Hey Trader,
Trusting in Faithfulness and Long-Term Success
As you continue to navigate the world of trading, I wanted to share a verse that underscores the importance of trust and long-term commitment:
"Know therefore that the Lord your God is God; he is the faithful God, keeping his covenant of love to a thousand generations of those who love him and keep his commandments."
Deuteronomy 7:9
In the fast-paced and often uncertain environment of trading, it’s essential to remember the value of faithfulness and commitment. This verse reassures us of God's unwavering faithfulness, extending His covenant of love across generations. Just as success in trading requires patience and dedication, so too does a life lived in alignment with enduring principles.
Let this verse inspire you to approach your trading journey with a long-term perspective, rooted in trust and commitment. By staying true to your values and maintaining a disciplined approach, you are not only honoring the principles of your faith but also setting yourself up for lasting success.
Wishing you faithfulness, commitment, and success in all your trading endeavors!
Be Relentless In Pursuit Of The Will
Which God Has Set Upon Your Heart,
Anthony Speciale
Daily LIVE Futures Analysis Room Recap + My Personal Trades: 7/31/24
Today was an exceptionally busy day in the markets, loaded with economic reports and significant news events.
From early morning releases to afternoon announcements, the markets were primed for volatility.
As a trader, navigating these conditions can be challenging, but also rewarding if approached with the right strategy.
A Day Filled with News
This morning was marked by a series of economic announcements, starting at 8:15 a.m. and continuing through the afternoon.
Days like this can create unpredictable market movements, making it less than ideal for trading. Despite the chaos, I felt confident in the setup I observed and decided to enter.
The Trade Breakdown
Let me walk you through the trade I executed today. Early in the session, I identified a strong high at 0735 ET. When we gathered for our live session, I noted this high and mentioned the significant resting liquidity just above it.
My expectation was that the market might try to grab this liquidity, which it eventually did. However, after grabbing the liquidity, the market quickly failed to hold above this level, signaling to me that a reversal was likely.
At this point, I decided to short the market. My entry was a bit later than ideal, as I was simultaneously discussing the setup with my clients and managing my own trade.
I entered short at 77.33 with a 20-lot position.
I then took partial profits at 77.10 for $1,150.00 and 76.90 for $2,150.00, covering 10 contracts in total. The remaining 10 contracts were stopped out at 77.18 for $1500.00.
GAIN: $4,800.00 - Fees
Overall, it wasn't a massive win, but it was a solid trade given the market conditions.
My initial target was deeper, aiming for a move towards 76.40, but the market didn't quite reach that level.
Despite this, I can't complain about the outcome, as the market largely respected my analysis.
Key Market Observations
This morning, the indices showed some strength, rallying through the early economic releases at 8:15 and 8:30.
However, they became choppy as we approached the opening bell.
The gold market was particularly sideways, and while it looked like it was trying to break out, the real action for the day was yet to come.
As we approached the afternoon, I knew the key events were the FOMC Fed Funds Rate statement and the press conference between 2:00 and 2:30 p.m.
I anticipated that the 2:00 p.m. announcement would drive the most significant market moves of the day. Additionally, crude oil was poised to react to the inventory report, which was due around 10:30 a.m.
Reflecting on the Trade
Was this a counter-trend trade? Yes, it was. I was hoping for a more aggressive pullback, and I felt confident in this setup for several reasons.
Looking at the 4-hour chart, the market had pushed back into a previous consolidation zone before taking the next leg lower.
This area looked like a tough resistance level to break through and sustain above. Once the market failed to hold this level, I saw an opportunity for a pullback.
The volume and order flow also supported my decision, suggesting that this area would be challenging to push through.
Once the market failed to maintain its position above this resistance, it quickly reversed, leading to the trade I executed.
Today's trade was a great example of how understanding market structure, liquidity levels, and volume can help navigate even the most news-driven days.
While it wasn't a home run, it was a well-executed trade that followed a solid analysis.
For those of you who want to learn more about my approach and join me live in the market, I encourage you to reach out.
There’s a link below where you can join me for tomorrow’s live session.
Trading on days filled with news can be tricky, but with the right tools and mindset, you can find opportunities.
If you're looking to improve your trading or gain a better understanding of market dynamics, don’t hesitate to connect with me.
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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