END OF DAY CHARTS FOR 01/30/19

SIMPLE APPROACH TO GAINING CONSISTENT RETURNS THAT ANYONE CAN FOLLOW. NO HYPE, NO BS, TRANSPARENCY DAY IN DAY OUT.  1 GOAL, TO MOVE TRADERS FROM BREAK EVEN/LOSERS TO CONSISTENT WINNERS.  It's NOT FANCY, JUST EFFECTIVE.

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ES

NQ

COMMENTARY:  FED days are always tricky,  the reason they are tricky,   they attract very large traders (hedge funds, mutual funds etc)  and they have the potential to be very directional,   that being said,  both ES & NQ opened above prior days highs and value areas and after a quick initial dip buyers asserted and held control all day.  Prime clues:   Gap never filed,  held above prior days , little to no down rotation, particularly in NQ which has been the weaker of two markets , and finally the push above the first 5 minute high,   all this added up to upside momentum and made fading very very tricky,   you simply had to find a way to get long or stand aside,  I did plan B because I dont like trading fed days.    Hope everyone did well. 

 

trading of securities, options, and futures may not be suitable for everyone and involves the risk of losing part or all of your money. Commentaries are educational in nature and are designed to contribute to your general understanding of financial markets and technical analysis. Use it how you want and at your own risk. I am not a registered investment adviser. This information is a general publication that reflects my opinion and is not a specific recommendation to any one individual. You must consult your own broker or investment adviser for investment advice. Controlling risk through the use of protective stops is essential