Monday, November 20, 2017

Can Crude Oil Defend This Bounce? | Crude Oil, Emini, Nasdaq, Gold & Euro



“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.” 

Crude Oil is bullish with a channel as price tries to re-test today’s high, but a key level of resistance is telling me to stay patient and wait for seller-failures for the most reliable buying opportunities tomorrow morning.

S&P is bullish with a Spike & Channel, telling me to look for a ‘2-legged pullback’ into the ‘battle zone’ for the most reliable buying opportunities tomorrow.

Nasdaq is bullish after getting tossed around like a rag-doll today, and a bull flag pattern gives me two distinct areas to look for opportunities tomorrow morning.

Gold is bearish with a strong move lower, telling me to look for a short-term trading-range tomorrow morning, and selling-opportunities up above the range high.

Euro is bearish and trying to re-test today’s low, but we’re too close to a key support level at this point, so I’m waiting to sell a bounce up in the ‘battle zone’ tomorrow.

We have a holiday-shortened week ahead of us, no time to waste, and plenty of reliable trading opportunities setting-up for tomorrow’s session.


Crude Oil Day Trading Strategy

Crude Oil is bullish after reacting to last Friday’s Spike & Channel pattern, but we’re trading at a resistance level at this point, so my plan is to look for a pullback into the ‘battle zone’, followed by seller-failure for the buying opportunities going back up to the re-test today’s high.

It’s important to recognize the strength of the move lower this morning MAY drag this price back down to re-test the 55.75 low, and if that happens, we know this bull move was nothing more than a short-covering-rally and we will resume looking for selling-opportunities down to the prior month high.


E-Mini S&P Day Trading Strategy

E-Mini S&P is bullish with a Spike & Channel as price trades right on top of the prior month high.

I love the Spike & Channel pattern because it tells me to look for a deep ‘2-legged pullback’ into support levels for the most reliable buying opportunities tomorrow.

If price keeps pushing higher, my plan will be to continue looking for a ‘2-legged pullback’ with a target up at the prior week high.

If price keeps trading sideways, my plan is to buy the low, sell the high, and focus on failures using the '2-Try Rule' tomorrow.


E-Mini Nasdaq Day Trading Strategy

E-Mini Nasdaq is bullish with a flag pattern this evening, telling me to look for buying opportunities above and/or below the channel tomorrow.

The interesting part of this situation is we had that big move down last Friday, followed by a v-bottom this morning, which sent prices higher.

After the rebound this morning, the sellers clearly tried to sell it back down to the lows, but using the moving-average, we can see that they weren’t able to get a very good grip… thus creating this bull flag pattern, which some traders might call a Trading-Range as well.

My plan for tomorrow is to look for buying opportunities with the '2-Try Rule' below the support trend-line, or look for a ‘2-legged pullback’ into the ‘battle zone’ AFTER a strong move towards the highs.

Gold Day Trading Strategy

Gold is bearish with a strong Spike & Channel lower this morning and may be setting-up with a much wider channel going into tomorrow’s session.

The bears have control, so my plan is to look for selling-opportunities up at resistance levels that allow me to get a large reward back down at support.

Looking closely at the price-action, I can see a GAP up at 1284, so my plan is to stay patient, looking for a rebound off these lows, looking for selling-opportunities up at the falling resistance trend-line coming down overhead tomorrow morning.

It’s also important to keep an eye on a possible short-term trading-range because any time we see a market collapse like it did today, sellers may not be too excited about selling this low, but they may not take profit either, which often results in a Trading-Range going sideways.

Euro Day Trading Strategy

Euro is bearish and trying to re-test today’s low, which poses a big challenge for us tomorrow.

The bears have control, but with their objective being only a few points lower, my plan is to wait for a retracement up into the ‘battle zone’ or wait for proof that sellers will accept lower prices and look for selling-opportunities down from there.


It’s also important to keep an eye on a possible range developing back to the high tomorrow.  Any time we see a strong move up, followed by a collapse down, we know the sellers are hunting for the low, but then they need to keep pushing lower, or the buyers will try to rotate the market back up to the high again.

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