 2009 Learn How to Trade

What a day today! Not what some were expecting, but then again what is that saying about assumptions?? We opened at 990.75, not really going anywhere from yesterday's 992.50 close. Within minutes we hit our low of 990.50, filled the gap and continued up, up, up, and up.

We hit our high of 1011.25 this afternoon and closed back down a little at 1003.50. giving us a daily range today of 20.75 points! A full retracement of our overnight 1011.00 high from the 11th. It also closed our Aug 11 open gap at 1005.50.

S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.

S&P 500 Day Trading Course Gap for Aug 12, 2009 Learn How to Trade

Today the market relaxed from its recent climb up opening at 1000.75, down 4.75 points from yesterday's 1005.50 close. Trading took us to an immediate high of 1001.75 then continued to relax to a low of 990.00 where it hit support and consolidated for the remainder of the day and closed at 992.50.
Today's trading gave us an overall range of 11.75 points from high to low and left our gap open at 1005.50.

Let's see if this retracement continues tomorrow, with a break through support at 990 our next level of major support is in the 982.00 area. We could see another drop in trading tomorrow, results from Fed's minutes and Treasury budget scheduled for tomorrow may have an effect. Then again.... maybe not. Only one way to find out..... See you at the starting line!

S&P 500 day trading course live room emini futures education coach levels of support and resistance for, http://www.tradingonlinemadeeasy.com with break outs, break downs, point of control in live day trading room. The Money Maker Edge™ system.