M2K1! trade ideas
Entry Strategies using Support & Resistance ZonesBrief video tutorial discussing entry strategies using support and resistance zones. How I produce support & Resistance zones can be learnt from the live stream recording HERE
With any trading indicator, it is vitally important to have a sensible entry strategy with entry, stop loss and enough risk to reward to the next support or resistance zone. It is also as important not to fudge your entry and stop to give a decent risk to reward. Frame your charts first with Support & resistance zone, put on your stop and your entry. Then the last thing to do is put on your risk to reward. I cover this in this video and show you how to use the Fibonacci extension tool to work out your risk to reward
RTY (Russell) (4H) : Liquidity run coming!Who wants to bet that RTY (Russel) is setting up for a liquidity run on those juicy equal highs?
If that's the case, this could be short term bullish but then bearish.
Elliott Wave View: Near Term Support for Russell 2000 Futures (RElliott Wave view in Russell (RTY) suggests the rally from September 24 low unfolded as an impulsive Elliott Wave structure. Up from September 24 low (1426.20), wave 1 ended at 1530.80 and wave 2 pullback ended at 1490.70. From there, Index rallied and ended wave 3 at 1617.70 and wave 4 ended at 1563.10. Last leg higher in wave 5 ended at 1651.70. The 5 waves rally ended wave (1) in higher degree.
Index is now in wave (2) pullback to correct cycle from September 24 low as a zigzag before the rally resumes. Down from wave (1) high at 1651.70, wave ((i)) ended at 1622.6 and wave ((ii)) bounce ended at 1647.1. Wave ((iii)) ended at 1597.30, wave ((iv)) ended at 1607 and wave ((v)) of A ended at 1595.50. Bounce in wave B has ended at 1648.40.
Index is now in wave C lower which subdivides as another 5 waves. Down from wave B at 1648.40, wave ((i)) ended at 1626.80, wave ((ii)) ended at 1648.40, wave ((iii)) ended at 1607.6 and wave ((iv)) ended at 1623.90. Expect another leg lower to end wave ((v)) of C of (2) towards 1557.5 – 1592.14 before Index resumes the rally higher or bounce in 3 waves at least.
RTY MFI close to oversoldThis will definitely pop up once MFI goes oversold, still needs to fill the original COVID gap down.
RTY Short at SupplyRTY experienced an explosive move down from a pivot level which historically has been a favorite pivot point, once being Supply, then becoming demand, etc... Looks like we are currently in Supply mode.
Take the Short at supply if price has the strength to retrace
Expect 3:1 profit and if possible trail it from supply level to supply level as long as we can
Higher timeframe is in a downtrend and RSI weakening at each pivot high encouraging continued weakness and permission to take the short.
