Monday, May 15, 2017

Trading the Spike & Channel | Crude Oil, Emini, Gold, Euro, FDAX



“Setting a goal, writing the goal down, and taking action are the first steps in turning the invisible into the visible.”


Crude Oil is bearish after a recent '2-Try Rule' sent prices collapsing lower… but we don’t want to chase this move lower… so we’re watching the ‘battle zone’ for selling-opportunities on Tuesday.

S&P is bullish with a Spike & Range… telling us to look for buying opportunities below the low of the range… and don’t forget about that ‘fake-out breakout pullback’ to new highs tomorrow.

Gold is bearish… but we have a recent trend change and a major support level… both telling us to look for a ‘2-legged correction’ off these lows to ‘sell high’ tomorrow.

Euro is bullish with a flag pattern… telling us to stay patient for a deep correction off the highs… with a target going back to the ‘round number’ on Tuesday.

FDAX is bullish with a Spike & Channel… which tells us the most reliable buying opportunities will come after a ‘2-legged pullback’ into the ‘battle zone’ tomorrow.


Crude Oil Trading Strategy
Crude Oil is bearish after news from OPEC failed to keep prices racing higher this morning.  The buyers tried twice to re-test today’s high… and with this recent failure, we know the trend has changed, which tells us to look for selling-opportunities using a ‘2-legged correction’ off these lows… and a target at the measured-move tomorrow.  Most of the time… whenever we hear from OPEC… we spend a few DAYS running higher… and then we find our way back to where the party started.  

This time around… at least for now… it looks like today’s announcement is having a much lesser impact that OPEC most likely wanted.  The sellers are targeting a move back down to the beginning of the Spike & Channel, while the bulls would LOVE to get a move back to re-test today’s high.

E-Mini S&P Trading Strategy
E-Mini S&P is bullish with a Spike & Range this evening… telling us the most reliable buying opportunities will be at the lows of the range… or a fake-out breakout pullback at the highs with a target up at the prior week high tomorrow.  

The bulls came out the gate roaring higher this morning… but you can see the buyers rejected these higher prices when they failed to re-test the high on the first pullback to the moving-average.  Now… the bulls are focus on buying low… with a target going back to re-test today’s high… and most likely up to the prior week high on Tuesday.

Gold Trading Strategy
Gold is bearish after a recent trend-reversal… which tells us the most reliable selling opportunities will be after a ‘2-legged correction’ off this low up into the ‘battle zone’ tomorrow.  

The two big clues on this chart are the recent reversal (telling us to wait for the ‘trap high) … and the measured-move (telling us to avoid selling low).  Sellers are aiming for a re-test of today’s low… while the buyers would love to take control back again and make a run back up to the prior week high on Tuesday.

Euro Trading Strategy
Euro is bullish with a flag pattern this evening… telling us to look for buying opportunities using a ‘2-legged pullback’ off the highs.  The bulls started today’s session with a strong push up to the 10,000-round number… but it appears the buyers are weary about buying this high on the chart… and waiting for prices to pull back a little further before they commit to buying more tomorrow.  

If price can push through this round-number… the next stop tomorrow should be the “quadruple-up” target as well… but we need to see PROOF of that first.

FDAX Trading Strategy

FDAX is bullish with a Spike & Channel… telling us to look for buying opportunities using a ‘2-legged pullback’ to support levels for a re-test of today’s high.  

Today’s session started with a gap, a sharp correction off the highs… which appears to be exactly what the buyers were looking for because they finished today’s session with a strong push higher into could be described as either a Spike & Channel or a Spike & Wedge with a target up at the Double-Up waiting overhead.

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