Wednesday, May 3, 2017

3 Traps to Avoid Tomorrow | Crude Oil, Emini, Gold, Euro, FDAX - 05/03/17

“You are now at a crossroads. This is your opportunity to make the most important decision you will ever make. Forget your past. Who are you now? Who have you decided you really are now? Don’t think about who you have been. Who are you now? Who have you decided to become? Make this decision consciously. Make it carefully. Make it powerfully.”

Crude Oil is bearish, but the recent move off the highs went a little too far, too fast for us to sell down here… so we’re waiting for a move back into the ‘battle zone’ for another shot at selling this market tomorrow.

S&P is bullish and setting-up in a perfect location at the low of a Spike & Channel… all the buyers need is the proper signal candle for a re-test of today’s high.

Gold is bearish with a strong run lower today… but we’re sitting at a major support, which means our plan is to avoid chasing this move lower and look for more reliable trading opportunities at a higher price tomorrow.

Euro appears bearish at first glance… but looking closer we can see the sellers are trying twice to break out of the range from earlier today… so we’re looking to fade this move going back into the range tomorrow.

FDAX is bullish, but the chart tells us we’re “2 legs up” … which isn’t a good place to buy… so I’m waiting for a correction back to the ‘battle zone’ tomorrow.

Crude Oil Trading Strategy
Crude Oil is bearish, but this recent push lower sent prices a too low to sell, so the plan for tomorrow is to look for selling-opportunities up at the ‘battle zone’ using a ‘2-legged correction’ or a seller-failure.  If price pushes lower, we need to avoid the ‘No Trade Zone’, and focus on using the support trend-line as resistance for a measured-move target tomorrow.

E-Mini S&P Trading Strategy
E-Mini S&P is bullish and trading at the low of a Spike & Channel as it tries to re-test the measured-move it reached earlier today.  The bulls are in a great position with a ‘2-legged pullback’ off the highs… all the buyers need is the proper signal.  If price pushes lower, the next step is to look for seller-failure at the moving-average… and continue looking for a re-test of the highs tomorrow until the sellers take control.

Gold Trading Strategy
Gold is bearish, but trading at the 'quadruple-down' support level is a horrible place to look for new selling-opportunities so our plan is to look for more reliable trading opportunities up around the ‘battle zone’ overhead.  The bears finished the session with a parabolic move lower… the move getting stronger as it pushed lower… but this strong move down will likely be seen as a great place to take profit, so the move back higher could easily be just as strong.  The goal will be to use a ‘2-legged correction’ to sell as high as possible tomorrow, while keeping an eye on a possible Spike & Channel, Spike & Range, etc.

Euro Trading Strategy
Euro is bearish at first glance, but the trading-range was started the session with also tells us to fade all breakouts, which is exactly what our plan will be tomorrow.  The sellers have tried twice to break out of the range, which means a failure from the sellers at this point will be a great buying opportunity for a move back to the range, and possibly a ‘pendulum swing’ all the way to the opposite side tomorrow.  With that said, the bears can indeed earn our confidence, but they need to hold the next pullback first.

FDAX Trading Strategy

FDAX is bullish with a re-test of yesterday’s high, but the bulls are ‘2 legs up’, which tells us that everyone should already be in this move, and we don’t want to try buying these highs.  The most reliable buying opportunities will most likely come back at support levels waiting below, and we have a possible Spike & Channel developing to use on the way up to the measured-move target tomorrow.

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