Thursday, August 3, 2017

Non-Farm Friday Trading Strategy | Crude Oil, Emini, Gold, Euro, FDAX



“If you can imagine it, you can achieve it; if you can dream it, you can become it.”


Crude Oil is bearish and trying to re-test the weekly low, but major support levels are telling us to stay patient for the most reliable selling-opportunities up in the ‘battle zone’ tomorrow.

S&P is range-bound and trading sideways, which tells us to buy the low, sell the high, and focus on failures until we get a successful breakout tomorrow.

Gold is bullish with a Spike & Channel and trying to finish the rotation back to the high of the triangle we spoke about in last night's newsletter.

Euro is bullish and trying to re-test yesterday’s high, but a recent Trading-Range is telling us to stop buying pullbacks and focus on traps down in the ‘battle zone’ tomorrow.

FDAX is bearish and trying to finish the move back down to the weekly low, but the sellers appear to be stalled-out and trading sideways, so we’re looking for failures tomorrow.


Crude Oil Trading Strategy
Crude Oil is bearish with a wedge as it tries to rotate back down to the weekly lows, and this Double-Down support level reminds us to focus on selling at resistance, preferably up in the ‘battle zone’ for a final target down to the lows tomorrow.

One thing to keep is that tomorrow is Friday, which reminds us to keep an eye on the weekly high around 49.81 if these sellers fail, or if the sellers finish their objective early enough for us to grab a rally higher mid-morning tomorrow.

E-Mini S&P Trading Strategy
E-Mini S&P is range-bound (yes, again), with obvious weakness on both sides of the range, telling us to buy the low, sell the high, avoid the middle, and focus on failures tomorrow.

One thing to keep an eye on tomorrow is the prior week high and low, which appear to be out of reach for now, but with tomorrow being Friday we always like to know where those levels are, just in case we get some overnight news that sends price screaming higher or lower.

Gold Trading Strategy
Gold is bullish with a Spike & Channel as it tries to complete “rotation” back to yesterday’s high. 

If you recall from last night's newsletter, we were looking for buying opportunities off the low of the triangle, which we got, and now we’re trying to finish the move back up to the high.

The Spike & Channel tells us to look for buying opportunities below the channel-low, preferably with traps and failures down in the ‘battle zone’ support area.

One of the most important things to watch tomorrow is trying to buy “too high” on the chart.  Our focus is the rotation back to the high, so we will be avoiding the temptation to chase anything higher.

Euro Trading Strategy
Euro is bullish and trying to re-test yesterday’s high, but this round-number appears to causing trouble for the buyers, and we’re now trading sideways into a range.

The range has a bull-bias, and tells us to look for buying opportunities using the '2-Try Rule' below the range, and we have a rising support trend-line, along with a few price-action gaps to use as key entry areas for tomorrow.

FDAX Trading Strategy
FDAX is bearish and trying to finish the move back down to re-test last week’s low, but we’re clearly seeing the sellers avoid selling into this low, which is developing into a Trading-Range with a bear-bias for tomorrow.


The goal for tomorrow is to focus on failures using the '2-Try Rule' above the high of the range, while keeping an eye on a strong rejection of the lows for a possible trend reversal back to the prior week high.

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1 comment:

  1. Hi Joseph
    I really enjoy your newsletter, but I'm not happy about you change FDAX to NASDAQ, but I fully understand, because you are a US company, and have to follow your customers wishes. I like the FDAX, and I think it's because I'm from Europe (Denmark), but maybe I should study the SP and NASDAQ, because they will fit better into my free hours, where I have better time to trade.
    Best Regards
    Jan L√łnstrup

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