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Takeprofittrader

Morning Ideas March 25, 2022Good morning traders, The market is approaching that 4535 area I spoke about yesterday, even if it doesn't get all the way there, I feel like we have reached the upper boundary of this distribution. To me, the market looks like it wants to go higher, but being that it's Friday, I think today is a low volatility type day. If we get some movement above 4535, we may start to hit some stops, giving us fuel to move higher. However, I don't think that is the high probability scenario when looking at what the market is likely to do TODAY.
CME_MINI:ES1!
by TakeProfitTrader
Morning Ideas March 21, 2022Good morning traders... Welcome to a new week and a new opportunity. The market has rallied all of last week, leaving us all the way up at 4450 in this second distribution that I explain in the video. On a technical level, that is a positive for the bulls. Fundamentally, I'm not so sure this market has legs. However, as I explain in today's video, fundamentals tend to lag and therefore I'd be careful just blindly shorting this market because you "think" it's gone too far. Market doesn't care what you think, or what I think. In my view, the market has to favor the bulls here, but that can change quick with a news headline!
CME_MINI:ES1!Long
by TakeProfitTrader
Morning Ideas March 18, 2022Good morning traders, We finally broke through and stayed through the 4320 area. This leaves us in the upper part of the thick profile, with the top of the distribution being around 4425. I would expect the market to chop in this area, but get some temporary support in the 4360 area this morning on any kind of dip. It was a pretty muted trade overnight, and with FOMC behind us, I think it's going to take a news event to have another wild day today. I'm looking for today to be more chop and drift (higher)
CME_MINI:ES1!Long
by TakeProfitTrader
Morning Ideas March 17, 2022Good morning Traders, FED chairman Powell confirmed the rate hike in the announcement yesterday, and also pointed to hiking rates 6 more times this year. The market took this as a positive, as this is a sign of strength AND the FED getting the inflation under control. Tehncially speaking, we have taken back and finally pushed through the 4320-4330 area, back into the middle of this thick zone. Path of least resistance is higher now, technically. I would expect the market to continue higher now, as it had ample reasons and chances to go lower in the last two weeks. I would still caution everyone, as there are plenty of factors to contend with here on the news front.
CME_MINI:ES1!Long
by TakeProfitTrader
Morning Ideas March 16, 2022Good morning traders... Market has just opened and we have quite a bit for strength since yesterday, RIGHT BACK to 4300 level. Remember this level? You should because if you look at the big picture chart, 4320 is where we have a massive amount of volume. It's where the market kept failing from last week. With that said, all of this takes a back seat to the FOMC announcement todAy at 2pm. I think this is a dangerous announcement for Powell to navigate. The last few announcements have been taken as a positive by the market, but I don't see how further tightening and rate hikes will be positive for this market. I want to be clear, I do NOT trade news, and I don't think you should either. The reason is that even if you knew what Powell was going to say, you still don't know how the market will react to it.
CME_MINI:ES1!
by TakeProfitTrader
Morning Ideas March 14, 2022Good Morning Traders, I've added some new stuff to the chart, if you guys want the new version, just click on the microphone at the bottom right of the video and use the "make it mine" feature. It's nothing groundbreaking, just a top down approach with some VWAP's now that you can use monthly, weekly, and daily VWAPs in TradingView. As for the market, we are stuck in the same cycle, market sitting around and waiting for news. The market continues to struggle to hold on to higher prices. However, I'd take all price action with a grain of salt in front of this massive FED announcement on Wednesday this week. I think the closer we get to that announcement, the slower the market gets. For that reason, I'd take a more neutral stance here
CME_MINI:ES1!
by TakeProfitTrader
Morning Ideas March 3, 2022Good morning traders... After powell spoke yesterday, the markets went higher. Not sure what to make of the news about the interest rate hike/inflation coupled with all of the Russia/Ukraine stuff. However, the market is holding on to technical levels pretty well, which is not always the case in high volatile environments. I would expect to see 4500 next, without any news headlines. This DOES NOT mean that it has to be fast, or today, but I think that's the next destination.
CME_MINI:ES1!Long
by TakeProfitTrader
1
Morning Ideas February 22, 2022Morning Traders! I probably should have done morning ideas yesterday, but I don't usually do them on holidays due to the lack of movement. However, this market is volatile even on holidays! We saw a big gap down overnight on escalating tensions between Ukraine and Russia. I would imagine the combo between that situation, and the FED rate hike, we will continue to see an unstable kind of market. Near the end of the video this morning, I talk about the mistake of getting too much size on in a market like this. It's absolute poison to your longevity as a trader. Some of our prop traders were sized WAY TOO BIG last night, and were fortunate they weren't wiped out completely. Remember, your risk of ruin is 100% if you put too much risk on any one trade. Even with a 99% probability (which doesn't exist) the 1% trade will wipe you out.
CME_MINI:ES1!Short
by TakeProfitTrader
Morning Ideas February 17, 2022Good morning traders, Some news on twitter saying that there were some shots fired in a village in Ukraine spooked the market briefly overnight, it looks like. This market feels like it's one news move pushes it one way, just to get pulled in the other direction by the next news move. This leaves us with a market that is swinging wide from side to side, but going nowhere. This makes it difficult to judge direction, so I will sit on my hands here and wait for some clues.
CME_MINI:ES1!
by TakeProfitTrader