Are you losing money because of this simple mistake that kills trading profits?

Daytrader Pod
27 Feb 202409:56

Summary

TLDRIn his weekly market analysis, trader David Floyd examines the S&P 500, 10-year Treasury notes, the Euro, and the Dollar-Yen. With the S&P at all-time highs, Floyd cautions against overextending long positions, instead favoring intraday pullback buys. 10-year notes and the Euro are rangebound, while the Dollar-Yen uptrend may continue but requires tight risk management. Overall Floyd conveys the need for patience and disciplined trade location as markets hover near critical technical levels.

Takeaways

  • 😀 The overall market trend remains strongly upward, though with limited support/resistance levels currently
  • 📈 S&P is extended from averages, requiring cautious/selective intraday longs rather than swings
  • 🚫 Not looking to short the S&P unless below 5040 support
  • ➡️ S&P has potential head & shoulders forming, break below 5092 is bearish
  • ⏱ 10-year yields rangebound between 1092-1101 currently, awaiting a breakout
  • ↔ No edge trading euro currently as it's stuck in a range
  • 📉 Dollar-yen in short-term uptrend but extended from key longer-term levels
  • 😕 Markets are at an inflection point awaiting new trends to emerge
  • 🤔 New trades require faith rather than solid risk-rewards with markets extended
  • 💡 Using standard deviation bands helps quantify overextended levels and risks

Q & A

  • What index is David analyzing in the beginning of the video?

    -David is analyzing the S&P 500 index on an hourly chart in the beginning of the video.

  • What does David say is important when the market is at all-time highs?

    -David says it is important to create a story about where your risk and reward is when the market is at all-time high levels without many support/resistance levels to lean on.

  • What pattern does David identify that could be forming on the S&P 500?

    -David identifies a potential head and shoulders pattern forming on the hourly chart of the S&P 500.

  • What is the range David identifies on the 10-year Treasury note futures?

    -David identifies a range between 109.24-109.92 and 1101 on the 10-year note futures.

  • What does David recommend for trading the 10-year note with the current rangebound activity?

    -David recommends patiently waiting on the sidelines for the 10-year note futures to break out of the range before taking a directional trade.

  • What timeframe is David basing his analysis on?

    -David is basing his analysis primarily on hourly and daily charts to identify near-term technical patterns and support/resistance.

  • What does David say you should do if you are looking to go long USDJPY?

    -David says if looking to go long USDJPY, you should approach it on a short-term basis and keep a tight leash on it rather than a 2-3 week long-term trade.

  • What point does David say the markets are at overall?

    -David says the markets overall seem to be at an inflection point, waiting for key levels to break which will reveal new trading scenarios.

  • Why does David say he is not interested in trading EURUSD currently?

    -David says there is no edge in EURUSD right now as it is range-bound between support and resistance levels.

  • What timeframe does David focus his analysis and trading on primarily?

    -David focuses primarily on hourly and daily charts for near-term technical patterns to base his short-term swing trading analysis and decisions.

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