Thursday, July 20, 2017

Trading “Hidden” Trend Lines | Crude Oil, Emini, Gold, Euro, FDAX

“Twenty years from now you will be more disappointed by the things that you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.”

Crude Oil is bearish and trying to re-test yesterday’s low, and a Spike & Wedge, combined with a “hidden trend-line” are giving us excellent selling-opportunities for tomorrow.

S&P is bullish and trying to complete a measured-move target back at today’s high, and a Spike & Range is telling us to look for traps and failures back at support levels below.

Gold is bullish, but a big overshoot of the channel is telling us to keep an eye on a pullback failure and selling-opportunities down to last week’s high.

Euro is bullish and trying to re-test the highs, so we’re watching a support trend-line and the ‘battle zone’ for the most reliable buying opportunities tomorrow.

FDAX is bearish and trying to finish the move down to a monthly support area we’re been watching all week, but we’re too low to sell now, so we’re waiting for traps to ‘sell high’ again tomorrow.

Crude Oil Trading Strategy
Crude Oil is bearish with a Spike & Wedge and trading at the measured-move, which tells us to expect a ‘2-legged correction’ off these lows, up into the ‘battle zone’ overhead, and a target going back to the measured-move.

Keep an eye on this “hidden” trend-line overhead, which was drawn using the low of the wedge, and projected up to the highs.

E-Mini S&P Trading Strategy
E-Mini S&P is bullish with a Spike & Range, telling us to look for buying opportunities with traps and failures below the range low and a target back to the highs.

The most important thing tomorrow will be avoiding the highs, which has multiple resistance levels overhead, and will most likely be prime for sellers trying to call “tops” for a reversal back to last week’s high at 57.75

Gold Trading Strategy
Gold is bullish and trying to re-test today’s high, but an ‘overshoot’ of this bull channel is setting-up for an overshoot on the opposite side, which may send prices collapsing back down to the prior week high.

The goal for tomorrow is to look for the buyers to try and buy the ‘battle zone’, then look for the failure and the sell down to the prior week high.

Euro Trading Strategy
Euro is bullish and four-legs higher in the wake of the ECB announcement this morning and this strong move higher tells us the odds are high we will re-test the ‘quadruple-up’ target tomorrow, so we’re looking for buying opportunities at support levels to finish the move.

One thing to keep an eye on tomorrow is the falling support trend-line, which may line up nicely with the ‘battle zone’.

FDAX Trading Strategy
FDAX is bearish and still trying to re-test the previous low and slide down to the monthly support levels waiting below.

The bears were successful in holding the ‘battle zone’, but they stopped just short of re-testing the low, so we need to avoid chasing this move lower by waiting patiently for traps and failures up around resistance levels overhead for a target going back to the low.

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