Tuesday, November 14, 2017

Secret to Trading with “Spikes” | Crude Oil, Emini, Nasdaq, Gold & Euro



“A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.  What’s your position?”
Crude Oil is bearish and trading at two levels of major support, telling me to look for a ‘2-legged correction’ off the lows for selling-opportunities up in the ‘battle zone’ tomorrow morning.

S&P is bullish and running back to the high of the range we spoke about last night, which tells me to look for “traps” before we get back to the highs tomorrow.

Nasdaq is bullish and rotating back to the high of the weekly range, and my plan is to use “traps” to avoid buying too high tomorrow morning.

Gold is bullish with a Spike & Channel, telling me to look for seller-failures using a rising support trend-line tomorrow morning.

Euro is bullish with a strong spike higher, which tells me to look for a ‘2-legged pullback’ for buying opportunities in the ‘battle zone’ tomorrow morning.


Crude Oil Day Trading Strategy

Crude Oil is bearish after this morning’s IEA Report sent prices tumbling down to last month’s high, and the low of this channel.

The bears have control, but with such a strong move lower today, I think most sellers will either be already short, or waiting for a higher price to sell up at resistance levels tomorrow morning.

My plan for tomorrow is to stay patient for rotation back to channel high, or watch for a potential Trading-Range that often develops the day following a massive move like we saw today.

Crude Oil Inventory S/R Levels for Wednesday:
55.98, 55.67, 55.36, 55.05, 54.74, 54.43

E-Mini S&P Day Trading Strategy

E-Mini S&P is bullish and trying to finish rotation back to the high of the range from last night's newsletter, so my plan for tomorrow is to look for buying opportunities at support levels on the way back to the high.

One thing that stands out on this chart is that we stalled-out at the mid-term highs (78.25), telling me that buyers are weary of chasing this move, so I’m going to stay patient for a pullback into the ‘battle zone’ for reliable buying opportunities tomorrow morning.


E-Mini Nasdaq Day Trading Strategy

E-Mini Nasdaq is bullish and rotating back to the high of the range from last night's newsletter, and my goal is to find buying opportunities before we get back up to the high.

The strategy for tomorrow is to buy as low as possible.  I’m looking for another dip lower into the ‘battle zone’, or if price keeps pushing higher, looking for “traps” to make sure I’m buying as low as possible tomorrow morning.

Gold Day Trading Strategy

Gold is bullish with a Spike & Channel, which tells me to look for a deep pullback into the base of the channel for the most reliable buying opportunities tomorrow morning.

My goal is to use the ‘battle zone’, which is the combination of this rising support trend-line, along with the first pullback of the Spike & Channel.

Euro Day Trading Strategy

Euro is bullish with a strong spike higher today, which tells me to look for a ‘2-legged pullback’ to support levels and a re-test of the high.


Whenever I see a “spike” on the chart, I know the odds of re-testing the high is very good, and how the market reacts at that high will tell me what pattern formation to look for next.

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