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 Post subject: April 19th Thursday 2012 Emini TF ($TF_F) points +2.80
PostPosted: Thu Apr 19, 2012 11:19 pm 
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Trade Results of M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Price Action Trading (no technical indicators)

Attachment:
041912-wrbtrader-Price-Action-Trading-PnL-Blotter-Profit-280.png
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click on the above image to view today's performance verification

Price Action Trade Performance for Today: +2.80 points or $280 dollars in the Russell 2000 Emini TF ($TF_F) Futures.
Russell 2000 Emini TF Futures - 1 tick or 0.10 = $10.00 dollars and there's more contract information @ The ICE.
S&P 500 Emini ES Futures - 1 tick or 0.25 = $12.50 dollars and there's more contract information @ CMEGroup.

In addition, all trades were posted real-time in the free #FuturesTrades chat room. You can read today's #FuturesTrades trading chat room logs for details (e.g. time, price, contract size) about each one of my trades from entry to exit along with price action commentary as the trade traversed in comparison to what's shown in the above image...all archived @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=103&t=1197.

To join our free chat room...registration instructions located at a different forum @ http://www.thestrategylab.com/ftchat/forum/viewtopic.php?f=5&t=630

Also, posted below are direct links to information about my price action trade methodology and trading plan (there's a difference between the two) that enables me to identify key trading areas in the price action that represent changes in supply/demand and volatility along with being able to exploit these changes via WRB Analysis (wide range body/bar analysis).

Image WRB Analysis Tutorials @ http://www.thestrategylab.com/WRBAnalysisTutorials.htm and there's a free study guide of the WRB Analysis Tutorial Chapters 1, 2 and 3 @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=119&t=718.

Image Volatility Trading Report (VTR) @ http://www.thestrategylab.com/VolatilityTrading.htm and there's a free trade signal strategy @ http://www.thestrategylab.com/tsl/forum/viewforum.php?f=89 so that you can freely test drive one of our price action trade strategies with support prior to purchasing the Volatility Trading Report (VTR).

Image Trading Plan Daily Routine @ http://www.thestrategylab.com/tsl/forum/viewtopic.php?f=151&t=1432

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Market Summaries

The below summaries by Bloomberg, CNNMoney and Yahoo! Finance helps me to do a quick review of the fundamentals, FED/ECB/IMF actions or any important global economic events that had an impact on today's price action. Simply, I'm a strong believer that many variables (key market events) causes key changes in supply/demand and volatility that results in swing points and strong continuation price actions. Thus, I pay attention to these key market events from one trade to the next trade to give me the market context for my technical analysis. Just as important, these summaries becomes my archives to allow me to understand what was happening on any given trading day in the past...something I can not get from my broker statements alone.

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Market Update

4:30 pm : A general lack of leadership left stocks to slide into negative territory for the second straight session, but a late bounce helped the major averages trim their losses.

Stocks struggled to establish a clear direction in morning trade. An absence of leadership left the major averages to roll into the red to trade with losses of about 1%. A rebound began to take shape in the final hour, when the S&P 500 found support at the 1370 line, which marks the weekly closing low that was set on Monday. Although stocks settled comfortably above session lows, broad losses were still booked.

Tech stocks were hit the hardest today. The sector suffered a 1.3% loss. Qualcomm (QCOM 62.56, -4.42) was one of its poorest performers as market participants responded in a decidedly negative manner to the firm's underwhelming forecast, which overshadowed an upside earnings surprise for the latest quarter.

Ostensibly lackluster earnings results from both Morgan Stanley (MS 18.07, +0.41) and Bank of America (BAC 8.77, -0.15) were initially forgiven, enabling their shares to gap higher at the open, but support for the pair waned. Fellow financial outfit American Express (AXP 57.57, -0.47) was even backed down despite a better-than-expected quarterly report, but Travelers (TRV 61.70, +2.23) was able to score a strong gain on the heels of its latest numbers. Financials closed with a collective loss of 0.5%, which is less than half of the loss that the sector had wrestled with at its session low.

Stronger-than-expected quarterly results from Verizon (VZ 38.15, +0.49) helped the integrated Telecom play prop up the rest of Telecom. That helped the sector score a 0.2% gain, although it had been up more sharply at midday.

Health Care stocks also scored a 0.2% gain. Human Genome Sciences (HGSI 14.17, +7.00) nearly doubled its share price and brought attention to biopharmaceutical plays after the company announced it rejected an unsolicited bid from GlaxoSmithKline (GSK 46.69, +0.32) for $13.00 per share in order to explore alternatives.

Online retailer eBay (EBAY 40.62, +4.75) garnered strong buying interest on the back of its quarterly report. The stock surged to a multi-year high as a result. Still, the Consumer Discretionary sector suffered a 0.9% loss today. It was the only major sector to book a gain in the prior session.

The dollar was flat at day's end, but that was only after it surrendered an early gain that came in response to a retreat by the euro. The euro's downturn came after it had violated a key technical support line following news of satisfactory demand at a debt auction held by both Spain and France, tacitly pointing to underlying concerns about fiscal and financial conditions in the eurozone core and periphery.

Data today didn't do anything to bolster confidence in stocks. The latest initial jobless claims tally totaled 386,000, which is little changed from the prior week, but greater than the 375,000 claims that had been generally expected.

Additionally, the Philadelphia Fed Survey for to 8.5 in April from 12.5 in the prior month. Economists polled by Briefing.com had expected, on average, a more modest decline to 10.3.

Existing home sales also proved disappointing. The pace of sales eased down to an annualized rate of 4.48 million units in March from a pace of 4.60 million units in the prior month. An annualized clip closer to 4.62 million units had been broadly anticipated.

Leading Indicators for March were somewhat of a bright spot, but not terribly so. They increased by 0.3%, which isn't much better than the 0.2% increase that had been generally forecasted.

Advancing Sectors: Health Care +0.2%, Telecom +0.2%
Declining Sectors: Utilities -0.3%, Energy -0.3%, Consumer Staples -0.3%, Materials -0.3%, Financials -0.5%, Consumer Discretionary -0.9%, Industrials -1.0%, Tech -1.0%DJ30 -68.65 NASDAQ -23.89 NQ100 -1.1% R2K -0.6% SP400 -0.4% SP500 -8.22 NASDAQ Adv/Vol/Dec 927/1.98 bln/1548 NYSE Adv/Vol/Dec 1228/823 mln/1762

3:30 pm : Crude oil experienced considerable volatility today. The energy component set session lows of $102.17 per barrel in the final 30 minutes of floor trade, but a late pop lifted it to $102.82 per barrel, trimming its loss to just 0.3%. Although it had no real influence over oil's direction today, it is worth noting that the House approved the Keystone XL Pipeline project after pit trade had closed yesterday afternoon. Natural gas prices briefly poked into positive territory following bullish inventory data that showed a build of 25 bcf when a build of 30 bcf had been broadly anticipated, but from there prices descended steadily as trade progressed. Natural gas contracts closed the floor session with a 2.6% loss at a new 10-year low of $1.90 per MMBtu.

Trade among precious metals was largely driven by the dollar's movement. Both gold and silver gained upward momentum in morning pit trade, reaching session highs of $1654.90 per ounce and $32.01 per ounce, respectively. However, the metals were not able to maintain the move once pressure on the dollar began to ease. Gold gave up most of its gain to settle floor trade at $1641.60 per ounce, up just 0.1% for the day. Silver settled with a 0.9% gain at $31.76 per ounce. DJ30 -115.61 NASDAQ -31.53 SP500 -12.48 NASDAQ Adv/Vol/Dec 880/1.55 bln/1585 NYSE Adv/Vol/Dec 1050/540 mln/1920

3:00 pm : The Dow is down little more than 100 points with only an hour remaining in today's trade. Still in question, though, is whether or not the blue chip average will book its seventh triple-digit move of the month. That's already more than what was experienced during the course of the three previous months combined.

With the approach of the closing bell market participants are turning their attention to the next round of earnings reports. Capital One (COF 53.82, -0.44) and Microsoft (MSFT 31.13, -0.01) are among the most widely held names scheduled to unveil their quarterly numbers after the close. Tomorrow morning brings American Electric (AEP 37.76, -0.24), General Electric (GE 19.06, -0.04), McDonalds (MCD 95.03, -2.31), and Honeywell (HON 57.85, -0.88).

No economic reports of consequence are scheduled for tomorrow. DJ30 -105.65 NASDAQ -25.84 SP500 -10.82 NASDAQ Adv/Vol/Dec 825/1.47 bln/1640 NYSE Adv/Vol/Dec 955/510 mln/2015

2:30 pm : Selling has started to accelerate, driving stocks down to new session lows and leaving the major market averages with large losses.

Tech stocks continue to be hit with the brunt of the selling effort; the sector is now down 1.7%. To be fair, though, Industrials aren't much better off as they grapple with a 1.5% loss. DJ30 -120.34 NASDAQ -32.32 SP500 -13.22 NASDAQ Adv/Vol/Dec 900/1.32 bln/1525 NYSE Adv/Vol/Dec 1145/450 mln/1815

2:00 pm : Stocks continue to trade in weak fashion, leaving the major equity averages to fractionally extend their session lows. The broad-based S&P 500 hasn't been in positive territory for about two hours.

Telecom, up 0.2%, and Health Care, up 0.1%, make up the only two major sectors that have managed to maintain any kind of a gain. Tech is leading the other eight sectors lower with its drop to a 1.1% loss. DJ30 -69.56 NASDAQ -17.05 SP500 -7.13 NASDAQ Adv/Vol/Dec 1000/1.24 bln/1405 NYSE Adv/Vol/Dec 1255/420 mln/1660

1:30 pm : Tech stocks continue to come under pressure. The sector, which is the largest by market weight, is now down 0.7% for the day. Only Industrials, off by 0.8%, are in worse shape. Qualcomm (QCOM 63.38, -3.60) continues to weigh heavily on the Tech space -- the stock has slumped in excess of 5% to a new monthly low because the company's underwhelming forecast has overshadowed its better-than-expected earnings results.DJ30 -58.62 NASDAQ -11.51 SP500 -5.65 NASDAQ Adv/Vol/Dec 1150/1.12 bln/1250 NYSE Adv/Vol/Dec 1440/375 mln/1460

1:00 pm : Listless trade has left the major equity averages to plod along with modest losses for the second straight session.

Stocks have struggled to establish a clear direction in today's trade. The mood ahead of the open was mixed because of eurozone concerns tacitly communicated by the euro's retreat. A disappointing weekly jobless claims count further undermined confidence that had been built initially with help from a big batch of better-than-expected earnings reports from a broad range of industry bellwethers.

Disappointment related to the latest Philly Fed Survey and monthly existing home sales numbers after the open stirred a flurry of selling that dropped the major averages into the red for modest losses. Stocks managed to rebound from there, but the move proved unsustainable amid a lack of leadership. The Nasdaq is now at a session low, while both the S&P 500 and Dow test their depths of the day.

The broad market may be down with a modest loss, but shares of online retailer eBay (EBAY 40.59, +4.72) surged to a new multi-year high in response to its latest quarterly report, which featured an upside earnings surprise. The company also raised its forecast for fiscal 2012.

Dow components American Express (AXP 57.65, -0.39), Travelers (TRV 62.30, +2.83), Verizon (VZ 38.30, +0.64), and DuPont (DD 52.39, -0.88) all posted upside earnings surprises of their own. Fellow blue chip Bank of America (BAC 8.84, -0.08) gapped higher at the open because of a positive response to its report, but shares have since faltered. Morgan Stanley (MS 17.98, +0.32) has maintained some of its gain after pulling back from its opening level. DJ30 -35.73 NASDAQ -6.54 SP500 -3.81 NASDAQ Adv/Vol/Dec 1110/1.04 bln/1270 NYSE Adv/Vol/Dec 1345/355 mln/1550

12:30 pm : The Nasdaq has notched a new session low, although its loss remains relatively modest. Meanwhile, the S&P 500 is quickly approaching the depths that it set in the early going, but the Dow has yet to test its daily low.

Shares of Bank of America (BAC 8.86, -0.06) are in the red with a modest loss after a sharply higher open that came in response to its latest quarterly report. A positive response to the latest numbers from Morgan Stanley (MS 17.85, +0.19) also helped shares of the investment bank and brokerage outfit open higher, but the stock has moved down from that mark. Collectively, Financials are down 0.3% today. DJ30 -42.77 NASDAQ -6.44 SP500 -4.61 NASDAQ Adv/Vol/Dec 1130/960 mln/1215 NYSE Adv/Vol/Dec 1360/325 mln/1525

12:00 pm : The major stock averages continue to muddle along in mixed fashion. The lackluster action is largely owed to ongoing listlessness.

Although the broad market has been without much direction today, shares of eBay (EBAY 40.90, +5.03) are up 14% to trade at multi-year highs following the release of the online retailer's latest quarterly report, which featured better-than-expected results for both the top and bottom line. The company's second quarter forecast was actually in line with what Wall Street had already projected, but management did raise its outlook for fiscal 2012. Several analysts upgraded shares of the stock following the report's release.

Despite strength in shares of EBAY, the Consumer Discretionary sector is down 0.5% for the day. In the prior session Consumer Discretionary stocks actually booked the only major gain of any major sector. DJ30 -2.65 NASDAQ +4.35 SP500 -1.02 NASDAQ Adv/Vol/Dec 1320/830 mln/1005 NYSE Adv/Vol/Dec 1585/285 mln/1245

11:30 am : Stocks are on the slide again. The action has taken both the Dow and the S&P 500 back to the flat line after they had worked their way up to a modest gain. The stock market's inability to sustain a gain comes amid a continued lack of leadership.

With stocks struggling to find direction Treasuries continue to hold on to slight gains. The benchmark 10-year Note is up only a handful of ticks, but the move has been enough keep the Note's yield near its monthly low of about 1.95%. DJ30 +0.90 NASDAQ +9.39 SP500 +0.07 NASDAQ Adv/Vol/Dec 1510/705 mln/770 NYSE Adv/Vol/Dec 1815/245 mln/990

11:00 am : A dose of disappointing data prompted stocks to retreat earlier, but they have since bounced back into positive territory. Overall gains remain modest, though.

For the second straight session the broad market is without a legitimate source of leadership. Tech and Financials, arguably the two most influential sectors, are both up a rather tepid 0.3%. Energy has a narrow lead over most of the other sectors, but its 0.4% gain is still too modest to inspire broader buying interest. Meanwhile, Telecom's 0.7% gain has mattered little to many market participants due to the sector's lack of weight. DJ30 +39.12 NASDAQ +20.61 SP500 +4.00 NASDAQ Adv/Vol/Dec 1525/600 mln/715 NYSE Adv/Vol/Dec 1910/205 mln/870

10:35 am : The CRB Index is now up 0.3%. Earlier this morning it was down narrowly.

Oil continues to contend with moderate selling pressure, which has left contracts priced with a 0.3% loss at $102.35 per barrel.

Meanwhile, natural gas prices were down narrowly at about $1.95 per MMBtu a few minutes ago, but since the release of the latest weekly inventory report they have moved modestly lower to $1.94 per MMBtu for a 0.6% loss. Weekly inventory data showed a build of 25 bcf when a build of 30 bcf had been broadly anticipated.

Precious metals prices were up only fractionally about 90 minutes ago. From there they bounced higher, but a pushback by sellers has forced prices off of session highs. Gold prices now trade at $1647.50 per ounce for a 0.5% gain, while silver sits at $31.86 per ounce with a 1.2% gain. Helping the case for precious metals, the dollar has declined to a fractional loss against a collection of competing currencies after it had been bid higher this morning. DJ30 +2.34 NASDAQ +20.26 SP500 +1.36 NASDAQ Adv/Vol/Dec 830/410 mln/1340 NYSE Adv/Vol/Dec 1040/145 mln/1685

10:05 am : Stocks have faltered following a flurry of data, which was generally disappointing.

The Philadelphia Fed Survey for April fell to 8.5 from 12.5 in the prior month, but had been generally expected to decline to just 10.3.

Existing home sales hit an annualized rate of 4.48 million units during March, but that is down from the pace of 4.60 million units posted in the prior month and also less than the rate of 4.62 million units that had been broadly anticipated.

Leading Indicators for March increased by 0.3%, which is slightly greater than the 0.2% increase that had been forecasted, on average, among economists polled by Briefing.com. DJ30 -50.78 NASDAQ -2.17 SP500 -4.32 NASDAQ Adv/Vol/Dec 1415/220 mln/675 NYSE Adv/Vol/Dec 1750/80 mln/900

09:45 am : The Dow and S&P 500 are currently narrowly above the neutral line, but the Nasdaq has mustered a modest gain with help from eBay (EBAY 39.73, +3.86), which has sprinted out to a 10% gain with help from a pleasing quarterly report. In contrast, Qualcomm (QCOM 64.00, -2.98) has slumped in response to its latest quarterly results.

As a reminder, 10:00 AM ET brings the latest existing home sales numbers, the latest Philadelphia Fed Survey, and monthly Leading Indicators.DJ30 14.01 NASDAQ +1.35 SP500 +10.20 NASDAQ Adv/Vol/Dec NA/NA/NA NYSE Adv/Vol/Dec NA/NA/NA

09:15 am : S&P futures vs fair value: -0.60. Nasdaq futures vs fair value: -11.00. Waning support for stock futures has left the cash market poised for a mixed open. A batch of better-than-expected earnings from a broad range of industry bellwethers had initially bolstered buying interest, but confidence was undermined when Europe's major bourses moved lower in response to a drop by the euro below technical support levels despite satisfactory demand for the latest debt offerings from France and Spain.

Conviction among buyers was further challenged by a disappointing weekly initial jobless claims report. Still to come, monthly existing home sales numbers, the latest Philadelphia Fed Survey, and monthly Leading Indicators are all due at 10:00 AM ET.

09:05 am : S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: -12.50. After a 1.0% drop in the prior session the CRB Index is down only 0.1% today. Among its more closely tracked constituents, crude oil has extended its prior session slide by shedding another 0.3% to trade at $102.40 per barrel in early pit trade today. Natural gas prices gave up gains yesterday to finish flat, but the pullback has extended into pit trade today, such that the energy component is now down 0.8% to $1.94 per MMBtu ahead of weekly inventory numbers at 10:30 AM ET. Precious metals prices are up narrowly this morning. Specifically, gold was last quoted with a 0.2% gain at $1642.30 per ounce, while silver sits at $31.52 per ounce with a 0.1% gain.

08:35 am : S&P futures vs fair value: +0.50. Nasdaq futures vs fair value: -5.50. Disappointment related to the latest weekly jobless claims count has caused stock futures to slip. Initial jobless claims for the week ended April 14 totaled 386,000, which is greater than the 375,000 claims that had been expected, on average, among economists polled by Briefing.com. The latest tally is also little changed from the prior week's upwardly revised count of 388,000. Meanwhile, continuing claims increased to 3.30 million from 3.27 million.

08:05 am : S&P futures vs fair value: +2.50. Nasdaq futures vs fair value: -1.00. Stock futures are fighting to reclaim the gains that were recently cut in conjunction with a downturn by the euro and Europe's major bourses, both of which recently slid to session lows for varied losses. Earlier this morning both Spain and France conducted their latest debt offering, which was met with satisfactory demand, despite an increase in yields.

Another round of generally better-than-expected earnings results has helped rekindle confidence in stocks. Dow components American Express (AXP 58.03, -0.01), Travelers (TRV 61.20, +1.73), Verizon (VZ 38.20, +0.54), and DuPont (DD 53.40, +0.13) all posted upside earnings surprises. Fellow blue chip Bank of America (BAC 9.25, +0.33) posted earnings that were ostensibly underwhelming, but a positive response has lifted the stock ahead of the open. Such is the same for Morgan Stanley (MS 18.48, +0.82). Qualcomm (QCOM 64.56, -2.43), Fifth Third (FITB 14.50, +0.34), and eBay (EBAY 39.50, +3.63) all exceeded what Wall Street had generally expected of their earnings. Note: ticker quotes reflect premarket prices.

The economic calendar features weekly initial jobless claims at 8:30 AM ET. A flurry of data follows at 10:00 AM ET, when the latest monthly existing home sales report, Philadelphia Fed Survey, and monthly Leading Indicators are all released.

06:19 am : [BRIEFING.COM] S&P futures vs fair value: +5.00. Nasdaq futures vs fair value: +1.50.

06:19 am : Nikkei...9588.38...-78.90...-0.80%. Hang Seng...20995.01...+214.30...+1.00%.

06:19 am : FTSE...5786.82...+41.50...+0.70%. DAX...6785.78...+53.80...+0.80%.

Special thanks to Bloomberg, CNNMoney and Yahoo! Finance for their market summaries. gm

Best Regards,
M.A. Perry
Trader and Founder of WRB Analysis (wide range body/bar analysis)
Image@ http://twitter.com/wrbtrader, http://stocktwits.com/wrbtrader and http://chart.ly/users/wrbtrader

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