Tuesday, March 5, 2013

TS TradePlan for the YM Emini Futures - Wednesday March 6, 2013

TraderSmarts Numbers for YM (H)
13466, 13449, 14309, 14305, 14292, 14270, 14260, 14198, 14182, 14148, 14141, 14114, 14099, 14078, 14055, 14021, 14014, 13992, 13977, 13965, 12947, 12939, 13924, 13913, 13892, 13874, 13858, 13836, 13813, 13787, 13773, 13740, 13726, 13709, 13695, 13680, 13661, 13644, 13631, 13601

YM Contract Notes: Megaphone pattern trying to break out up. Statement day Tuesday with Dow cash making new all time highs (of course it is all smoke and mirrors but that is besides the point) and most but not all in the media had their party hats on. The one thing I took away from today and I'm not even sure who said it was "this is going to end badly". I think there may have been more than one person that said it :) Zero Hedge had a great piece about "Dow highs then and now". Looking at it you don't know whether to laugh or cry. At any rate my plan Wednesday is to still look for shorts while being open to intraday longs as this is the day after new all time closing highs.

Macro Technical View:  May want to check chart of Feb 27, 2007 and move that preceded it. Favoring shorts especially if can get cost basis over 14148 TS #. <<<Well this was plan Tuesday and there is now ample room for c/b over 14148 TS #. On a macro level still favoring shorts for at least another test of 13836 TS # and likely lower...13695 -  13456 area. 

Since the end of 2012 it has been in the Contract Notes that over and holding 13245 and we likely get new all time highs in the Dow. Four big extended up targets have been hit since 1/8/2013 when TS TradePlan first called for swing longs: 13523, 13836 and 13992, and now 14148 TS #. The only TS # that has been tested from above after breaking over was 13836 on 2/21/13 and again on 2/25/13. 

Also of note that no major crash has taken place without first making new all time highs so if we get a retrace from this high prior to new all time highs it is very likely proceeded by a march to new all time highs. Think dow cash in terms of down to 13,133 and up to 15,218 + as about max move size from here at 14K on 2/24/2013. <<< we got the new all time high prior to much of ANY retrace..this leads me to want to favor shorts on macro level for tests of important resistance turned support zones. 

YM Execution/Targets Zones:
13466 - 13449 Extreme Short 
14309 - 14292 Highest Odds Short FTU
14270 - 14260 Range Short
14182 Range Long 
13977 - 13965 Highest Odds Long FTD
13939 - 13924 Extreme Long  

Support becomes resistance and vice versa...

Trade smart and trade well!

TS TradePlan for ES YM 6E GC CL + TS Trades (Live Trade Alerts / Market Commentary / Private Twitter Feed): www.tradersmarts.net

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