Thursday, May 11, 2017

5 Trades for Friday | Crude Oil, Emini, Gold, Euro, FDAX



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Crude Oil is bullish and trying to finish rotation back to the high of a wide channel tomorrow… but we have resistance in our way… so the goal is to get above the resistance and use as support on the way higher.

E-Mini S&P is bullish and trying to re-test yesterday’s high… but we have two levels of resistance getting in our way… telling us to look for buying opportunities back in the ‘battle zone’ where we have some decent reward compared to the risk.

Gold is bullish and trying to re-test the measured-move from earlier today… but a short-term trading-range is telling us to beware buying the high… and focus on buying with traps tomorrow.

Euro is bearish and trying to re-test today’s low… but we’re too ‘low’ on the chart at this point to enter… so we’re waiting for a ‘trap’ to sell high tomorrow.

FDAX is bullish after a recent trend-reversal… which tells us to look for a ‘2-legged pullback’ into the ‘battle zone’ tomorrow for a target up at yesterday’s high.


Crude Oil Trading Strategy
Crude Oil is bullish and trying to rotate back to the high of a wide channel tomorrow… but a resistance trend-line is getting in the way.  Buyers are in a perfect position to ‘buy low’… all we need is to get above this resistance level and use it as support for a move back to the high.

E-Mini S&P Trading Strategy
E-Mini S&P is bullish and trying to re-test yesterday’s high after price got clobbered to start the session today.  The bulls have control, but their trading into the Double-Up resistance level… telling us to look for selling-opportunities where we have enough opportunity for a decent target without buying into resistance.  If price can push through the Double-Up… then we start watching for a move back to the 2400 round-number which we saw just a few days ago.

Gold Trading Strategy
Gold is bullish and trying to re-test today’s measured-move target… and the bulls are coming off a perfect ‘2-legged pullback’ as price tries to fight its way through the prior week low.  The bulls are likely already in this trade going higher… so the next reliable buying opportunities will come after a strong push higher… or after a pullback into the ‘battle zone’ tomorrow.  One thing to keep an eye on tomorrow is a possible trading-range developing around the prior week low… always a price-magnet as we go into the end of the week tomorrow.

Euro Trading Strategy
Euro is bearish and trying to re-test today’s low… the only problem is that price is relatively ‘low’ in the short-term so we need to wait for more information before we sell at this point.  The most important clue on this chart is the strong move lower (after the ‘trap high’ we talked about in the last night’s newsletter)… we assume that strength was a little too much for the sellers to chase… and you can see the bears waited for a ‘2-legged correction’ to sell back down to the lows.  The objective is to re-test the Double-Down… and we’re looking for traps to avoid selling low on the way down.  On the flip side… if this thing fails to push lower… sellers will likely bail on the move and price will shoot higher back to re-test today’s high… so watch closely for the failure.

FDAX Trading Strategy

FDAX is bullish and trying to re-test today’s high… and possibly make a run up to last week’s high tomorrow.  The most important clue on this chart is the recent change in trend… the bears just lost control to the bulls… but the bulls don’t want to buy this high… so we’re looking for buying opportunities after a ‘2-legged pullback’ into ‘battle zone’ tomorrow.

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