The Pattern Trapper Market Update Blog is a companion piece to the FREE! Daily Pattern Signals Report.
For maximum benefit be sure to check out the On-Line Course.
To see how some of these trade setups will typically turn out Click Here.
The June Live Cattle contract has fired 90-10 Low Continuation and Momentum Pinball Buy signals for today's trading. The 90-10 Low Continuation signal is fired when the day's trading closes within the bottom 10% of the day's range. It tells us that yesterday's late day move lower is likely to continue on into today. The Momentum Pinball Buy signal suggests that IF the first hour's high happens to be broken, the market is telling us something completely different than originally assessed, and we'd want to consider a long position. Cycle Indicators (chart at right) have moved into a region where short term cyclical tops often form, but the more immediate trend is to higher prices. Odds favor further downside in early morning trade. Look for an opportunity to sell the break of yesterday's 121.800 low with a stop just above the 122.300 level of the Daily Pivot. Price weakness below the DP may provide clues for earlier entry. The Momentum Pinball Buy signal, however, tells us to change our bias to the upside if the day's first hour high happens to be taken out. To learn how to trade these setups every day Click Here!
Forward this to friends and colleagues! Disclaimer: trading involves significant risk and is not suitable for everyone.