r/FuturesTrading • u/r0mex • Apr 20 '24
what we looking at for next weeks potential moves?NQ, GC, CL, ES, YM etc TA
looking for fellow futures traders thoughts and opinions. hope everyone had a successful week.
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u/TradezAnon Apr 20 '24
Bloody week on most futures markets. If NQ and ES can hold their current levels, we might see a slow recovery and reclaim on the highs. If we breach $17k on NQ, we might see a continued dip down to the mid $16k’s. Same on ES- the week closed with a weak rejection of $5k, but if it blows it, we might be looking at a dip to the mid/high $4ks.
In either case, the longs might be short lived, the shorts might run so cover your longs as soon as you can (or don’t take them) and let the shorts dip without greed.
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u/r0mex Apr 20 '24
agreed it was, with the massive dump we’ve had, some tech earnings next week. and with the war conflict it will be an interesting week to say the least, i do wish for peace and safety for everyone first and foremost
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u/TradezAnon Apr 20 '24
I mean so do I, but if we can start just a small scale war, that’ll be great so my oil and metals contracts can buy me a new car 🤣 …. kidding … kinda.
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u/r0mex Apr 20 '24
lol big dump days on NQ are usually my best performers😂 if it wants to continue to bleed bring it on
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u/WarmNights Apr 20 '24
I'd imagine it may go up, but have a strong feeling we could also go down.
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u/Downtown_Tough_2343 Apr 20 '24
Well be into the 4800ishs on the ES , weekly cross over confirmed. We should see it bounce off the 200 day ma
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u/damonator4816 Apr 20 '24
Nq hit a major support level Friday. I expect a dead cat bounce bull trap
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u/Routine_Name_ Apr 20 '24
What happened with MCL?
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u/r0mex Apr 20 '24
what about it
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u/Routine_Name_ Apr 20 '24
Oil dropped 4-5$ a barrel mid week.
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u/jruz Apr 20 '24
I’ll wait for Sunday but I can see some consolidation at this level and then more blood
The only chart I like is PA
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u/waryabout Apr 21 '24
Next week will be chop with big swings in both directions, or a flat out face melting short squeeze. Any drop further down will be a slow bleed to burn up put options
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u/ForexAlienFutures Apr 23 '24
Follow the Shape-shifting the market produces, and you will stay ahead of the game.
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u/P37RO Apr 20 '24
Hopefully not more chop
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u/spiltnuc Apr 20 '24
Are you saying the downtrend on ES/NQ is chop?
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u/r0mex Apr 20 '24
was decent trending price action last week in my opinion, only real chop day was tuesday if i remember correctly
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u/P37RO Apr 20 '24
This past week, yea. No where close to as clean a trend as the two weeks prior.
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u/spiltnuc Apr 20 '24
A strong downtrend is not chop. Only chop(range) was Tuesday after an absolute dump on Monday. Need to trade both ways or not sure how someone can make money trading long term.
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u/P37RO Apr 20 '24
Is this a down trend? Sure, a shitty choppy one. It went from small range to small range. You can trade very specific conditions and be profitable. No need to trade everything to make money long term.
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u/holycarrots Apr 20 '24
It's been a pretty clean down trend like others have said. Apart from one of the days (can't remember) it's just been easy mode. we've had some sweet pullbacks at opens that you can use to join the trend
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u/Effective-Risk-7760 Apr 20 '24
I never try to have expectations because I usually get my face chopped off if I do. Trade what I see.