Profiting with the Profile Weekly 1/29/17 “Going Private”

1/29/17 Profiling2Profit: the week ahead in futures

January 29, 2017 by MPTA

Profiling to Profit: the week ahead in futures from Market Profile Trading Academy on Vimeo.

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NEWS: It was a great week for trading as we closed the door on this past week. Lots of changes are happening in Washington and that is having an effect on the markets. If you trade the Mexican Peso you know what I am talking about. As we look into next week we have to be aware of some economic announcements as well as earnings announcements. Have a great week of trading!

Here’s what we’re looking for in the coming week:

• In the financials: Nasdaq (NQ) — It was a solid week for the NQ lead by solid earnings. We closed the week on the highs and balanced at the week highs. We could continue to drift higher with more earnings being released. However, we need to watch the NFP number on Friday. The path of least resistance is to the long side. We have a buy zone from 5096 down to 5074. In the S&P (ES) –We had a nice 25 point trade on the ES this week. It acts just like the NQ with nice balance at the top of the week forming a P. This is bullish and suggest more upside. The buy zone is 2276 down to 2267. The Russell (TF) — The TF did not make new highs with the other indices. It originally blew through our short zone and never triggered us. We like the upside but a clear zone is not defined. We will watch trade on Monday to see if one presents itself.
• In metals: Gold (GC) — Goldie has slowly pulled back just above our zone. We have had to adjust the zone numbers. The long zone is from 1173 down to 1159. Not trigger, no trade!
• In currencies: The Euro (6E) — We still like the long zone on the EURO. The long zone is from 1.0627 down to 1.0572.
• In energy: Crude (CL) — Crude is floating sideways and looking more and more like it wants to break higher. We still need more trade to identify a clear zone. This could happen this week. Stay tuned .
• Interest rates: Notes (ZN) — The notes are looking better than the Bonds so we will look for a poke trade. The Poke number is 123’185. Trim and trail. Bonds (ZB) — Bonds continue to rest after the large move down. There could be a mid-week zone so we will wait until another zone sets up.
• Grains: Soybeans (ZS) — Soybeans mirrored Corn in the sideways zone. We will sit on the side lines and watch for a zone this week. Corn (ZC) — Corn blew through our zone and we never triggered. We posted charts in the Slack room showing each step and why it did not trigger. Corn closed on the weekly lows and is back in the sideways zone. Price could move deeper in the zone and could be waiting on the USDA report on the 9th. No zones for Corn.

ES gave us a 25pt trade this past week. So, 2017 is now at closed profit of $4750 (assuming 1 contract)

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Notice: Derivatives trading involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results

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