11/20/16 Profiling to Profit: the week ahead in futures

November 21, 2016 by MPTA

Profiling to Profit: the week ahead in futures from Market Profile Trading Academy on Vimeo.

Another week and more weird times in the markets. Since the election in the US the indices have returned to hibernation. Volumes are muted and there are divergences with the indices. The dollar is to the moon which means Goldie is being punished. Crude is trying to find a direction and the Bonds and Notes may be starting their shift. One thing we can promise as traders is there no shortage of changes. Next week we have Thanksgiving in the US so Thursday and Friday will be no trade days for us. Make sure all trades trigger by Tuesday’s close.

  • In the financials: Nasdaq (NQ) — The Nasdaq touched both risk areas and could have given you trades. We did not trigger in to a trade especially with the Russell going to the moon. Each zone will act as a trigger zone once price gets above or below them. In the S&P (ES) — While the ES was not on fire it did finish on the highs and we have identified a long risk area from 2164 down to 2150. Watch for the trigger. The Russell (TF) — The Russell is running like a thief who just robbed the bank. There is a lot of speculation in why this happening. Regardless, it is foolish to chase this trade at these levels so patience is needed for the trigger zone from 1279 to 1260.
  • In metals: Gold (GC) — Goldie found new lows this week. She acts like she has been hitting the bottle but has not hit rock bottom. With the dollar sky rocketing the pressure is on Goldie. We are on the precipice of a larger down side move. We will leave the zone in place for now.
  • In currencies: The Euro (6E) — Like Goldie the Euro is hitting the bottle pretty heavy. There are a few magnets that we may have in mind. We have a new zone from 1.07043 to 107554.
  • In energy: Crude (CL) — We had an engulfing week on crude. We did trigger short from our zone and were able to get two targets before being stopped on the third. Now we wait to see if she wants to follow through to the upside. We suspect crude will be a bit jittery with spikes as we get closer to the OPEC meeting on Nov. 30th.
  • Interest rates: Notes (ZN) — Is in a free fall and it has a lot of people saying the Note and Bond rally is toast. Whether that’s true or not we have to watch the zone below. Our first zone was blitz. The notes may need some rest after this move. The zone is 125’100 to 124.160. Bonds (ZB) — Bonds hand in hand with the Notes. Their zone is a little further down but worth the watch. The zone is 151’11 to 149’16.
  • Grains: Soybeans (ZS) — A very small range this week. The beans are in the middle and there is nothing to do here. Corn (ZC) — Watch the line in the sand….we are pushing back up against and if we can move back in and hold for a day we will look for a long risk zone.

Last week, we hit the $32K mark after 22 weeks of ideas. These are defined risk opportunities. Obviously every trader is responsible for his or her own risk, but we hope you are using these ideas to your advantage.

Define your risk and trade well!

ps. the 2016 sessions of our QuickLaunch Workshop are now completed. Start planning your best year of trading ever by registering for our Q1 or Q2 2017 sessions. Session dates are now posted through June 2017. You can join us live in person (Colorado or Oregon), live via web conference, or via tape delay.

If you are unsure whether or not the workshop will meet your current development needs, schedule a call with us. We only want you in the workshop if it’s going to move your trading forward….it’s that simple.

Filed Under: Video, Weekly Trade Plan

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