Tuesday, May 16, 2017

6 Trades for Wednesday | Crude Oil, Emini, Gold, Euro, FDAX



“I challenge you to make your life a masterpiece. I challenge you to join the ranks of the people, who live what they teach, who walk their talk.”


Crude Oil is bearish… but we’re sitting at two major support levels this evening… telling us to stay patient for selling-opportunities up at resistance levels tomorrow… with the only variable being the inventory report tomorrow morning.

S&P is range-bound just below the 2400 round number… telling us to look for failures to buy the lows and sell the highs tomorrow.

Gold is bullish… but we have two big clues on the chart… telling us to expect a deep ‘2-legged pullback’ off the highs tomorrow.

Euro is bullish with a Spike & Channel… telling us to stay patient for a correction off the highs and look for a seller-failure for buying opportunities back to the high.

FDAX is range-bound… and we’re sitting smack in the middle of the range… which tells us to stay patient tomorrow…selling the high and buying the low with failures.


Crude Oil Trading Strategy
Crude Oil is bearish and trading at the low of a channel and a measured-move this evening… telling us to avoid selling into these support levels and to look for selling-opportunities up around resistance levels overhead tomorrow.  One thing to keep in mind is the prior day low… which is still left to be hit after yesterday’s OPEC Announcement went bust… the only variable at this point is the inventory report at 10:30am EST tomorrow.

Crude Oil Inventory Levels for Wednesday:
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49.26, 48.92, 48.58, 48.24, 47.90, 47.56


E-Mini S&P Trading Strategy
E-Mini S&P is range-bound with a triangle this evening… telling us to avoid the middle and focus on buying the low and selling the high using failure patterns tomorrow.  One thing to keep in mind is the round number at 2400… which continues to act as a price-magnet this month… making it much more reliable to buy low using the '2-Try Rule'.

Gold Trading Strategy
Gold is bullish with a Spike & Range… trading at the prior day high and a measured-move this evening.  There is a LOT going on with this chart… but the most important information is the recent double-top at the measured-move.  This double-top tells us that buyers were given a second opportunity to ‘buy the dip’ which means the next pullback will likely be a little more significant.  The plan for tomorrow is quite simple… look for buying opportunities after a deep ‘2-legged pullback’ or look for a successful breakout-pullback to new highs for another leg higher.

Euro Trading Strategy
Euro is bullish with a Spike & Channel… telling us to most reliable buying opportunities will come with a ‘2-legged pullback’ into the ‘battle zone’ tomorrow.

FDAX Trading Strategy

FDAX is range-bound and trading in the middle of the range… which is NOT where we want to be trading.  The goal with a Trading-Range is to avoid the middle… and focus on buying the lows and selling the highs using the '2-Try Rule' and failures tomorrow.

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