ChartPros Market Insights

Price action technical analysis is a popular and effective approach to navigating the financial markets, including stocks, options, futures, Forex, Crypto, and Commodity trading.

This article will provide expert tips and insights to help you successfully trade various financial instruments using price action technical analysis. By understanding and applying these concepts, you can improve your trading skills and potentially achieve greater profitability.

Most Fibonacci charts that we see posted on the internet are not drawn or used correctly.

Based on institutional algorithms this Free Guide will explain to you exactly what Fibonacci retracements and extensions are and how they should properly be used on your charts.

Download Your FREE Guide Now - Fibonacci Types that Create the Most Precise Price Targets and Reversal Zones

You may have heard that passengers aboard an Alaska Airlines (ALK) flight last week experienced a major scare, as an emergency exit-sized gap suddenly appeared in the side of the plane, leading to a rapid decompression. The plane was en route from Portland to Ontario, California, when the incident occurred.

As per a report by The Wall Street Journal, the flight took off on Friday afternoon and was forced to return to Portland International Airport within 30 minutes. The plane, at 16,000 feet, had 171 passengers and six crew members on board, all of whom survived the frightening ordeal.

Thank God everyone survived!

This has put the airline as well as the plane's manufacturer Boeing (BA Chart of the Day on 12/8/2023) squarely in the headlines with a lot of scrutiny on safety.  As a result, both company's respective stock prices are trading down today.

When I was in MBA school back in the late 1980s (yeah that's me back then long before gray hair) it was drilled into me that a company’s stock price was always tied to its financial statements. You know, Profit and Loss statements, Balance Sheets, etc and all that fancy financial lingo. 

And so I went through much of my early adult life not really ever knowing otherwise. But along the way I had heard of this “technical analysis” stuff but considered it something like voodoo or witchcraft because as far as I knew it had absolutely nothing to do with the fundamentals of a company’s financial performance.

While the New York Stock Exchange (NYSE) was closed Monday in observance of Memorial Day the global after-hours electronic trading system (GLOBEX) opened as normal Sunday evening at 6pm eastern time.  And given the US debt ceiling headline news over the long weekend the S&P 500 futures ticker /ES gapped up about 20 points on the open to keep the bulls firmly in control.

On the current ES weekly chart I've only marked it up with Support/Resistance and Trend. Also known as basic structure. In this view traders can see that price often ping pongs between historical levels before proceeding in its next direction.

If you'd like to enroll in the same exact Introduction to Price Action Trading using Support/Resistance and Trend course that I took earlier in my trading career we're offering it at an incredibly low price this week revealed at this link.

Fibonacci, often referred to as “Fibs”, are one of the most commonly used tools in Price Action Trading for trending markets in helping create measured price movements which can assist you in creating bi-directional future levels of interest and anticipate trend reversal zones.

This free guide will explain to you exactly what Fibonacci retracements and extensions are and how they should properly be used on your charts.