Buy Weakness Today | February Jobs Report

Swing trades galore today…

We couldn’t have a better setup than today. Strong, obvious bullish order flow combined with bearish Saturation Points gives us a chance to bid for a lower open today.

Yesterday’s trade call in BA-Boeing triggered within .02 of our entry price and rallied almost $8 intra day. If you missed the analysis,  I strongly suggest you print out and study the strategy.

Whether you bought the stock or options, this one trade could have made your month. If you want more detail on the strategy and some depth to my trading plan, watch this video.

I got some questions yesterday about finding average true range for your stocks and why I use it. (you can click the image above to visit finviz.com and type in your stocks on the top.)

Average true range or ATR is the average of the high to low, over a certain period of time. I have successfully used the metric for profit targets and entry points for almost 19 years now. The reason I prefer it over other indicators is that it tells us what the stock actually trades, not what it might trade.

For yesterday’s call in BA, we combined order flow, saturation points and ATR. using ALL of these pieces forms a strategy. This is tape reading. It’s not chart reading. Tape reading looks for trades. Chart reading looks for patterns.

Big difference. Huge.

Something else that’s unique about using the ATR. You can also use them if you’re day trading to establish accurate profit targets on your entry time frame.

So if you enter on a 15 minute chart, make note of the ATR on that time frame and exit your winners perfectly.

Hope you got paid on that BA trade yesterday. It was as close to a perfect setup as we teach. Looks like today’s opening will offer a few more (on a lower open)

Pete

SPY ETF Chart 3-8-19

SPY ETF Chart 3-8-19

February Jobs Report: Here’s

It will be hard to match January’s big gain, but another strong increase in payrolls is expected, with continued wage growth.

The Labor Department will release the hiring and unemployment figures for February at 8:30 a.m. Eastern time. The monthly report provides one of the better snapshots of the state of the American economy.

Here’s what to watch for: nytimes.com/2019/03/08/jobs-report

U.S. stock futures drop ahead of jobs data

U.S. stock futures fell on Friday, pointing to a fifth straight session of losses for Wall Street, after a slump in Chinese exports piled onto concerns about slowing global growth.

Investors are also braced for U.S. jobs data due later.

What’s driving the market? Tumbling 4.4%, Chinese stocks logged their worst one-day percentage drop since October on Friday, after the nation reported a 20% drop in February exports on the heels of a 9.1% gain in January.

marketwatch.com/stock-futures-drop-2019-03-08

About the Author

Pete is a full-time trader and mentor since 2000. Author of Equity Trader 101 and the Order Flow Method. He is dedicated to help self-directed traders to bust through the six-figure level.

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