Tomorrow I’m doing a webinar on the trading methods I use for my Swing Trader’s Insight advisory. Register to attend this presentation here: https://www.danielstrading.com/webinar/insights-of-a-swing-trader/
There was weak economic data out of Europe- composite PMI and retail sales; this pressured the Euro. The ADP employment report showed +208K gain in private sector payrolls for November; this was slightly lower than forecast. At 9 AM CT is the Nov. ISM non-manufacturing index, which is forecast to be +0.2 to 57.3. At 9:30 AM is the weekly EIA petroleum inventory report; crude stocks are expected to have risen by 800K barrels last week. Finally, at 1 PM we get the Fed’s Beige Book for the Dec. 16-17 FOMC meeting.
Dec. eMini S&P Futures: It’s a Taylor Trading Technique Sell Short day, 2068.00 (Tues. high) is the reference price. Downside levels to watch are 2061.25 and then 2058.50.
March T Bonds: It’s an (overdue) TTT Buy day. 140-28 was the Buy day reference price and there is MA support at 140-25. 141-14 is the first rally objective.
Dec. Yen: TTT Buy day, for a scalp only. 8383 is the Buy day reference price.
Dec. Euro: It’s a “cover breakout sales” day so a TTT Buy day could be anticipated. For the time being the break under the last low of 1.2366 negates that. Treat any longs as a scalp only.
Dec. British Pound: Breakout setup (ID, NR4). A downside breakout attempt failed; can a rally follow through? The 1.5700 area is the first level to watch for an upside breakout.
Feb. Gold: Watch the $1200 level as a pivot point – I like the long side above there, for a scalp trade.
March Coffee: Watch the 10 Nov. low of 185.40 as a pivot point today- below there, the pressure stays on, while rallying above it could lead to a short covering rally.
Jan. Crude Oil: Tuesday was an inside day- I would watch for a potential breakout breakout trade, most likely after the 9:30 AM inventory report.
Jan. Soybeans: It’s a “cover b.o. sales” day so a Taylor Trading Buy day is anticipated. Watch the overnight low of 985-0 and Tuesday’s low of 995-0 as reference prices for a rally. The bulls need to push it back above the 1000 area.
March Wheat: Breakout setup (range contraction, doji). It sold off overnight and stopped on Fib support at 589-0; watch that as a reference price this morning. Overall I like the long side, it’s figuring out where to buy it that’s the issue.
Essential Guide for Futures Swing Trading
In this guide, experienced trader and broker Scott Hoffman explains the trading methods he uses to analyze and trade the futures markets and to publish his trade advisory, Swing Trader’s Insight.
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