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Home / Futures Blog / Buying Opportunity in eMini S&P Futures This Morning

Buying Opportunity in eMini S&P Futures This Morning

December 4, 2015 by Scott Hoffman

In today’s Swing Trader’s Insight I noted the eMini S&P futures are on the Sell day of the Taylor Trading Technique cycle. This effectively gave us a buy signal for this morning.

Thursday was the Buy day of the TTT cycle, although it didn’t look like one. (On a textbook TTT Buy day the market opens near the low of the daily range and rallies to close near the top.) I’ve learned over the years that even when markets don’t do what the TTT on a given day, it’s worthwhile to follow the TTT cycle roadmap for the following session.

ESZ daily Dec 4

This meant eMinis had a Taylor Trading Sell day for today. For a Sell day we anticipate a market rally to reach the high of the previous session (where Taylor’s “smart money” traders would sell out the long positions they acquired on the Buy day.)

Because today was a Sell day, this morning’s low price (in relation to yesterday’s high) was a potential buying opportunity.  However, that’s all it was – a potential opportunity- until we have confirmation the market is moving in the anticipated direction.

In the morning Swing Trader’s Insight watch list I noted 2046.50 as support and 2053.00 (overnight low that was broken post- NFP) as resistance. Starting at the 8:30 AM open we could look to go long either on a test of support or a rally above the resistance level. The first (and primary) objective for the trade would be Thursday’s day session high of 2076.50. (You can use either day or the combined Globex session highs and lows for reference prices, depending on which makes more sense.)

ESZ intraday Dec 4

After making a session low just past 8 AM the market began to rally. By 8:30 it was up to the 2053.00; giving us our buy signal just after the open. Our initial stop loss went below the session low of 2046.75. It rallied as the morning went on (taking out the overnight session high of 2062.75 was an additional buy signal).

Our 2076.50 objective was hit just before 10 AM CT. There are occasions when it makes sense to flexible about price objectives; this was time it made sense to stick to taking our profit when the objective was reached. Most of the time I stick with objectives on a Sell day as the market has often already made a large move off a low; that was the case with this trade as the objective was a 36 point move off yesterday’s low, a move of 1.7%.

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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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Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

Filed Under: Swing Trader's Insight

About Scott Hoffman

Scott graduated from the University of Chicago in 1986 with a degree in Economics. After graduation, Scott worked on the floor of the Chicago Mercantile Exchange then moved upstairs, serving as the personal broker to a former chairman of the Chicago Board of Trade. There, he worked as a broker and margin manager, starting up the firm’s full service brokerage division.

Today, Scott serves as an educator and mentor for new traders, and as a trading partner and ally for experienced traders. The breadth and depth of Scott’s knowledge make him the “go to guy” for both retail and institutional traders.

Scott also publishes two futures advisories, Swing Trader’s Insight and Trade or Fade. He also writes the futures trading blog at www.futuresinsightblog.com. Scott has written articles for a number of futures publications and has done numerous futures trading seminars, including seminars for both the CBOT and CME.

Scott offers his customers the knowledge he has gained from his more than 25 years of experience in the futures business. Scott is accepting new clients at this time.

Scott lives in suburban Chicago with his wife and three children. In his free time he enjoys coaching his children’s sports and various other athletic activities.

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Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

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