Wednesday, May 17, 2017

Trading the FLAG Pattern | Crude Oil, Emini, Gold, Euro, FDAX



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Crude Oil is bullish… and this flag pattern tells us the bulls have the $50 in their cross-hairs for tomorrow… but we need to see a good set-up before buying this dip tomorrow.

S&P is bearish… and after today’s collapse lower… we’re waiting patiently for a ‘2-legged correction’ off these lows to sell more tomorrow.

Euro is bullish… but we’re trading into three resistance levels… with a target up at the “round number” the plan is to look for traps at support levels tomorrow.

FDAX is bearish… but trading at the low of a channel isn’t the best place to be selling… so the plan is to look for more reliable selling-opportunities at the high of the channel tomorrow.


Crude Oil Trading Strategy
Crude Oil is bullish with a flag pattern… so the plan is to look for buying opportunities using the top of this channel… making sure we don’t get caught chasing a move higher.  The bulls are most likely hunting for the measured-move and possibly the $50 round number tomorrow… but they need to give us something to work with before we buy more tomorrow.

E-Mini S&P Trading Strategy
E-Mini S&P is bearish and trading at the triple measured-move… and the first thing that stands out on this chart is… where is the correction?  Exactly… there hasn’t been anything to let the bears “sell high” …so the plan is to look for selling-opportunities using a ‘2-legged correction’ up into resistance levels tomorrow.  The sellers are most likely hunting for the prior month low… which is a pipe-dream at this point… so avoid the temptation to chase this market lower…staying focused on selling those corrections tomorrow.

Gold Trading Strategy
Gold is bullish with a Spike & Range and attempting to breakout to new highs… but we know better than to buy the highs… so the plan is to look for a successful breakout-pullback… or even better… a “trap” back at the low of that range near the ‘battle zone’ tomorrow.  The bulls are most likely hunting for the prior month closing price… but we need to stay patient and focus on buying the dips on the way there tomorrow.

Euro Trading Strategy
Euro is bullish and trading into multiple levels of resistance… so the plan is to avoid ‘buying high’ and look for traps and failures at the support levels waiting below.  The bulls are most likely hunting for that 12,000 “round number”… but they need to push thru these resistance levels first… so stay patient and buy into support on the pullbacks.

FDAX Trading Strategy

FDAX is bearish and trading at the low of a channel this evening… so the plan is to look for selling-opportunities up at the high of the channel tomorrow.  The bears are most likely hunting for the prior month high, but we need to avoid selling these lows… so we’re waiting for a correction to sell into resistance.

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