Wednesday, August 2, 2017

Removing “Mental Shortcuts” | Crude Oil, Emini, Gold, Euro, FDAX

“Change your thoughts and you change your world.”  

Crude Oil is bullish with a wedge as it tries to finish a move to $50, so we’re watching the ‘battle zone’ and a hidden channel for the most reliable buying opportunities on Thursday.

S&P is bullish and targeting yesterday’s high, and we’re watching a bull channel develop into a Spike & Channel for the most important buying opportunities tomorrow.

Gold is bearish and rotating back down to the low of a triangle, which gives us a small window of selling-opportunities before we finish the move down to the low.

Euro is bullish at the low of a channel, but we have two important clues on the chart telling us to wait for a 2nd leg lower before we look for buying opportunities on Thursday.

FDAX is bearish and targeting yesterday’s low, but this strong move off the highs went a little too far, too fast, so we’re staying patient for a trap-high tomorrow morning.

Crude Oil Trading Strategy
Crude Oil is bullish with a Spike & Wedge, hidden channel, ‘battle zone’ and round-number to work with tomorrow.

The wedge tells us to stick to the long-side until proven otherwise, while focusing on traps and seller-failures below the moving-average and prior swings.

The “hidden” channel (drawn off the higher-highs) will be a great level of support during the next pullback, which can easily be combined with the ‘battle zone’ for a reliable buying opportunity on the way up to the $50 round number target, and possibly a run to yesterday’s high.

E-Mini S&P Trading Strategy
E-Mini S&P is bullish as it tries to re-test yesterday’s high, and we have a Trading-Range, bull channel, and measured-move to work with tomorrow.

The bull channel (may also be a Spike & Channel) tells us to look for buying opportunities down at the lows using seller-failures and traps.

The Trading-Range reminds us to avoid buying into the high as resistance, and focus on buying below the low, while the measured-move will serve as a short-term target tomorrow.

Gold Trading Strategy
Gold is bearish and rotating back down to the low of a triangle, which gives us a small window of opportunity to look for selling-opportunities before price finishes back down to the low. 

Once down the low, the plan is to look for sellers to try twice, then rotation back up to the highs, or a successful breakout-pullback.

Euro Trading Strategy
Euro is bullish and trading at the low of a bull channel, but the strength of this move lower, combined with the overshoot at the highs is telling us to wait for a second leg lower before we start looking for seller-failures and buying opportunities going back to re-test today’s high.

FDAX Trading Strategy

FDAX is bearish after bulls failed to re-test yesterday’s high, and this strong move lower tells us the sellers grabbed control, so we’re looking for opportunities to “sell high” on the way back down to yesterday’s low.

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