Recap & Playbook for week of Feb 5th
Easiest week to trade. Will it continue? Powell on deck on Tuesday.
Traders, hope you all had a wonderful weekend.
Recap Last week:
Last week ES futures closed up about 70 points from its open. It traded up 4208 and down 4007, a pretty good 200 point range for trading. I mentioned in last week’s update that 4083 and 4110 are the levels I am watching and all upside was limited by 4083 till FOMC 25 bps hike and Powell speech. Once we broke thru 4083 after Powell and reclaimed 4110 we have been trading above it rest of the week with 4140 as important level in place now that bulls need to hold. Pretty good week with multiple great setups including post FOMC and NFP report. Overall easiest week to trade with most setup working right out of the bet with couple ticks of MAE. I have been posting summary of our trading almost every day on public twitter. Some of it copied here.
Playbook for next week:
As usual, I have setups that are only looking for next 20 points on ES as a day trader. Of course some time that opportunity may turn into 50 to 100 points and we always have runner that takes advantage of that but we do not hope that market will move 100 pts every day and that’s simply unrealistic. We do not swing trade. Every trade is closed on same day with only runner left for over night session.
This week main levels I am watching are 4140/4160/4180. Rest of the levels, live setups and other educational content as it happens are posted on private telegram/twitter. Upgrade to see action.
Important econ for this week. Powell on deck.
And yeh internet is buzzing with that #bigflip is coming. Search twitter to find out.
