Trading futures intraday begins with analyzing the charts to see which way they will likely go at the open. Currently, the 6 hour chart on each of the indices is heading downward in search of support. However, these are the areas to watch out for.
The six hour chart on the indices indicates a bearish hidden divergence pattern that was also confirmed on the 12 minute chart. A test for support is needed, which if it holds would then push price upwards.
The 45 minute chart indicates a slight bullish divergence earlier this morning but as price approached the 20 period moving average, it offered resistance and price is formed a bearish bar. If price does move down, it will likely be short-lived as the Stochastic is at about 30 (only 10 points above being oversold).
The combination of these factors lead me to believe that the market may pop down but will find support either at the moving averages or the ATR stop.
Trading Futures – Which way will they go?
Starting next Tuesday morning at 6am, Gail will be hosting a Live Market Analysis and Coaching room (Tuesday, Wednesday, and Thursdays at 6am plus other times as needed) to review live patterns that are developing for trading futures and forex. Gail will review the higher timeframes, as well as what she would want to see on the lower timeframes for entering trades. This enables traders to learn on the live edge of the market, in combination with her video courses that are available online.
The Live Market Analysis and Coaching room is $995 annual subscription but you can save $200 if you sign-up before Sunday at 6pm. This is going to be a game changer for traders that are trying to learn forex or futures because it provides guided-practice with a master.