Wednesday, June 28, 2017

Trading the Market’s Objective | Crude Oil, Emini, Gold, Euro, FDAX

“People become remarkable when they start thinking that they can do things. When they believe in themselves they have the first secret of success.” 

Crude Oil is bullish and trying to finish off a measured-move tomorrow, but we’re getting a little too close to resistance levels here, so we’re looking for ‘traps’ to avoid ‘buying high’ tomorrow.

S&P is bullish with a Spike & Channel as it tries to re-test last week’s high, and we’re looking for rotation back down to channel-lows for more buying opportunities tomorrow.

Gold is bearish and trying to re-test today’s low, but we have a wedge, measured-move, and Trading-Range all acting as support, so we’re looking for traps to keep selling tomorrow.

Euro is bullish, but we just finished the target for the bulls, so we’re waiting to see either a successful breakout-pullback or a ‘2-legged pullback’ off the highs.

FDAX is bullish, and the Spike & Channel tells us to look for buying opportunities at the low of the channel, and the ‘battle zone’ tomorrow.

Crude Oil Trading Strategy
Crude Oil is bullish with a messy chart this evening, in what appears to be a Spike & Channel on the way to a measured-move target tomorrow.  

One thing is for sure, the bulls have control, but we’re getting close to the measured-move, so we’re looking for traps and failures below the moving-average for the most reliable buying opportunities tomorrow.

E-Mini S&P Trading Strategy
E-Mini S&P is bullish with a Spike & Channel, telling us to look for buying opportunities at the low of the channel, or even better, at support levels below the channel.

We can see the wedge, measured-move, and high of the channel acting as resistance here, so we’re staying patient for rotation back to support where we will look for traps, failures, and eventually pullbacks as it rotates back to the high.

Gold Trading Strategy
Gold is bearish and trading inside a range at the end of a wedge, which tells us to avoid “selling low”, and focus on selling up at resistance levels with a target going back down to yesterday’s low. 

We have a lot of support coming together right here; wedge, measured-move, Trading-Range… all of it tells us to beware the fake-out breakout as price tries to push lower.

Euro Trading Strategy
Euro is bullish and trading at the high of today’s range, which tells us to avoid “buying high” and look for either a successful breakout-pullback to new highs, or a ‘2-legged pullback’ into the ‘battle zone’ tomorrow.

The most important thing to remember is that we are not re-testing the high after yesterday’s Spike & Channel, which tells us that we are at the market objective, which is the last place you want to buy, so it’s best to wait for proof to see what the buyers want to do next.

FDAX Trading Strategy
FDAX is bullish and trading with a Spike & Channel, which tells us to look for the most reliable buying opportunities at the low of the channel, and the ‘battle zone’ tomorrow. 

The goal is to use traps and failures to ‘buy the dip’ with a target going up to re-test the high, with a runner target up at yesterday’s high.

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