PTG Daily Trade Strategy 6.10.16

Charts, Commentary, News, Technical Analysis

Oil prices have retreated to below $50 a barrel as a stronger dollar pulls crude off the 2016 highs hit this week despite a major attack by the Niger Delta Avengers. Militants blew up an Eni (NYSE:E) pipeline in Nigeria run by the company’s Agip subsidiary, marking yet another strike aimed at the country’s oil infrastructure. NNPC said Nigerian output stood at around 1.8M bpd in March, its weakest level in a year, and that figure is likely now significantly lower.
In Asia, Japan -0.4% to 16601. Hong Kong -1.2% to 21042. China closed. India -0.5% to 26636.
In Europe, at midday, London -1.6%. Paris -1.9%. Frankfurt -2.1%.
Futures at 6:20, Dow -0.5%. S&P -0.6%. Nasdaq -0.7%. Crude -1.6% to $49.74. Gold flat at $1272.30.
Ten-year Treasury Yield -2 bps to 1.65%
(Source: Seeking Alpha)
  Economic Calendar

Click to View Calendar
   PTG Trading

Buyers struggled throughout the prior session absorbing wave after wave of selling as bulls defended 2098.00 key support. Late day bounce relieved some of the built-up pressure into settlement. On overnight trade, sellers have again re-emerged violating 2098.00 level and driving price lower to 2092 handle which is 10-Day Average True Range Level.
Today is Cycle Day 3 (CD3)…Having violated key support (2098.00) pressure is squarely against the buyers…This action sets up “trapped-longs” condition unless price can rally back above 2098.00 and better if 2104 handle is achieved.
Range Projections and Key Levels: Sept (U) Contract
HOD Range Projection = 2104.00; LOD Range Projection = 2092.00; CD3 Maximum Penetration Level = 2116.50; CD3 Maximum Violation Level = 2086.25; Cycle Day 1 Low = 2097.75; 3 Day Central Pivot = 2104.00;  3 Day Cycle Target = 2121.75; 10 Day Average True Range = 12.37
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: Price will need to hold 2092 for any shot at bouncing back from broken support (2098)…Rallying back to 2098 would be first objective if they are able to regain control…2100 – 2103 zone has been heavily traded, so that would be a zone of potential resistance.
Scenario 2:  Key support (2098) has been violated pushing price down to 2092…If price bounces back to 2098 this should act as initial resistance. Should 2092 be violated and converted to resistance, lower levels are 2088.25; 2086.25, 2084 extremes.

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.

MrTopStep Group


Follow Us On Facebook and Twitter For More Intra-Day Market Updates! (@MrTopStep)

Dont Forget To Subscribe To Our YouTube Channel!
Sign Up Here:

(Visited 4 times, 1 visits today)

Leave a Reply