Monday, May 22, 2017

Trading with Triangles | Crude Oil, Emini, Gold, Euro, FDAX



“Get excited for this opportunity!  The higher your energy level, the more efficient your body, the better you feel and the more you will use your talent to produce outstanding results.”


Crude Oil is sideways and right in the middle of a triangle this evening, telling us to fade the edges of the range using failure patterns until we see a successful breakout tomorrow.

S&P is bullish with a wedge, but the wedge is getting narrow, telling us to look for traps and failures at previous swing levels to avoid buying into resistance tomorrow.

Gold is bullish and trying to finish the Double-Up target, but today’s move didn’t give the bulls many opportunities to ‘buy low’ so we’re looking for a ‘2-legged pullback’ to buy more tomorrow.

Euro is bullish with a Spike & Channel, but it appears price went too high too fast earlier today, so we’re waiting patiently for a pullback into the ‘battle zone’ tomorrow.

FDAX is bearish, but we have two support levels getting in the way for the sellers… which is giving the bulls a great opportunity for a strong break higher tomorrow.


Crude Oil Trading Strategy
Crude Oil is sideways and trading in the middle of the range ahead of Thursday’s highly-anticipated OPEC Meeting.  Our plan for trading with a range is to buy the low, sell the high, avoid the middle, and focus on failures until we see the buyers or sellers get a successful breakout of this range.  The most important thing during range days is to stay patient in the middle, waiting for an attempted breakout and then using failures to send price back into the range.

E-Mini S&P Trading Strategy
E-Mini S&P is bullish with a Spike & Wedge, which tells us to look for ‘traps’ and ‘failures’ at support levels with a target going up to complete the measured-move tomorrow.  One thing that stands out on this chart tonight is how narrow this wedge is becoming, telling us to beware trading inside the wedge, focusing on buying ‘2-legged pullbacks’ off the highs to avoid buying into resistance tomorrow.

Gold Trading Strategy
Gold is bullish and trying to finish the Double-Up target, and the first thing that stands out on this chart is that we haven’t seen much of a pullback since the beginning of the day, which tells us that buyers will soon be weary of buying this high and will be looking for a ‘2-legged pullback’ to attract more buyers at lower prices, so we’re watching for buying opportunities down in the ‘battle zone’ for a re-test of the high on Tuesday.

Euro Trading Strategy
Euro is bullish with a Spike & Channel, which tells us to wait for a correction into the ‘battle zone’ for the most reliable buying opportunities on the way back to re-test the Double-Up target tomorrow.  One thing that stands out on this chart is that the buyers weren’t too eager to buy this last pullback off the highs, which is likely a signal that this market went too far, too fast, and bulls are waiting for a possible re-test of Friday’s high before they buy more tomorrow. 

FDAX Trading Strategy

FDAX is bearish and trying to re-test today’s low, but the measured-move and Trading-Range are making the job difficult for the bears to find a reliable entry point tomorrow.  The bears have control, so they can sell the high of this range with buyer-failure, or they can look for a breakout-pullback below the Trading-Range, but they need to be careful not to sell into the measured-move support level which is only a few point away.  The buyers have a great opportunity tomorrow, but they need to show us some strength above the Trading-Range so we can look for a ‘2-legged pullback’ on the way up to re-test today’s high.

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