Monday, October 23, 2017

Know Where NOT to Trade Tomorrow | Crude Oil, Emini, Nasdaq, Gold & Euro



"Nobody can go back and start a new beginning, but anyone can start today and make a new ending."

Crude Oil is range-bound and sideways this evening, which tells me to focus on failures with the '2-Try Rule' tomorrow, fading the breakouts until something changes.

S&P is bearish and “overshooting” the low of a channel, telling me to look for a correction back to the opposite side for the selling-opportunities tomorrow.

Nasdaq is bearish, but we’re sitting on two major support levels, so I’m going to wait patient for rotation back to the channel-high for more reliable selling-opportunities tomorrow.

Gold is bullish with a Spike & Range pattern, which tells me to use the '2-Try Rule' for buying opportunities below the range low tomorrow morning.

Euro is bearish, but trading at the bottom of this monthly range isn’t a reliable area to sell, so I’ve market my ‘battle zone’ for tomorrow and I’m staying patient.


Crude Oil Day Trading Strategy

Crude Oil is range-bound, so my plan is to use range “rotation” back and forth from high to low, focus on failures at the highs and lows, and stay patient with the '2-Try Rule' tomorrow.

I know where not to trade tomorrow… stay away from the middle of the range.  Focus on failures above the highs and below the lows.


E-Mini S&P Day Trading Strategy

E-Mini S&P is bearish with an “overshoot” of the channel low, telling me this market went a little too far, too fast, and I don’t want sell down here, so my best option is to stay patient and find selling-opportunities up in the ‘battle zone’ tomorrow morning.

I Know Where NOT to Trade Tomorrow….I don’t want to trade below the channel, and with Friday’s low just a few ticks lower, this is a hard place to sell, so I’m staying patient for the opportunity to “sell high” at resistance, rather than trying to sell into support.


E-Mini Nasdaq Day Trading Strategy

E-Mini Nasdaq is bearish and trading at the low of the channel and the measured-move support level, both of which are telling me to avoid this trap, and stay patient for selling-opportunities up at resistance levels waiting above.

My goal is to find buyer-failures up above the moving-average tomorrow, near the high of the channel or even better, up in the ‘battle zone’ with a target going back to the measured-move and a runner down at the prior week low.

Know Where NOT to Trade Tomorrow… I don’t want to trade down at the prior week low, that is major support.

Gold Day Trading Strategy

Gold is bullish with a Spike & Range, maybe a Spike & Channel going into tomorrow’s session, which tells me to look for buying opportunities below the range low (in the ‘battle zone’) or wait for a "fake-out-breakout-pullback" pattern to new highs tomorrow.

I Know Where NOT to Trade Tomorrow… I don’t want to sell below the range low, or trying buying the breakout to new highs.

Euro Day Trading Strategy

Euro is bearish and trading at the low of the monthly range, which isn’t the best place to be looking for selling-opportunities, but the momentum of this market will most likely pull price-action lower, so we may be able to find another selling-opportunity tomorrow morning.

My plan is to keep looking for selling-opportunities until the trend changes to bullish.  We’re at the low of a Trading-Range, yes, but the range is so wide that I don’t want to try calling a bottom until we see at least two attempts below the range.

My goal is to find selling-opportunities up in the ‘battle zone’ tomorrow with a target going back to the low.

I Know Where NOT to Trade Tomorrow…If price tries to break lower, I’m suspicious of a fake-out breakout, so we’re going to need a LOT of strength going lower to get sellers on-board with selling-opportunities below the range low.


As for the buyers, this could easily spike higher and reverse the trend, but you know the drill, trade what you SEE, not what you think, and the plan is to wait for strength and a successful breakout-pullback to a bullish market before we start buying this market this week.

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