Monday, October 16, 2017

Trade Profit for Probability | Crude Oil, Emini, Nasdaq, Gold & Euro

"Knowing which way to turn gives you self-confidence. Taking a chance and going the opposite way gives you a chance to see what you are made of."

Crude Oil is bullish and trying to re-test today’s high, but I have reason to believe the sellers are going to try and reverse this trend, so I’m going to wait for them to fail for some buying opportunities tomorrow morning.

S&P is range-bound with a bull bias, which means I’m looking for seller-failures using the '2-Try Rule' below the low of the range tomorrow.

Nasdaq is bullish with a Spike & Channel, so I’m looking for a ‘2-legged pullback’ into the ‘battle zone’ for buying opportunities tomorrow.

Gold looks bearish at first glance, following the reaction to some news headlines late this afternoon, but looking closer at the chart and we can see this as a great buying opportunity setting-up for tomorrow.

Euro is bearish with a Spike & Range pattern, telling me to focus on failures up above the high of the range tomorrow, while avoid traps below the low.

Crude Oil Day Trading Strategy
Crude Oil is bullish and trying to re-test today’s Spike & Channel, but the sellers aren’t making it easy on them after the strong pullback earlier today.

If was trying to sell, I would avoid this rising support trend-line and be looking for “Traps” up in the ‘battle zone’ overhead, so my plan is to wait for the bears to try twice to finish the move back down to 51.61 and look for buying opportunities if/when they fail.

If sellers can hold this move lower, my goal is to trade profit for probability, which means I’m looking for a strong move below 51.61 and then look for a “hidden channel” to start selling the high down to the 50.97 low tomorrow.

E-Mini S&P Day Trading Strategy
E-Mini S&P is range-bound and trading at the high of the range this evening, and with the bull-bias in this market, my plan is to look for buying opportunities back at the low of the range, focusing on failures, and using the '2-Try Rule'.

On the flip side, if you enjoy a little risk with your trading, you’re more than welcome to try selling the '2-Try Rule' up in the ‘battle zone’, but don’t be surprised if the bulls make it too challenging to call a top in this market tomorrow.

Stay patient with a range-bound market, trading profit for probability means looking for those opportunities when the market breaks out of the range to buy it going back into the range using the '2-Try Rule'.

E-Mini Nasdaq Day Trading Strategy
E-Mini Nasdaq is bullish with a Spike & Channel pattern, which tells me to look for a ‘2-legged pullback’ into the ‘battle zone’ for the most reliable buying opportunities tomorrow.

This move higher to finish the day was very strong, most likely in the wake of impressive numbers from Netflix this afternoon, so I will be watching for a short-term Spike & Channel pattern if price gets pinned to the highs tomorrow.

Gold Day Trading Strategy
Gold looks bearish at first, as it tumbled lower on rumors of who would be replacing Janet Yellen as the next Fed Chairperson, but a closer look at this chart shows us this may be nothing more than a buying opportunity for tomorrow.

This strong move lower isn’t a very reliable place to try calling a bottom, but my plan for tomorrow is to use the '2-Try Rule' to find a seller-failure and buying opportunities going back to re-test the high.

If the sellers can hold this pullback and re-test the low, then we need to take them seriously, and my plan is to look for a Spike & Channel.

Euro Day Trading Strategy
Euro is bearish with a Spike & Range pattern, which tells me to look for selling-opportunities using th2 '2-Try Rule' up above the high of the range tomorrow.

If price pushes lower, the plan is to avoid the fake-out breakout and look for a successful breakout-pullback before trying to follow the move lower.

Again, rather than trying to sell the low of the range, I would trade profit for probability and wait for a STRONG break lower so you have confidence that sellers want to see this price STAY below the range low.

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