Monday, October 30, 2017

'2-Try Rule' Day Trading Strategy | Crude Oil, Emini, Nasdaq, Gold & Euro



"Everyone has talent. What is rare is the courage to follow the talent to the dark place where it leads."

Crude Oil is bullish, but one major price level on the chart tells me this is a range, and I need to focus on failures with the '2-Try Rule' down in the ‘battle zone’ tomorrow.

S&P is bearish with a Spike & Range, but the '2-Try Rule' is giving me clues for a potential reversal tomorrow, and I have the perfect plan for finding the entry.

Nasdaq is bullish but trading inside a range, which tells me to use the '2-Try Rule' to and the ‘pendulum swing’ for seller-failure buying opportunities tomorrow.

Gold is bullish, but we’re trading a little too close to a major target, so my plan is to get back below the moving-average for the most reliable buying opportunities tomorrow.

Euro is bullish after a strong move to finish today’s session, and my plan is to use the '2-Try Rule' to look for sellers to fail for a reliable buying opportunity off a key support level tomorrow morning.


Crude Oil Day Trading Strategy

Crude Oil is bullish but range-bound with a triangle pattern, telling me to focus on failures down below the triangle, using the '2-Try Rule' to find the most reliable buying opportunities tomorrow.

The first thing you see when you look at this chart is that we finished today’s session right on top of Friday’s high.  We slammed higher, collapsed lower, and found a way right back to the high.

This is why I see this market as sideways and range-bound, and why it tells me to stay away from buying the move higher tomorrow, focusing on failures using the '2-Try Rule' to buy the lows tomorrow.

E-Mini S&P Day Trading Strategy

E-Mini S&P is bearish with a Spike & Range, and the '2-Try Rule' is telling me that sellers are failing to finish the re-test of today’s low, and may soon find themselves on the wrong side of this market going into tomorrow’s session.

The bears have control, so I can’t be too quick to start buying, what I need is to see some strength to the upside tomorrow morning and then look for a ‘2-legged pullback’ into support for the reliable buying opportunities I’m looking for.

I also don’t want to forget about the sell-side tomorrow, if the bears can get back to re-test today’s low, then I’m looking for channel rotation to continue following this trend lower with Friday’s low as the target.


E-Mini Nasdaq Day Trading Strategy

E-Mini Nasdaq is range-bound with a bull-bias and sitting right on top of Friday’s high, telling us that we’re certainly bullish, but traders appear to be rejecting the idea of “buying high”.

This information is important because now we know that buyers aren’t here, they are most likely waiting down at lower prices, and to identify the best area to start looking for trading opportunities tomorrow, I’m using the ‘pendulum swing’ off the Trading-Range and the measured-move.

My goal tomorrow is to use the '2-Try Rule' to find seller-failures below the low of the range, using a target going back up to Friday’s high, and a runner up to 50.50 tomorrow.

Gold Day Trading Strategy

Gold is bullish and rotating back down to the low of a channel where my goal is to find buying opportunities going back up to re-test the channel high and measured-move tomorrow morning.

The bulls have clear control of this market right now, but we’re starting to get a little too close to the measured-move target, so I’m focused on getting below the moving-average to fool the sellers so I can buy it back up again tomorrow.

The ideal scenario for tomorrow would be a deep pullback down into the ‘battle zone’, which is a short-term trading-range and where most of the volume has been traded over the last 24 hours.

Euro Day Trading Strategy

Euro is bullish after a strong move higher to finish today’s session, but last week’s massive run lower tells me the sellers are most likely going to try twice to re-test the low, meaning that we’re still waiting for the 2nd attempt, which will hopefully rope-in some more sellers just in time for us to buy the pullback going back up to new highs tomorrow.


My plan is to look for a ‘2-legged pullback’ down into support levels waiting below, which could be the channel low, the rising support trend-line, anywhere down in the ‘battle zone’ will be great.  The target will be back up to measured-move target overhead.

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