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Good morning, Traders! Here's your Daily Direction update! Today we're looking at the E-mini Russell 2000 futures index (RTY). The current price is approaching a known U-turn point. The overall direction is up. We'll see a bit more of a bearish drop before the price rebounds and heads into a bullish rally. By waiting for the price to fall to around 2122.2, opportunities to buy will open up once we see the market bounce back up. Remember: downward price movement isn't something we should be afraid of! It allows us to get into the market and open a position to make money once the price begins to rally again. Let's dive into the timeframe analysis! The overall direction for the RTY is up. In the daily timeframe chart, the price is falling toward a lower price, but the overall trend is still upward. By utilizing one of our more advanced tools, the Gartley down Fibonacci, we can expect the price to bottom out around 2122.2. For more information about Fibonacci, check out this article!  The direction within the daily timeframe is currently up.
The overall direction for the one-hour timeframe is up
 The RTY is approaching a known U-turn point
 The RTY is about to hit a known point of U-turn (small green arrows to the left of the chart). That means we can expect the price to rebound and then rally northward (long green arrow to the right). If you look at the above chart, you'll notice that the current price is reaching a point that historically represents a U-turn point for the RTY. The small green arrows to the left show previous U-turn points, which align with the current position of the RTY. That means the price is close to turning around and heading for a bullish rally. Now let's take a look at the one-hour timeline to look for a buy-in strategy... Turning to the one-hour timeframe, we see that the price is indeed approaching a known U-turn point. Time and again, we see the price reaching that lower line in the chart and rebounding for a rally. Thanks to that data, we can be confident that the same thing is about to happen to the RTY.  We're watching the price in the RTY one-hour timeframe is it approaches a known U-turn point (small green arrows to the left). We want to buy as low as possible, so we're waiting for the RTY to get close that the bottom blue line before it begins to rally. Once the price reaches 2122.2, the RTY will likely turn around and rally to a higher price. Of course, the U-turn could happen sooner. That's why we'll keep our eyes on our timeframe charts as the price moves. The overall direction for the RTY is up. The market is reaching a known U-turn point, meaning we should see the price begin to rebound and then push into a bullish rally. We should expect a rally in the RTY soon! Once the RTY hits 2122.2, we should see the U-turn develop. That's when we turn to our timeframe analysis and start looking for opportunities to but the market! For more information about how I come up with my trading strategies, be sure to check out my free trading tips! Keep On Trading,  It's not the market. It's not your indicator. It's TRADING. Let it go. The first step toward consistent profits comes when you accept the reality that losses will occur. Prices have a mind of their own at times. The institutions are at the wheel. The sooner you accept this, the more progress you'll make. Look at the past, but don't stare. Accept what's happened and move on. Target tighter entries. Get the heck out of those losers you're hanging on to. Accept. And start to enjoy trading. 
Stay tuned for my next edition of Josh's Daily Direction.
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May 12 | We're about to see a U-turn in this market
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