Proven Day Trading Signals from Viditrade - 10-20-2015

Proper context can start the day with a solid win and make all the difference.

CHARTROOM LINK(s) o Win XP-Friendly entry o non-xp friendly (ilinc) (pre-open Market Tour begins at 8:55 ET)

Through the prior close... Monday's choppy session didn't contribute to the rally, other than to prevent a Pivot Reversal from forming. Its late-morning and last-minute surges pierced 1-2 points above Friday's 2026.00 high, stopping just short of Sunday night's 2028.00 high. Each intraday leg overlapped 2019.50. Overnight action's new info... Shallow sideways ranging never pierced Monday's late high. The only real trending attempt came well after Europe's opens, dropping back down to test 2019.50. A consolidation there has launched a surge to 2023.50. If, then... Not yet rejecting last week's test of 2019.50 has all but ensured at least probing momentarily higher to the 2031.75 area. Gapping down within yesterday's range would be too shallow to launch a new downleg. Gapping down under yesterday afternoon's 2016.50 low could form a "session-long decline," which is an unlikely development at this stage of the pattern, but only more likely as the overnight drop has halved the distance back to yesterday's low. First Trade... Exiting the open at 9:45 under 2019.50 would be likely also to trigger the 2020.50 bias-down signal at 10:15. Exiting the open under 2024.50 would be unlikely to trigger the 2031.00 bias-up signal at 10:15., and above 2024.50 would be unlikely to trigger bias-down.

Brief opening dip recovers to fresh highs. Fresh highs were a formality. The only question to be answered by the open was whether its delay would last the morning, or last at all. Ultimately, a post-open dip tested the 2020.50 bias-down signal by 1 point before reversing back up to and through Sunday night's prior highs at 2028.75. An offsetting test of the 2031.00 bias-up signal is in-play. That's essentially the highest room for noise above prior highs. Meanwhile, prior highs are natural resistance. Just piercing them is still overlapping them. An interim pullback to the 2023.00 area can't be discounted. And a pullback under the 2023.00 area can't be reliable for recovering. [Here's the XP-friendly chaRTroom link if you didn't receive it earlier.]  

TUE afternoon signal (triggered at 1:20 ET) SPX ES Bias-up: above  2034.50  2027.00 ...would target  2039.50  2032.00 Bias-down: under  2027.00 2019.50 ...would target  2021.50  2014.00 Signal status: NO-BIAS FAQ INTRO VIDEOS #1 and #2 1. At 1:20, trading above the bias-up signal or under the bias-down signal would put into play a test of its bias-up or bias-down target. 2. Not triggering either bias signal at 1:20 would be "no-bias," and the bias signals should define the bias environment's range. -- A test of the opposite bias signal would be targeted if one bias signal was tested before triggering no-bias. 3. Touching the bias signal within 3 minutes either way of 1:20 would invoke a grace period through 1:30 to trigger a late signal. -- "Late" signals don't require testing the opposite bias signal, but it's still likely. 4. Still testing the bias signal at 1:30 after invoking the grace period would trigger "noN-bias," with no bias influence.

A daily summary of high-profile members of several complexes... View a more detailed discussion of each chart at the end of today's Market Wrap. Eurodollar Sep Contract (EC, ETF: (FXE, UUP)) Room for the pullback down to 1.1300 was ignored in favor of gapping up Tuesday. But most of the session trended back down after filling the gap back to Friday's 1.1380 close. Closing above 1.1400 would signal the pullback had ended. Gold Dec Contract (GC, ETF: (GLD)) Monday's close under 1180.00 wasn't rejected at Tuesday's open. But a bounce tested it intraday, and so avoided confirming Monday's break. This leaves open the potential for recovering to fill either gap outstanding, or to fulfill potential to 1195.50. Silver Dec Contract (SI, ETF: (SLV)) Firming Tuesday continued to hold the 15.85 pullback limit, keeping alive potential for launching a new upleg by surging above 16.10. 30-year Treasury Dec Contract (US, ETF: (TLT)) Gapping down Tuesday to Monday's low under the 158-04 sell signal then extended lower intraday to confirm Monday's break, but still needing to confirm the sell signal. Crude Oil Dec Contract (CL, ETF: (USO, USL) (UWTI-long, DWTI-short)) Tuesday's weakness dipped deeper to test the 45.80 lower-end of last week's two consecutive "ineffectual pessimism" sessions. Breaking lower Wednesday would signal the drop had resumed -- and it should resume aggeressively. Natural Gas Nov Contract (NG, ETF: (UNG, UNL)) Gapping up Tuesday to probe above Monday's high wasn't any more likely to extend through 2.48-2.51 resistance, not until first retesting last week's 2.41 low.

Price action around the bias environment's 2018.50 low was not accumulative. But it did hold a retest of the morning's low, as well as the afternoon's bias-down signal. So, if the bias environment's exit wasn't going to break lower, then it was vulnerable to firming back into the range. Which it did, testing the noon hour's 2025.75 high by several ticks up to 2027.00. But without originating from an accumulative pattern, there was no sponsorship to break resistance. And the last half-hour slid back down to 2021.75. Post-close action slid further to attack 2019.50. Since Tuesday afternoon's bounce never gained traction. So, the retest of the morning's low can break lower Wednesday if done almost immediately. Room for noise up to 2031.75 was met already to within 1 tick. Regardless, the three-day range isn't likely to persist, so not already dropping at Wednesday's open would be likely to rally by default -- probably by gapping up. Details and other markets coverage are discussed in the post-market Wrap recording here: https://roddavid10.mitel-nhwc.com/join/shwjwpj

This evening, monitor overnight Globex trading in the chaRTroom at: non-xp ilinc

WED morning signal (triggered at 10:15 ET) SPX ES Bias-up: above  2033.75  2026.25 ...would target  2079.25  2032.00 Bias-down: under  2024.00 2016.75 ...would target  2018.50  2011.00 Signal status: NO-BIAS, TESTED BIAS-UP SIGNAL FAQ INTRO VIDEOS #1 and #2 1. At 10:15, trading above the bias-up signal or under the bias-down signal would put into play a test of its bias-up or bias-down target. 2. Not triggering either bias signal at 10:15 would be "no-bias," and the bias signals should define the bias environment's range. -- A test of the opposite bias signal would be targeted if one bias signal was tested before triggering no-bias. 3. Touching the bias signal within 3 minutes either way of 10:15 would invoke a grace period through 10:30 to trigger a late signal. -- "Late" signals don't require testing the opposite bias signal, but it's still likely. 4. Still testing the bias signal at 10:30 after invoking the grace period would trigger "noN-bias," with no bias influence.