Tuesday, August 22, 2017

3 Secrets for Trading with Ranges | Crude Oil, Emini, Nasdaq, Gold & Euro



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Crude Oil is sideways and range-bound ahead of tomorrow’s weekly Inventory Report, which tells us to focus on failures around the edges of the range ahead of the fireworks tomorrow morning.

S&P is bullish with a Spike & Channel, and possible Trading-Range, telling us to look for traps and seller-failure at support levels to buy the dip tomorrow.

Nasdaq is bullish with a wedge into Spike & Channel, telling us that buyers will most likely be waiting for a ‘2-legged pullback’ off these highs before buying more tomorrow.

Gold is bearish, but a flat moving-average and big candlestick wicks are telling us to focus on failures for selling-opportunities in the ‘battle zone’ tomorrow.

Euro is bearish with a Spike & Range, telling us to look for buyer-failure up above range highs with a target down to yesterday’s low.


Crude Oil Trading Strategy
Crude Oil is range-bound and sideways ahead of tomorrow’s weekly inventory report, which tells us to focus on failures at the highs and lows using the '2-Try Rule' tomorrow.

The biggest challenge for tomorrow is this big news report at 10:30am EST, which means the next 16 hours are going to be a big variable ahead of the news.

Most important aspect tomorrow is to get at it EARLY, with the best trading opportunities coming before 10am, while staying patient after the news is released to see if we get decent price-action to work with.

Crude Oil Inventory (S/R) Levels for Wednesday:
48.47, 48.18, 47.89, 47.60, 47.31, 47.02

E-Mini S&P Trading Strategy
E-Mini S&P is bullish with a Spike & Channel, which may develop sideways into a Trading-Range tomorrow. 

The Spike & Channel tells us the buyers have been going at this all day, and they will most likely grow weary of chasing this move much higher.

The goal is to look for traps and seller-failures down at support levels with a target going back to re-test the highs tomorrow.

E-Mini Nasdaq Trading Strategy
E-Mini Nasdaq is bullish with a wedge, which has now developed into a Spike & Channel, which tells us this market has been bullish ALL DAY today, and buyers will be weary of buying this high on the chart.

The plan is to look for more reliable buying opportunities down at support levels, preferably in the ‘battle zone’ with a target back to the highs, and hopefully up to the prior month close tomorrow.

Gold Trading Strategy
Gold is bearish, but a flat moving-average, combined with big candlestick wicks at the bottom of the chart tell us that sellers are in control, but they don’t see much value in lower prices, so our plan will be to look for selling-opportunities up at resistance levels tomorrow.

If price tries to push lower, the measured-move and prior day low will be major support, so avoid chasing the move lower, wait for a good amount of strength, and focus on selling the "fake-out-breakout-pullback" to new lows tomorrow.

Euro Trading Strategy
Euro is bearish with a Spike & Range, which tells us to look for selling-opportunities up at resistance levels for a target going back down to the lows.


On the buy-side, the bias is bearish, but the bulls can watch for the sellers to try twice and look for buying opportunities after seller-failure below the range tomorrow as well.

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