8–28–16 Profiling for Profit
Last week was a phenomenal week. We finally got some movement on Friday. It’s been a long summer. August has acted like many other Augusts. Volume and ranges were muted, which is often to be expected.
This week all eyes will be on the employment situation of non-farm payrolls. In addition, we have some other central bank speakers throughout the week. As a reminder, we don’t trade these events to express an economic opinion, we simply use them as expected times for increased volatility.
Here’s what we’re looking for in the coming week:
- In the financials: We sent out a mid week update identifying a zone to get short. We hit that zone on the FOMC news Fridaymorning and triggered into a short around 4815. We see more potential to the downside. 4700 and 4680 are possible. Stops are at 4817ish. We had an engulfing week. We’ll see if we can get follow through coming into Monday and Tuesday. Similar story in the S&P. See video for other ideas for the Russell and Dow.
- In metals: Gold broke down last week and took our bullish bias off the table. Instead we triggered short. We’re looking for 1310.
- In energy: We’re expecting Crude to rest a bit. Right now we’re watching a zone that could go either way.
- Interest rates: We mentioned these could go either way. We got short in the notes. Stops above 132'140. Target is 130'28. Bonds also look good to the downside.
- Grains: We were looking for a move lower to trigger into a long. We did not get that. Sidelines for Grains.
As always, if you have other markets that you would like for us to take a look at, even other than futures markets, let us know.
In just the past 10 weeks our trade plan offered $13K+ in profits by trading 1 futures contract.
Define your risk and trade well!
the MPTA team
See us walk through the profile charts in the video below:
ps. Due to travel, we’re holding our every other Thursday webinar on Wednesday this week. The topic will be a preview of our “Quicklaunch” Workshop coming up on Sept. 21, “How to build a trading system that is unique to you”. Get a taste of our workshop….for free!