The Russell 2000, could this be the last 400 tick push? Hey everyone, I hope you enjoy this content. Don’t forget to click that subscribe button and hit that bell to be notified of upcoming videos. Hey everyone, Josh Martinez here with tradersagency.com and welcome to This Week’s Idea. Today’s date is August the 30th 2021, happy Monday everybody. Behind us is the E-mini Russell 2000, we’re going to follow up with this one because it is rocking and rolling and doing a great job. And remember, with an E-mini contract every tick is worth about $5, and with a micro contract every tick is worth about 50 cents.
So we take a look at the overall pattern. One of the things that we have to understand is you got to make a decision when it comes to your trading methodology. What do you believe in, and then do you really believe that to the point where you would take action behind it?
My belief here at Traders Agency and inside the markets are the markets U-turn at on and or around the same price points. Because I believe that I look to take action or create trading plans or trading ideas behind that. So you can see this bottom blue level is where the market traditionally forms U-turns, you can see the market forms low, forms low, forms low. This top blue level is where the market forms the opposite U-turn. We form a high, we form a high, we form a high, we form a high, and you can just kind of see where the market goes back and forth, back and forth, back and forth.
Now, when it comes to a scenario like this you have to ask yourself is number one, do you believe in it? Number two, are you willing to take action behind it? So the best time to take action behind a consolidation range and this is always at the bottom of the range. But right now we are at the top or near the top, and so the market is starting to push up. And we do have about 400 ticks remaining, so with the E-mini contract there’s still every bit of about $2,000 we had with an E-mini contract, or $200 we had with a micro.
Hold on one-on-one moment I’m going to draw uptrend on this. And when I draw this uptrend line, it’s going to make a lot of sense of what we’re going to be looking for. So, because the markets U-turn at, on and, or around the same price points, where at least that’s my belief, I’m going to be looking for this market to retrace bearish, to, or near the uptrend line, and we’ll make that orange. And then we’ll be looking for the market to U-turn and rally back up. And ultimately what we’re looking is to repeat success. We’re looking to buy low and profit high, buy low profit high, buy low profit high, buy low profit high.
And so you can begin to see that success it’s not a fantasy, whatever you do, however you find success should be repeated. And so this week’s idea is short and simple, right to the point E-mini Russell 2000 looking for 400 tick rally. Before the market rallies, I want the market a little bit closer to the uptrend line if I’m willing. Otherwise, if I buy now, I just have to be understanding that the market will probably go against me before it goes for me. This is Joshua Martinez, and we’ll see you next week. Hey guys, if you enjoy this and you want to stay up to date to my weekly content, go ahead, subscribe to this channel tradersagency.com. If you want to be notified every time I post a video, go ahead and click on that bell down below. If you want even more information, don’t forget to visit my website at tradersagency.com and subscribe to my free weekly newsletter, where I send out my research on market opportunities. Thank you for the opportunity to have a wonderful day.
