Tradng Zone Report
8/8/2023
Hello my friends. Today is Tuesday August 8th and this is my Trading Zone report for today. Here’s my chart of the S&P e mini and you’ll see a few features on my chart and I just want to explain what they are.
First of all there are two black horizontal lines and those are previous closes those are previous gaps and you also see my Taylor Trading Zone calculations, so I’m going to give you this Taylor Trading Zone report today to explain to you how to correlate indicators and the Taylor calculations with price action and where prices went today.
Now, in order to do that I want to start a day before – I want to start yesterday, Monday August 7th. Here’s the chart Monday August 7th and the Gap from the previous Friday was down here at 4499, and so prices actually went down at the open but then they faded the Gap and they never closed the Gap, so that Gap at 4499 remained open.
Prices closed on Monday right here at 4540, so we actually have the the Gap that remained from the previous Friday and the Gap from Monday. Okay,so here’s the Gap but here’s the closing price for Monday and I put that on my chart.
Today on Tuesday, right here at 4540 give or take, prices started right over here at 4510; closed the previous Gap, yesterday’s Gap, and again here’s the 4499 Gap from Monday and here was Monday’s gap which never closed, okay, so it closed today.
So where were prices going today? After the Gap closes (and the Gap is a 70 or 75 percent successful trade) where were prices going? I waited because I don’t know where prices were going. Prices basically went downhill in the morning due to Fitch downgrades of some of the largest U.S banks but then they stopped their decline about midday, and that was at an intraday low of 4482.
Now, it’s important to know where the intraday low and high of the day are. You should keep in the back of your mind to make a note of where the intraday high and low are.
S&P emini futures day traders need as much information as possible to make better trading decisions. Market prices move erratically, but the Taylor Trading Zone is based on calculations developed by George Taylor 75 years ago.
Almost all professional traders use the Taylor Trading Technique every day to help them make profitable trades – because the trading zone has proven to be the next best thing to having a crystal ball. Click the banner below to for more information, read testimonials from users, and how to download your own Taylor Trading Technique Calculator.
The intraday day high was put in right at the open in 4510 and the intraday low at about 11 o’clock at 4482. Prices didn’t didn’t test this intraday low so at that point, and here’s my Taylor Trading Zone. The Taylor calculations are based on George Taylor’s work 75 years ago in the grain markets but they apply today in most markets and certainly to the e-mini Futures market. Here was the Trading Zone calculation for today. Here’s the calculator – resistance at 4542, support at 4505, giving a 37 point range 37 point range. Okay, so let’s go back to the chart.
Prices didn’t trade up to the exact intraday resistance or support, but what Taylor is particularly good at is forecasting the range for the day. So what I do, and what I suggest you do, is to transpose the trading range. When you find the intraday low or high (remember, it’s important to keep track of the intraday low or high), so what I do is I clone my Taylor calculator and I transpose it to the either intraday low or high, and today I did it to the low and here was where the transposed calculator was, right here.
So the market here is trading within a 37-point range. Okay, the market put in a low at 4482 and closed right about at the intraday high, which turned out to be the forecast and intraday high at 4545, exactly where Taylor forecasted it to be.
So that’s the trading zone for today. We’ll see what happens tomorrow. I’m going to update my calculator, put my Trading Zone on the chart for tomorrow, Wednesday August 9th, and I’ll do this again tomorrow. Hopefully you’ll watch that video as well. This is Marv Eisen from Timeless Dollar Trading Academy. Trade safely, use lots of patience, and if you want to know more about the Trading Zone calculator or the Taylor calculator, check it out at my site at Timelessollar.com. Thanks for watching and I’ll see you in my next video.
Having as much information as possible gives S&P emini day traders a big advantage over “seat of the pants” traders. Without learning as much as possible about the market, it is highly unlikely that a trader will succeed at making money as a day trader.
See more videos about day trading on my Youtube channel.
Subscribe to my mailing list to receive information about S&P e-mini futures day trading.
