Thursday, October 19, 2017

Trade What You See, Not What You Think | Crude Oil, Emini, Nasdaq, Gold & Euro



"Courage is like a muscle. We strengthen it with use."

Crude Oil is bearish with a Spike & Range pattern, telling me to focus on failures for selling-opportunities up above the range high tomorrow.

S&P is bullish after recovering from an overnight collapse, and my goal is to look for a seller-failure below the moving-average for reliable buying opportunities tomorrow.

Nasdaq is bullish, and my plan is to use channel rotation to “buy the dip” with a target up to yesterday’s high.

Gold is bullish with a Spike & Range pattern, telling me to look for a "fake-out-breakout-pullback" pattern on the way up to the measured-move tomorrow.

Euro is bullish, but I have three levels of resistance in my way, so I’m waiting for a ‘2-legged pullback’ for more reliable buying opportunities tomorrow.

Markets got a little crazy on the Anniversary of “Black Friday”, but the most important thing for tomorrow is to trade what you SEE, not what you think.


Crude Oil Day Trading Strategy
Crude Oil is bearish with a Spike & Range after the buyers were unable to take control after the sellers gave them a golden opportunity late in this morning’s session.

I don’t want to mess with this Trading-Range, so my plan is to look for selling-opportunities using the '2-Try Rule' up above the range high, and buying opportunities using seller-failures below the range low tomorrow.

It’s also worth mentioning that the big move down overnight may be nothing more than a nice buying opportunity for the long-term bulls, but I need to trade what I see, rather than trading what I think…. And I need to see PROOF of the bulls taking control before looking for buying opportunities going to new highs tomorrow.

E-Mini S&P Day Trading Strategy
E-Mini S&P is bullish and trying to re-test yesterday’s high, but the last time we pulled-back to the moving-average was earlier this morning, so I assume there are plenty of buyers waiting for the “dip” and my plan is to look for buying opportunities using the ‘battle zone’, which includes the prior week high, a key reversal-line, and a rising support trend-line.


E-Mini Nasdaq Day Trading Strategy
E-Mini Nasdaq is bullish and trying to erase this overnight collapse, and this bull channel is telling me to use “rotation” for buying opportunities down in the ‘battle zone’ tomorrow with a target going up to yesterday’s high.

Gold Day Trading Strategy
Gold is bullish with a Spike & Range pattern and trying to push up to finish the measured-move target, so my plan is to look for the "fake-out-breakout-pullback" pattern to new highs, or wait for rotation back down to the range-low where I can use the '2-Try Rule' for buying opportunities going back up to the high.

Euro Day Trading Strategy
Euro is bullish and trading at the high of the range, the high of the multi-day channel, and just a few ticks below the measured-move, all of which are telling me to wait for a pullback before trying to buy more tomorrow morning.


My plan for tomorrow is to look for a ‘2-legged pullback’ down into the ‘battle zone’ for buying opportunities back up to re-test the high.

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