Trade Plan 1/16/24 - ES/SPX & Crude Oil
Welcome back, team.
Just strolled in from another victory lap - this time, it was against Covid, and guess who came out on top? Now, let's get down to brass tacks.
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All right, now that we've got the housekeeping out of the way, let's dive into the game plan for tomorrow. Keep in mind, I'm penning this a few hours earlier than usual, so the 12b and Daily levels might shift a bit by the time you're reading this. But don't sweat it – you've got the charts. The patterns remain the same; it's just the price points that might dance around by a few digits. I'm all for precision, but getting this info to you promptly took priority this time. Stay sharp and ready to adapt.
🦉 S&P 500
🔑KEY Level: 4808* (12B) & 4804* (Daily)
Here's the strategy for tomorrow: I'm anticipating a rejection at the 12B level, followed by a dip towards the lower 12B dynamic (dyno) range of 4795-4792. That's where I plan to step in as a buyer, aiming back towards 12B. Now, here's a crucial tip for buying: don't jump the gun. Wait for the price to first dip into and then reclaim the top of the lower 12B dyno box. This approach significantly improves your odds. And remember, patience is key – wait for the close of the bar. That's not just advice; it's exactly how I do it too.
For short plays, it's straightforward: short the rejection of 12B/DB, and also short the rejection or breakdown of the upper 12B dyno range between 4821-4824. Keep it simple, execute with precision.
⏰ At the time this writing, the last traded price: 4803
Got it. So these are the exact patterns you're trading from. Since we're above the weekly level, the overall sentiment remains bullish. Furthermore, next week's balance level is already tilting towards the bull side. It's important to remember that market conditions can shift, but until there's a change, your focus is on playing all the 12B levels. This approach aligns with a proactive yet adaptable trading strategy, staying attuned to the market's pulse while capitalizing on established patterns. Keep riding the bullish wave, but stay alert for any signs of change.
I've got a line on the highs and lows for 2024 – a full forecast. If you're looking for an exclusive on this, just give the word. I'm ready to break it down in a separate post, sharing the whole process and the thinking behind it. Just say the word, and it's yours.
🛢 Crude Oil
February CRUDE OIL's last trading day is Wednesday, January 24th so look to be out of all Feb CL contracts by Friday's close as March CL will have more volume than Feb CL by then. I will be rolling on over weekend so below are February (G) contract Levels
🔑 KEY Level: 72.20* (12B) & 72.88* (Daily)
t the moment, we're seeing a mix of daily and weekly signals, a classic bulls vs. bears scenario. This creates opportunities for trades from both directions. Recently, I capitalized on this by taking a short position. Specifically, this was a short from Monday at the week level of 72.30, targeting the live 12B level around 72.20. It's a strategic move in a market that's giving mixed signals, allowing for flexibility in trading approaches.
In a market that's in a mixed state, like we're seeing now, it truly opens up opportunities to sell at each resistance and buy at each support. For my next move, I'm looking for the market to drop towards 71.20. At that point, I'll be ready to buy on the reclaim of the lower 12b dynamic (dyno) level. However, if we break down from there and enter the daily dyno range (marked by the green box), the strategy shifts slightly. In that case, you should wait for a reclaim on top of that green box.
The key in either scenario is patience: wait for the price to reclaim and close above the designated level before making your buy. Once you're in, the aim is to target the upper balance levels. This approach takes advantage of the market's current indecisiveness, allowing for strategic entries based on specific conditions.
Disclosure
Haus Trades is not a registered entity and not a licensed financial professional and therefore is not qualified to give investment advice. Information presented through this application such as calculations, or other social media posts, discussions, information on the website, chatroom, podcast, or through email or any form of electronic communication is strictly our opinion and for educational purposes only. It is not to be taken as investment advice or an instruction to buy and sell any security or influence any investment decision. Trade at your own risk.
🛑DO NOT COPY MY TRADES. THIS IS FOR EDUCATION AND FUN PURPOSES ONLY🛑
CFTC - Hypothetical Performance Disclaimer
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results. FUTURES TRADING INVOLVES RISK. THERE IS A RISK OF LOSS IN FUTURES TRADING. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS