Wednesday, May 24, 2017

OPEC Trading Strategy | Crude Oil, Emini, Gold, Euro, FDAX



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Crude Oil is bullish ahead of tomorrow’s OPEC meeting, but we’re trading at the high of a channel, so we’re waiting for the next pullback for more confirmation, while sellers are looking for opportunities up at the high of this channel as well.

S&P is bullish with a wedge this evening, but we’re trading into three levels of resistance, so the plan is to wait for a pullback off these highs before buying more tomorrow.

Gold is bullish and trying to complete a measured-move, but we’re trading at the high of a channel, so we’re looking for a ‘2-legged pullback’ tomorrow.

Euro is bullish and trying to finish rotation back to yesterday’s high, but two levels of resistance are telling us to avoid chasing this move higher and wait for a pullback tomorrow.

FDAX is range-bound this evening, so the plan is to focus on failures above the highs and below the lows using the '2-Try Rule' tomorrow.


Crude Oil Trading Strategy
Crude Oil is bullish ahead of tomorrow’s OPEC Announcement, but we’re at the high of a bear channel, so the most reliable buying opportunities will come after the bulls can hold a pullback to new highs tomorrow.  The bears on the other hand, would LOVE to sell off the high of this channel, but they need more proof before they can sell, so we’re waiting for a successful breakout-pullback to new lows for that confirmation tomorrow.

E-Mini S&P Trading Strategy
E-Mini S&P is bullish and trading at the high of a bull channel, which may develop into a wedge tomorrow, but the measured-move is just a few points away, telling us to avoid buying this high, and look for more reliable buying opportunities back at support levels below.  The first thing that stands out on this chart is the Trading-Range to start the day, and this being the 2nd time the buyers have tried to push higher, which tells us to stay patient for a deep correction off the highs in the ‘battle zone’ tomorrow.   

Gold Trading Strategy
Gold is bullish and trying to reach the measured-move but the high of this channel appears to be standing in the way.  This recent move was very strong, which tells us that we need to avoid buying into the high, but we won’t likely need to wait for a rotation back down to the low of the channel.  The plan is to look for a trap or a ‘2-legged pullback’ off the high for the most reliable buying opportunities going back to re-test the high, and possibly yesterday’s high as well.

Euro Trading Strategy
Euro is bullish and trying to complete a measured-move on the way up to yesterday’s high, but resistance overhead tells us to avoid chasing the move higher and look for opportunities to buy at support levels using failures, traps, and ‘2-legged pullbacks tomorrow.

FDAX Trading Strategy

FDAX is sideways and trading inside a range this evening, telling us to focus on failures at the highs and lows of the range using the '2-Try Rule'.  One thing that stands out on this chart is the gap from last night, which gives us a good “heads-up” on where the failure may occur tomorrow.  The prior day low is also within striking distance of a fake-out breakout of this range, so keep your eyes open and use the '2-Try Rule' to qualify for the failure.

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