PTG Daily Trade Strategy 4.29.16

Commentary, News, Technical Analysis

Oil prices are higher in early trading after yesterday’s report by the U.S. Department of Energy showed a decrease in domestic crude production. Some analysts think the recent strong gains in oil will be capped soon with a sustainable rise in OPEC production around the corner, while other maintain under supply will be the theme in the second half of the year. WTI crude trades at a six-month high of $46.46 per barrel at last check.
In Asia, Japan closed for holiday. Hong Kong -1.6% to 21037. China -0.3% to 9569. India +0.1% to 25617.
In Europe, at midday, London -0.5%. Paris -1.3%. Frankfurt -0.8%.
Futures at 6:20, Dow +0.1%. S&P +0.1%. Nasdaq flat. Crude +0.9% to $46.46. Gold +0.9% to $1277.20.
Ten-year Treasury Yield +1 bp to 1.84%
(Source: Seeking Alpha)
  Economic Calendar

   PTG Trading

Early price strength drove price higher to test the upper edge (2091 – 2094) of weekly range, only to reverse hard selling lower to test lower price edge (2071) violating Cycle Day 1 Low (2076.25). Currently in overnight trade price is hovering slightly below 2071 SPOT which is critical support.
Today is Cycle Day 3 (CD3)…Price will need to trade above 2076.25 to turn in a Positive 3 Day Cycle and odds do favor this occurrence, however once achieved price could go either way.
Range Projections and Key Levels: June (M) Contract
HOD Range Projection = 2084.23; LOD Range Projection = 2059.77; CD3 Maximum Penetration Level = 2109.15; CD3 Maximum Violation Level = 2056.70; Cycle Day 1 Low = 2076.25; 3 Day Central Pivot = 2083.50;  3 Day Cycle Target = 2107.16; 10 Day Average True Range = 16.23.
Algorithmic Creed: “Shake’em…Bake’em…Strip’em and Rip’em”…This is simply the new trading world order we live in folks…So get used to it…Gotta “Think Like an Algo”.

***Note: The odds highlighted are NOT predictions or trade recommendation rather a guide based upon historical observed occurrences.
3 Day Cycle Chart
   Today’s Hypotheses: June (M) Contract

*****The levels outlined below are more general framework within a larger range…They are to be used are reference prices from which to consider trade opportunities, not hard trade levels. We will identify specific trade levels in Trading Room.

Scenario 1: IF price can hold 2071 SPOT THEN initial objective is to clear and convert 2076.25 (CD1 Low) for a Positive 3 Day Cycle. Additional upside targets measure 2079.75 followed by 2083.50.
Scenario 2: Failure to convert 2076.25 and subsequent trade below 2071 SPOT increases odds for long liquidation with targets measuring 2059.77 – 2056.50 ATR Max Range Projection zone.

Trade Strategy: Our tactical trade strategy will simply remain unaltered…We’ll be flexible to trade both long and short side from Decision Pivot Levels. Continue to focus on Bull/Bear Stackers and  Premium/Discounts. As always, remaining in alignment with dominant intra-day force increases probabilities of producing winning trades.
Stay Focused…Non-Biased…Disciplined  ALWAYS USE STOPS!

Good Trading…David
“Knowing is not enough, We must APPLY. Willing is not enough, We must DO.”  -Bruce Lee.
*****This trade strategy report is disseminated for “education only” and should not be viewed in any way as a recommendation to buy or sell futures products.”

 No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. PTG Website (PTG) and/or PTG Daily Trade Strategy (DTS) is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on PTG Website or DTS. The past performance of any trading system or methodology is not necessarily indicative of future results.
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