I am going to make this week's blog a little shorter as I am a little time bound today. No review of last week's blog, to be honest i got the low of the RUT bang on at 1452 but as you are aware we had a fantastic flush down on Tuesday am and boy did the market move with the ES hitting 2775 in globex and then in typical fashion bouncing 150 ticks by Friday. I just love these markets this is how it should be all the time as far as I am concerned. Although it was a fantastic week it was a long one with a 22 hour shift followed by an 18 hour shift the next day but with markets like these you can make huge returns so a little less sleep is certainly worth it. With over 2000 ticks in the last 2 weeks provided in real time for you guys I hope you can now all see what i mean by trading in real time and the difference between what I do and analysis ... I'll let you make the decision of which is more difficult.
From this Tuesday I will be on holiday for two weeks so please expect less trading. I will try and still give you the levels each day and any commentary I can but I do get into a lot of trouble with the wife if I am trading while on holiday! In saying that I always seem to find something to do around the US open each day .... so hopefully will keep you posted.
My last plug I promise for the Real Time Trading & Mentoring service that will start in September, it has had a good response, so if you are thinking of joining please get in contact.
The week ahead ...
Another difficult week to call but essentially we have the following ES levels 933/50/70/3000/11/16/33/50 above below 2900/884/68/50/45/33/20/00/775/50/29
My expectation would be we will either drop from here or 970, 933 was the 61.8 Fib of the whole move 900 is 50% and 970 is the .786 which is an old time favourite of the ES, break above and convert and then holy cow something else is going on. You never know .... especially as this is just a news driven market. My expectation is now we drift down to 2729 before October but again this market can move in an instance so be careful!. Let's wait and see and stay on the right side of price. Normal service will resume end of August when I am back from holiday.
Take Care TI