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Tuesday
Mar152011

Emini Futures Trading / Dynamic Support And Resistance

LOOK OUT BELOW, ASIA DOWN = U.S. DOWN
 
The well advertised concerns in Japan weighed on stocks and commodities today.  The drop kicked in overnight when the Asian markets opened and Nikkei futures fell over 10%.  US stocks viciously fell overnight along with every industrial, agricultural and financial commodity.  The breath of the market was horrible all day.  Did you know the FOMC met and announced today?  That was the bright spot.  The fed voted to keep QE2 in place and planned to keep rates close to zero for an "extended period" of time.  Fed officials pointed to stronger consumer spending and a brighter jobs outlook.  In the end, the statement and the decision was expected and was the cause of the small boost this afternoon.
 
Whats the trade? Is this the bottom and where do we go from here??
Bigger picture stuff, at some point were going to price in the bad news.  My guess, keep an eye on 1245/1246 area (CFRN Partners should recognize this level) and potentially 1217.00 which is an old weekly top.  Agressive traders could look to sell a kickback against dynamic resistance or 1279.00 with a stop above 1284.00 however target 1265.00 or the 1245/1246 area.  Keep an eye on your CFRN indicators for dynamic support for an early exit.
What is Dynamic Support and Resistance?
It is considered by many to be the "keys to the kingdom". Our Weekly Trading Zones are fixed areas of support and resistance that we publish every week. These levels remain intact the entire week. When Dynamic S/R prints on the hourly chart we sit up and take notice. When Dynamic S/R prints at or near a Fixed Weekly Zone, it's time to roll up your sleeves and get ready to go to work. When Dynamic S/R prints at a WTZ and also at the top or bottom of a Price Channel on the hourly chart, you have a Trader's Trifecta to die for. Have a look -

 

At the close of today's broadcast we were waiting for Dynamic S/R to print. Look where it printed on the chart - The Trader's Trifecta!

A-B = 15 points

B-C = 15 points

C-D = 15 points

45 point potential in 8 hours. That's $2,250.00 on one contract if you're a perfect trader. I'M NOT!

Give me a few points out of each swing and I'm a real happy camper. I'm just sayin'...

If you're a CFRN Partner it might be worth putting on a pot of joe, turning on the CFRN Radio Stream, and watching the overnight  session as we continue to wait for Dynamic S/R to print. If the 1269/1270 fails to hold, watch 1265/1266 for possible support. If that doesn't hold then next zone down and the bottom of the price channel are at 1244/1245. That's a potential 25 point drop and it could unfold quickly. If we do hold here and print Dynamic S/R, then trade to the top of the channel and lock in your profits. If we break the channel on the upside, look to re-enter long on a test of the top of the channel. Trail a stop to 1285 and lock it in. A break and hold above 1286 becomes a potential game changer. The London open is critical. The Euro rallied rather nicely today. Is the coffee ready?

Pray Hard and Trade Safe!

CT

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