Monday Could be Opportunity Day

I don't usually do this but I thought a "heads up" might be useful. This is not a recommendation to trade - all the disclaimers apply. Take out your SIMs and see what you can achieve. This post is for educational purposes only.

Monday may be a great opportunity for making better trades more easily in both the ES and the 6E (Euro FX future). The two markets have a number of things in common after Friday's action:

• both are at "new" lows
• both had a trend day down
• both have great support and resistance levels all over the place. I'm not going to be specific because that's not worth anything to you. Finding your own S and R will give you the necessary belief in them. Whether you use the Profile (my first choice) or the range bar chart, if you highlight all the areas where you want to do business and areas where you would not want to open a position, Monday may teach you how well this stuff can be applied in these changing times with the right prep and visioning. 

Whatever timezone you are trading in, by the time you sit down in front of your computer, you will have looked at the news and commentary from Fri/Sat/Sun and have a bullish or bearish bias. Then, sitting down in front of your PC, marking the areas I have spoken about ad nauseum in the blog, you can think of the possibilities. Not only those that fit your bias but those that may happen if you have it all upside down or if the plunge protection society comes in or if the hedge funds decide to push the market to new depths. Have three scenarios: Up, Down and sideways. This way you can deal with whatever comes up.

I wish Great Trading to you all, in SIM of course.