The Pit Post RTH Wrap 06082021 || The Pit Futures Trading
right now i said turn it down all right so look summertime trading look at yesterday drop balance recover overnight long liquidation they recover it this really threw me off today if you want to know the truth long liquidation based on news and i know ann was saying that the news occurred down here but why would the news rally on negative news so i i actually had the news occurring right here and uh dropping it but whatever no big deal market liquidates they buy it right back up which is man that's like 2019 uh that's like 2019 every day you'd get long liquidations that you could buy and it would run and it would run to the high of the day uh and and so on and so forth we have long legion based on news we recover it and then i i would have bet the farm that we would have uh taken all-time highs and uh right off the bat and it would have been an update but long as get liquidated again out of value get down into the gap right up against long-term poc they recover it and and then this move right here really threw me off um like this thing was ripping and they were selling it they were they were the seller were taking everything they could get and you could hear my time and sales blowing up uh you know that they were literally trying to sell this thing as it was coming up and uh and then we left behind this poor structure which i will tell you right now when we pull back into this poor structure i'll be a buyer giving a good signal right now if it were to drop down in here in globex and we're out of value i'd certainly be looking for uh if not a push down into here and a buy right off of this low i'd be looking for the next kennel to open up give me a higher low and give me some signal to go back to the mid but uh you know certainly not right now into the end of the day but uh as it stands i mean [Music] like i said all you have to do is look dead left and you will know that this is not an area you want to trade in i took along i got stopped out no big deal uh but you know just what a shitty place to trade in you're trying to guess which side of the mid and look i love bollinger bands like if any of you guys ever want to just talk bollinger bands and understand why i have such a love for bolder bands i'll be glad to do it but i will tell you this when you're just rotating over the mid there's no good trade you're literally guessing who's going to take control and if you're guessing you got a 50 50 shot of being right or wrong so that's not odds in your favor by any stretch i took a long and i and i got stopped out it rotated back up now it's rotating back down and uh it is what it is but it's just very much a shitty location to take a trade and one of the things that we talk about are one of the things that i preach at the most in pmag is always take your trades in favorable positions like down here and know where your target is which would have been right here uh i was hunting for a trade i wanted to to catch a breakout long if you look at the 15 minute clearly we drop we bare flag we drop we recover it we bull flag and very much was i anticipating a move at least to rth open and quite frankly i just think we'd get the all-time high but uh yeah not happening at least right now so it is what it is um once again you know yesterday total inside day inside value overnight we look above friday's high we failed back in we looked back above friday's high and we failed back in and lo and behold not only are we inside friday's range tagged to the tick on l period but we're also inside yesterday's range so that's two looks above and a failure back in three technically if you count globex sunday into monday rth excuse me so i mean look it's summer trading i don't think anything's easy about it you got to take your opportunities that's why i'm taking pretty much every setup that comes my way and just letting the chips fall where they may but right now look at least we're value higher from yesterday but we're still inside these ranges you know and if you look at the volume by price you know we are holding above this huge high volume node so you have all this trading going on in here a lot of balance looks look blows fell back in now we're back now we're above it but we're holding above it and not only are we holding above it we're you know we are one two three four five with the failed attempt lower so a rejection out of this high volume done a rejection right off of the long term 4205 poc back above so that range that i had kind of drawn out this morning i still think it's valid i still think you want to be long above it you know which was i mean it's not like i'm freaking you know saying anything that's shocking you know if we're able to break this range to the high side i think we're we're gonna get a big move up and we've tested to break the low side which would be this area right here this 4214 area we've tested it once twice three times four times five times we got through it right back above it right back into this zone so it just begs you to believe that this thing wants to now try higher and uh you know but you know look i mean who knows if that's going to happen or not if you look at the 15-minute which is a consolidated view of this exact chart you know we're just stuck here in in a new suck zone so this is what it looks like when you bring all the data in right so this is the exact look of this right here but if you walk it back and you just kind of bring in the most recent sessions we've just kind of developed this new suck zone in here we've tried to break to the low side and uh we're just hung up and now i would imagine that we would try to get to the high side and it is summertime and if you remember last summer all of our moves all of our moves came in globex we did dick during rth and all of our moves would be in globex so i would anticipate some level of move up tonight and attempt to take 4238 you know if it happens it happens if it doesn't happen it doesn't happen so but with that in mind i will tell you this right now like i would be very much looking for any pullbacks to 2450 that cannot break this support cannot break underneath this what's left of what was a pretty decent low volume node you can see on the 15 minute solid support you can see on the hourly as a matter of fact support right it's also v web and then we have to update our levels for today and our value for today but if you just look at this chart in this chart i mean i this might easily my favorite chart outside of a footprint but any pullback end of 2450 that holds you want to be long and you're targeting all-time highs if it fails then there's zero doubt that you're gonna travel this entire high volume does so for a lot of the new guys that are in here uh i never put targets i will pay attention to pox right but i would never put a target on the tip of a high volume node or try to pick a target in the middle of a high volume node i'm not saying that people don't make it work for them but the whole reason why it's a high volume node is because you travel the entire area that's why i put so much emphasis for me and my trading on low volume nodes because it would be impossible to say well we you know look we traded this out and put so much volume between 16 and 22. uh well maybe we'll look for support around 19. well how the hell do you figure that i mean you traded the entire area that's why it's a high volume node so first low volume note of importance for me is 24.50
if that fails then i really think i mean obviously you have the low of the day that you have to pay attention to but you also have the base right here that is uh 15. so i'm not going to count these wicks i try to catch as much as all the candles that i can so you have if i were to take these two wicks that basically negates the lows here if i took these two wicks it wouldn't account for any of this so if i take the base of these two take the base back here uh this right here we dip underneath it right here you have this is where so 15 for me so if 2450 fails i would pretty much be willing to bet you could short it down to 15. now i don't know maybe you don't want to short it i cl i'm not that great at shorting this market i've got weak short hands i'm just not good at it so i'm more than willing to say if 2450 fails i'll wait for 15 to get tested and i'd look for a long there looking to trade this high volume node ultimately probably looking for 42.28 if 15 fails well then you got the load of the day and you've got 4205 which is this massive high volume node right long term high volume node and then of course you have 4200 and then underneath that we probably need to revisit this as it's getting uh as it's getting played out i'd probably look at 89 and then these look i hate to have a thousand levels underneath and certainly if 89 fell you would probably be uh you would probably be just blowing through these levels right here but i'll leave them in there because i believe that if we did lose 89 the play would be to the short side and i would look for 84.75 be a bounce that we couldn't get back above 89 from and i'd look to short that bounce and if we drop through 84 i'd look at 78 for a bounce and i'd look to 84 or 89 to initiate a short and then obviously if we lose 78 the world's probably coming to an end and everyone everywhere saying that we're going to be at 1500 before you know it but that's how i'm going to play it so going in obviously i have this little zone right here i'm gonna just uh i'm gonna take that off because this that zone while i think it's valid the most valid levels going into tonight are gonna be the previous day high which will be uh i'm actually just gonna adjust this so it's gonna be the previous day high i'm gonna get rid of that even though we are technically inside yesterday's range whatever i get it uh i've got solid levels i'm going to play off of i don't have to have every single level in the book so you have today's pock so and obviously we're probably looks like we're going to be opening up globex underneath it and we're just going to be sitting right here but another important area or range that i look for is mark your uh your value area for today which can be different once we actually close this pitch down but for right now let's just get it drawn in we can go ahead and get rid of that as we travel through it and get rid of globex low doesn't matter anymore get rid of globex high it does not matter anymore we can get rid of this we travel through it and then i'm gonna take friday's low and make it our new low of the day all right so we're about to put in a lot of volume uh at this very end of the day so watch for value to get tightened up a little bit might not do anything but a couple things we're gonna open up now in now granted n needs to stay here and n can drop underneath and we could be looking at something different but uh if n were to drop underneath and we open up globex down here then uh 2450 instead of being support it it for me will now be resistance so going into globex tonight and i am going to be here for globex i'm pretty certain for the open but if we open here right and we pull back into 2450 and we get right back above it that's probably going to be a long for me if in drops and it looks like it's going to drop and they'll probably run some stops under i and j if it drops when we open up globex under here i'm going to turn that line red and that's going to be resistance and i would probably be looking to short not the first touch of resistance if we open up under here but i'd probably looking at a failure to get above it and stay above it and i would be looking to drop out of value and start looking at this 15 area and i would probably be looking to short that um so but i mean we got to figure out where we're going to be right so i'm not going to be here at you know 3 59 watching this stupid thing and seeing what it's going to do i'm going to take a break try to go out there and clean a pool filter but uh wherever we open up if we open up up in here support looking to go and uh and looking to get to value area high and i'm looking to obviously i honestly i am looking for a move uh to all-time highs if we were to open up underneath here if n drops i and j low you're probably going to see some stops ran and never forget we have this area down in here that will be revisited so this and guess what under 15 so if we were to pull back in here clean up that poor structure that's a great area to look to get long it's not exactly 15 i mean 15 is ideal support but you'd be pulling back into hourly bollinger band standard deviation second and third standard deviation anywhere in here i'm looking to take take along and i'd use 15 as my out obviously if we lose 15 low of the day gap 4200 so on and so forth but uh it's pretty simple for me if you want to know the truth um and quite frankly any long is going to be difficult for me knowing that i have this poor structure underneath but it is what it is and you know if 2450 holds up and we open up globex in here and we can't get underneath it i'll just have to take along and grip my teeth and bear it if i get stopped out next optimal zone is going to be in here take out the poor structure i know i've got 15 anything under 15.
it man long's off the table you're out of fight you're out of today's value you're underneath this poor structure you know you know then you have to be looking at shorts but still most critical level previous day low you would definitely be looking for responsive buyers you would certainly be out of value at some point uh under the third standard deviation so this is just if we lose 15 i i'm not shorting it uh i'm more or less looking for responsive buyers in this area so three areas to trade for me long's here long's in here and long's down here obviously if we lose 4205 now you're back in this area you're probably going to trade the other side of it 89 comes into play anything under 89 don't be looking at shorts because you're probably looking at getting down here at some point rty breaking out of its zone but boy it's got a level right here right so could break up and have a big fail but looks strong like bull nq back in its range looks like it's going to be able to hold all right that brings in all-time highs into play and it's bans on the daily are opening back up the es i mean it's just we're trend we're we're trending up i mean any this just kind of seeing rty bands expanding right the trend is up this is finally breaking out of this forever zone okay now it's got a big hurdle that's got to pass in queue same thing bands opening up trends up bounce off its 20 back above its 50 in its range looks like it's going to go for all-time highs es bands opening up trends up bounced off it's 20. it's looking like it's going for highs so certainly i believe the play is going to be pullbacks to get long the question is where do you get a pullback to do we open up in here it only gets 24.50 do we get to value area low and we have to get long or do we just wait to get long above 24.50 15 or do we find responsive buyers the previous day low so for me tonight pullbacks to get long really have to see where we're going to open up against 2450 and take it from there bring up the pure sex chart purple same thing breaking out of balance to the high side looking like we're going sideways looking for next leg up and uh there you go i mean look that's what i got you know we we tried lower we tried breaking this area lower and uh we find ourselves up here i think 24.50 is going to be critical
uh i don't want to say it's my over under because i will get long down here at these other levels but 20 being right here at 24.50 i think it's a pretty solid place to look for longs open up maybe dip under a little bit take out inj stops whatever dip test the test value area low and then get back above it and start looking to track higher value high previous stay high and then all-time highs that's what i got that's how i'm going to look for tonight hopefully i'm here and nothing happens anyone have anything anything else i want to add nice group here all right guys well that's it yeah tom man thanks for being in here brother appreciate you everyone have a good break um sorry if you hear me sucking on my cough drop but good grief man this cough is killing me all right everyone have a great break and i will catch you in globex thanks thanks