Today’s MDA Update:
Published 10/10/17 10:00 am central:
Here is a list of markets to review heading into the close and tomorrow’s session for bullish and bearish breakouts.
BULLISH Write Up:
We are still seeing more bullishness above 60 min profiles in the bull camp. We see many of these morning markets that were first-time bars turning to 2nd bars on the 60 min time frame. There are several markets that are showing 60-minute bullishness moving into longer term time frames. The market of focus this afternoon is the Canadian dollar, which is breaking out of the 60 min top box and could be attempting to challenge recent highs on the day.
BEARISH Write Up:
On the bear side, we have cotton and coffee still holding their strong Bearish trend. We are highlighting the cattle market as we are seeing an interesting divergence. with us above the weekly top zone for the first time and above the daily top for a 3rd day, but short-term momentum is pushing us down to these levels.
Bears can look to play the shorter term time frame with short risk into this resistance, or longer-term swing traders can use this move lower as a chance to buy longer-term support.
TAS Market Profile Scanner Charts:
CLICK IMAGES TO ENLARGE
MDA SnapShot: 60 min TIME FRAME FILTERED – Bullish Breakouts
MDA SnapShot: 60 min TIME FRAME FILTERED – Bearish Breakouts
HOW I USE MARKET ACTION PROFILE SCANNER:
I start my analysis each day to see what markets are making moves on this shorter time frame to see who is breaking out, or if counter-trend trades are setting up. Once I have an idea of these longer time frames (weekly, Daily, 240min, 60min) I then use my charts with the profile tools to locate my trading entries if they match the setups we discuss. This analysis often lead to the MDA SnapShot alerts I send out in the newsletter or to clients I speak with on the phone. Stay Tuned.
For those who are new to the newsletter, or would like a refresher on this Market Action Scanner tool that I am using, visit my MDA webinar live “Recast” page below or attend the live weekly event. I start every session looking at Scanner and go through this process. We even have free trials to this tool if you are not using it.
MDA MEMBER TIP:
If you are only used to trading one market and are unfamiliar with the new markets scanner presents, use the Futures Calculator to help figure out risk/reward on the trades
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