Tuesday, November 28, 2017

Reversal-Line Trading Strategy | Crude Oil, Emini, Nasdaq, Gold & Euro



“Get going. Move forward. Aim High. Plan a takeoff. Don’t just sit on the runway and hope someone will come along and push the airplane. It simply won’t happen. Change your attitude and gain some altitude. Believe me; you’ll love it up here.” 

Crude Oil is bearish and trading sideways in a range after the sellers rejected lower prices at the beginning of today’s session, so my plan is to keep looking for selling-opportunities up around the highs, with a target back down to the low.

S&P bullish and trading at the high of a large channel, telling me to wait for buying opportunities after price rotates back down to the reversal-line.

Nasdaq is still trading inside the Spike & Range pattern from yesterday, which means the plan is the same, keep buying low, selling high, using failure patterns tomorrow morning.

Gold is range-bound with a triangle pattern, telling me to focus on failures at the highs and lows tomorrow.

Euro is bearish with a Spike & Channel pattern, telling me to look for traps and buyer-failures up above the moving-average tomorrow morning.


Crude Oil Day Trading Strategy

Crude Oil is bearish but trading sideways after the sellers “rejected” the idea of lower prices earlier in today’s session. 

It’s easy to see that sellers still have control, they keep selling into each move higher, but aren’t interested in selling to new lows, so may plan is to look for selling-opportunities up above the Trading-Range, waiting for proof of “acceptance” to new lows, and if they do, will start looking for selling-opportunities down to the larger measured-move target waiting below.

Don’t forget about tomorrow’s inventory report @ 10:30am EST, which always reminds me to keep ALL OPTIONS on the table for tomorrow, and grab those trades before 10am EST.

Crude Oil Inventory S/R Levels for Wed.
58.47, 58.19, 57.91, 57.63, 57.35, 57.07

E-Mini S&P Day Trading Strategy

E-Mini S&P is bullish with a strong move higher today, creating a bull channel and a large measured-move target for buyers tomorrow, but I think the most important clue might be the short-term Spike & Range pattern we can see developing.

My plan for tomorrow is to look for buying opportunities on pullbacks down around the low of the channel, using the reversal-line, while also keeping an eye on this market going sideways, and if it does, will be looking for seller-failures below the range, with a target up at the measured-move.


E-Mini Nasdaq Day Trading Strategy

E-Mini Nasdaq is still trading inside the same Spike & Range pattern from yesterday, with price rotating back and forth from high to low, our plan remains the same, focus on failures at the highs and lows using the '2-Try Rule' while avoiding the temptation to trade the middle.

Gold Day Trading Strategy

Gold is range-bound with a triangle and Trading-Range this evening as we roll forward to the 02-18 contract, which tells me to focus on failures using the '2-Try Rule' to sell the high, buy the low, and avoid the middle tomorrow morning.

We can see this big “gap up” as we open in Asia, and knowing that most of these gaps will be filled within the same session, we have an easy selling-opportunity going back into the range if we can get the proper entry signal.

Euro Day Trading Strategy

Euro is bearish with an "overshoot" of a Spike & Channel, telling me that the most reliable selling-opportunities will likely come after an "overshoot" on the opposite side of the channel tomorrow morning, hopefully testing the reversal-line overhead..


It’s also easy to see that price is trading right on top of the prior month open, and with the end of the month on Thursday, I am going to be keeping an eye on a possible bearish Trading-Range going into the end of the week.

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