This Is A Day Traders Market, Not Swing Traders Through At Least Thursday

Okay gang, welcome back! With a few minutes to go on the clock as the market closes, a couple key things for tonight. At this point, as far as I’m concerned, all swing trades positions we are looking to get profits within 2 days and 2-3 weeks, are to be closed at this point with the State of the Union tonight and much more importantly it is a nonstarter from my prospective. A lot of the information is already out in the public. What we are going to be focusing on is the surprise out of the ECB, later this week here that will be Thursday morning. We also have the Greek elections later this week – remember some of the key political turmoil we’ve seen there in the last few years. In fact, I’ve even had students pulling money out of their brokerage outs because they remember the run on the banks over that way in the past. So, china is also on the radar after the Swiss debacle. The Swiss debacle took out some actual companies, made them insolvent, and actually made other companies, like FXCM, require a $300 million dollar bail out. So, could you imagine if we get hit with more currency crisis, what they may do, the crisis of confidence on the brokers, as some of these key things come to light in the coming days. So, we have some big days ahead that will make it fantastic to be a trader, but a little bit aggressive to walk in the morning potentially being up or down hundreds of points, if not more after some sort of key market move before the market opens – like tonight after the State of the Union and Thursday with ECB. With that being said, just remember a couple of the markets that I shared with you in the last few days, the same things apply to tomorrow.

These markets did no move a whole lot today, we did not breakout above the speed lines on the Euro, and we did not break down below my inventory retracement bar for a short. As far as gold, gold went ahead and was one we were heavily focused on intraday, as you will recall. Today was the last day to enjoy the ride on that as well. My original thoughts on this were long on an intraday basis above 1230, long on a swing trade basis above 1240 – those were the things that we were focusing on there. Now we are up here at almost 1300 but that show came to an end now with the State of the Union and ECB. So, now it’s kind of sitting on the sidelines – look for fresh reentry opportunities. There are some targets I have up above, but I’m going to wait on those until after the ECB.

Crude oil did not go ahead and breakout or breakdown, in fact, it stayed right in those levels I shared with you in last night’s videos, we went ahead, we did not break above or below my inventory retracement bar. We can see the last couple of trading sessions, we’ve stayed right in there – very, very powerful levels of mine. Hopefully you have all read my articles about that in the international trading magazines.

As we go ahead and wrap up here tonight, looking at the stock index futures, they were really focused on more consolidation today. Remember when we were in the gobbly-guk area I shared with you. Gobbly-guk was the resistance above, the support down below, a whole wave of different support/resistance levels. So, we opened up this morning, smacked right into the resistance, came tumbling down until we hit support, and bounced right off those levels. In the end, all we did was make big, fat dojie stars on 3 out of 4 of the stock index futures. All of them are still trapped in that gobbly-guk type range. So, going into tomorrow, my strategy is going to be virtually identical today. Look for long up above the speed lines and shorts down below the speed lines. That is going to be the same strategy, that is what put money in my pocket today. That is exactly what I’m going to go ahead and focus on going into tomorrow. So that is going to be the key theme, especially after these consolidations in the gobbly-guk here. Everybody, please remember the ECB coming out Thursday morning. There’s a couple of hot buttons on the radar that could dramatically change the landscape and it’s better to be mindful of those if you can do so. You guys have a fantastic night. I look forward to seeing you all in the Live Trading Room tomorrow morning or in the tomorrow night’s videos. Take care everyone. Buh-bye.

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