Thursday, November 9, 2017

Acceptance & Rejection Strategy | Crude Oil, Emini, Nasdaq, Gold & Euro



“Opportunity is where you find it; it doesn’t find you.”
Crude Oil is range-bound and rotating back down to the lows, where my plan is to look for a trap-high to keep selling, or seller-failure below the low to start buying.

S&P is bullish with a V-Bottom pattern and we can see the bulls taking some profit at a key objective, so I’m going to wait for either “acceptance or rejection” before looking to buy more tomorrow morning.

Nasdaq is bullish with a V-Bottom Pattern, but a key resistance level on the chart tells me to wait for either “rejection or acceptance” before buying on Friday.

Gold is bullish with a Spike & Channel wide, almost flat Spike & Channel pattern, telling me to be patient for buying opportunities down near the lows tomorrow morning.

Euro is bullish with a wide channel, telling me to look for a ‘2-legged pullback’ to buy off the channel low tomorrow morning.

Tomorrow’s strategy is all about “rejection or acceptance” on most of our favorite markets, and with the end of the week around the corner, we always expect to see great trading opportunities on a Friday morning.


Crude Oil Day Trading Strategy

Crude Oil is range-bound and rotating back to the low of the range, where my plan is to look for buying opportunities using the '2-Try Rule' down in the ‘battle zone’ tomorrow morning.

It’s also important to remember that this rotation back to the lows hasn’t been completed, so there may be decent selling-opportunities on the way back down to the low, but I need to look for “traps” to avoid trading in the middle of this range.

E-Mini S&P Day Trading Strategy

E-Mini S&P is bullish with a V-bottom pattern, telling me that the buyers have control, but looking closely at the chart I can see that we haven’t been able to break through the top of the V-formation.

With this pattern, this is where most buyers will take profit, leaving a portion of the trade open to run back to the highs.

My plan is wait for proof of “acceptance or rejection” of this price level, meaning that I need to see if buyers keep buying, or if they take profit.

If the bulls take profit, I’m looking for a pullback into the ‘battle zone’ with a target up at the prior week high.

If the bulls keep pushing higher, my plan is to use the ‘2-legged pullback’ to keep buying with a target up at today’s high.


E-Mini Nasdaq Day Trading Strategy

E-Mini Nasdaq is bullish with a V-Bottom pattern and a target going back up to re-test today’s high, but we can see the bulls are testing the top of the V-bottom pattern, telling me to wait for “acceptance or rejection” before buying more tomorrow.

If price gets rejected at this level, I’m looking for a pullback into the ‘battle zone’, and if price gets accepted to new highs, then I’m looking for the ‘2-legged pullback’ going up to re-test the high.

Gold Day Trading Strategy

Gold is bullish with a Spike & Channel pattern that could also be considered a range because it’s so wide and flat.  As with all ranges, the goal is to buy using seller-failures down at the lows of the range.

One thing that stands out on this chart is the prior week high, which I will try to use as a price-magnet tomorrow morning.

Euro Day Trading Strategy

Euro is bullish with a wide channel, telling me to look for a deep ‘2-legged pullback’ for buying opportunities off the low of the channel tomorrow morning.


I’m also watching for a short-term trading-range to develop going sideways, and if that persists, my plan is to use seller-failures below the range low with a target back at range high.

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