By the Taylor Trading Technique today was a Sell day in the TTT cycle. However, Monday’s range contraction, doji bar and the daily down trend meant a short sale opportunity might come a day early.
Sept. Euro: Monday was an NR4 day. Today there was a downside breakout below the 2014 low of 1.3335; use that as a pivot point this morning.
Sept. eMini SP Futures: By the Taylor Trading Technique today is a Buy day although there wasn’t any sort of low violation for a regular TTT Buy day setup. Friday’s high of 1961.00 is a pivot point; next support would be 1956.75.
By the Taylor Trading Technique, today was the Sell Short day for the eMini SP futures, as stated in last night’s Swing Trader’s Insight update. Thursday’s narrow range was a sign to be cautious but the Sell Short day setup ended up working well.
Sept. eMini S&P Futures: By the Taylor Trading Technique we would anticipate a Sell Short day today. However, Thursday was an NR7 day so there’s also the potential for a breakout move, which could push it higher. In either case, Thursday’s high of 1955.00 is the reference price.
Crude oil futures had a breakout setup for today as Wednesday was an NR7 day. For a breakout trade I will often use the previous session high and low as breakout reference prices. However, with crude oil in a strong daily down trend I was interested in finding an early entry for a downside breakout.
Sept. eMini S&P Futures: It’s an “exit breakout buys” day so a Taylor Trading Technique Sell Short day is anticipated- Wednesday’s high of 1946.50 is the reference price for it. There’s support in the 1941 area- Monday’s swing high and the 20 day EMA.
In this morning’s Swing Trader’s Insight watch list I pointed out that for the October Live Cattle futures the 11 July low of 149.45 could be used as the reference price for a short sale. Here’s what you could do with that information.
Dec. Gold: Breakout setup (ID, NR7, doji). I like the long side above 1312.90 and 1315.50 is an upside pivot level. Trade or Fade (my breakout trade advisory) has the upside breakout level at 1316.80 and the first target at 1324.50.
The soybean futures rallied about 30 cents last week, closing on the weekly highs on Friday. The rally pushed up to a significant Fibonacci retracement level and set the stage for a trade opportunity for Monday.