Hey Trader,
Holding Firm to Your Convictions
In the ever-changing world of trading, it’s essential to stay grounded in your principles. Here’s a verse that speaks to the power of steadfast conviction:
"We have come to share in Christ, if indeed we hold our original conviction firmly to the very end."
Hebrews 3:14
Just as this verse encourages us to remain firm in our faith, it also serves as a reminder to stay true to the trading strategies and principles that have guided you. Markets may fluctuate, but your convictions should remain strong.
Keep holding firm to what you believe in, both in life and in trading!
Be Relentless In Pursuit Of The Will
Which God Has Set Upon Your Heart,
Anthony Speciale
8/16/24: Daily LIVE Futures Market Analysis Room Session Recap
In today’s analysis, I want to take you through a recap of the opportunities identified during our LIVE trading session this morning.
We saw significant movements across multiple markets, including Gold, the S&P 500, Nasdaq, and Crude Oil.
Whether you caught these moves or not, understanding the logic and strategy behind them is crucial for refining your own trading approach.
Let’s dive into the details:
Gold: Capitalizing on Early Momentum
As the session kicked off, I highlighted a key pivot level and discussed the potential for an upward push if this level held. The market responded exactly as anticipated.
First Target: The initial move off the pivot gave us a clean 43-tick profit, setting the tone for the morning.
Second Target: As momentum continued, the next level provided an additional 182 ticks.
Third Target: The final overhead resistance brought the total opportunity to 267 ticks.
Gold’s price action respected our trade plan, and we maintained discipline in holding positions through the fast-moving averages, a critical component in our strategy.
S&P 500: Picture-Perfect Push Lower
The setup here involved a break below a key pivot, followed by a retest. Once the pivot held, it was time to move.
Target: The result was a smooth 86-tick drop as the market crossed a gap we had previously discussed. This was a textbook move that rewarded those who were prepared and quick to act.
Nasdaq: Correlating Moves with the S&P 500
However, it’s essential to note the interplay between these two indices.
Push Lower: Like the S&P 500, the Nasdaq broke its pivot but did not reach its full target. We managed to capture 345 ticks on the initial push.
Pivot Support: The key takeaway here was the S&P 500’s pivot holding up, which in turn provided support for the Nasdaq, preventing it from moving lower.
This is why I always analyze these markets together. Understanding their correlation can make a significant difference in trade execution and management...
My Morning Short Position Entered At Resistance
Crude Oil: Strong Push to the Downside
Crude Oil presented a fantastic shorting opportunity. After a strong buying wave in the early morning, I positioned for a short as we entered the session.
Trade Execution: My entry was aimed at capitalizing on a push into the rolling VWAP (Volume Weighted Average Price). While we didn’t hit the $74.95 target I had in mind, the trade still yielded profits.
Profit Management: I continually took profits and tightened my stop, eventually getting stopped out but with gains locked in.
I’ve included a video of this trade within the blog post, where you can see my exact entry, how I managed the trade, and the eventual exit.
Watching this will give you a clearer understanding of the strategy in action.
Short 30 @ 75.60, Cover 15 @ 75.30, Cover 5 @ 75.17, Cover 5 @ 75.09, Stop 5 @ 75.30
GAIN: $10,700 - Fees
Key Takeaways: Consistency, Discipline, and Preparation
Regardless of the market, the core principles of successful trading remain the same: consistency, discipline, and preparation.
Having a well-defined trade plan, a checklist, and the discipline to follow through are what separate profitable traders from the rest.
When the market presents an opportunity, those who are ready, willing, and prepared to act will always come out ahead.
As we head into the weekend, I encourage you to reflect on these trades and consider how you can apply similar strategies in your own trading.
Stay informed, stay focused and stay disciplined ! ! !
Thank you for reading, and I look forward to seeing you in our next session . . .
God bless, and have a wonderful day!
If you have any questions or need further guidance, please don't hesitate . . . info@specialeanalysis.com May the markets be ever in your favor!
Happy Trading,
Speciale Analysis
About the Author:
Anthony Speciale is a seasoned market analyst with over 13 years of experience trading. Through his platform, Speciale Analysis, he offers in-depth market analysis, interpretation, and expectations designed to help all types of traders, at every skill levels reach their full potential.
Analysis, Interpretation & Expectations
Day, Swing & Position Trade Analysis
Daily LIVE Market & Orderflow Analysis
NOTE: Trading involves significant risk, and it's essential to approach it with a well-defined strategy and a disciplined mindset. This blog post is intended for educational purposes and should not be considered financial advice. Always conduct your own research and consult with a professional before making an financial decisions. For further risk related information, please refer to: www.specialeanalysis.com/disclaimer
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