Weekly Outlook

Before we take a look ahead, let's do a quick recap of last week. I posted the following in our chat (check out the time stamps). We were looking at completing a move barely higher on Monday and expecting a pull back. During the pull back, I personally did not get short any option positions (just futures) but I did see the pull back as a buying opportunity. I alerted call positions in COST, BA, ADSK and even TSLA for a short term play higher. We also took profit on WTW this week. Check out my last blog post anatomy-of-a-trade.html

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Show me your fibs!

Knowing your Fibonacci levels and knowing which are support and resistance levels are key to your trading. I always start with the indices to find a direction in the market. Once I can figure out a direction (usually on Monday) I can plan my week accordingly and know how 1. I can balance my portfolio or 2. what trades I want to take depending on market conditions. Right now the market is only giving us an opportunity for shorter term trades. I've been finding several on smaller time frames meaning the trades are only lasting over night or 2-3 days max. Personally this isn't my style but we have to adapt to what the market gives us. If you're not a fan of day trading or you are a day trader, you need to approach the market something like this. If I could only make 1-2 trades this week, what are the best set-ups that are no brainers? Where would I put my capital to work for me for this 1 or 2 trades this week. I like to post usually on Monday afternoons the trade of the week. If i'm only given one shot or were allowed to only place one trade, what would it be. Stay away from the Twitter pros and news gurus and do your own analysis. 

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What's the plan? 

I'm going to post several charts below starting with the Nasdaq and S&P 500 futures. Pay attention to the time frames on the charts (hint, this is the chart I use to enter the trade or plan to enter the trade) and the various number levels on the right to decide for yourself what you think are potential trades. For our members, you'll get a full video analysis of the weekly outlook later this evening. The link will be posted in our King-Chat and in the members blog section. We have a limited time to receive a free trial in our chat room. For details CLICK HERE. No credit card required. 

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Chart work is my artwork

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