Wednesday, November 8, 2017

Spike & Range Day Trading Strategy | Crude Oil, Emini, Nasdaq, Gold & Euro



“Never give up, for that is just the place and time that the tide will turn.”


Crude Oil is bearish, and trading sideways with a Spike & Range pattern tells me to focus on failures up above the range tomorrow morning.

S&P is bullish with a Spike & Range pattern, and I’m watching a key reversal-line support level for buying opportunities tomorrow morning.

Nasdaq is bullish and trading at two major levels of resistance, telling me to stay patient and look for buying opportunities back around the prior day high.

Gold is bullish and trying to re-test today’s high, but the strength of this recent pullback is telling me to wait for the '2-Try Rule' to give me buying opportunities tomorrow morning.

Euro is bullish but trading sideways with a triangle pattern, telling me to look for seller-failures below the range low for buying opportunities tomorrow morning.

We’re headed into another big session on Thursday morning, we have a couple Spike & Range patterns to work with, and I have another great newsletter for you tonight with plenty of reliable trading opportunities.


Crude Oil Day Trading Strategy
Crude Oil is bearish with a Spike & Range pattern after a wild ride from this morning’s weekly inventory report.

The bears have control, but the lack of re-testing the morning’s low, and the lack of follow-through on the pullback to moving-average is telling me that sellers are weary of chasing this move lower, ultimately telling me to wait for selling-opportunities at a higher price tomorrow morning.

My goal for tomorrow is to look for selling-opportunities using the '2-Try Rule' and buyer-failures up around the ‘battle zone’ with a target going back down to re-test today’s low.

If price moves back to the lows, then I’m looking for price “rejection” to tell me it’s safe to buy off the lows as well.

E-Mini S&P Day Trading Strategy

E-Mini S&P is bullish with a Spike & Range pattern, which tells me to look for buying opportunities using the '2-Try Rule' down below the range low tomorrow morning.

I’m also watching this potential bull channel as well, trying to use a combination of a reversal-line and the low of the channel for seller-failures and buying opportunities tomorrow morning.


E-Mini Nasdaq Day Trading Strategy

E-Mini Nasdaq is bullish and trading at what appears to be the high of a large bull channel, prompting me to look for buying opportunities back down at the low.

I’m also watching this as a possible Spike & Range pattern as well, which would mean using the '2-Try Rule' to buy seller-failures below this potential short-term trading-range tomorrow morning.

Gold Day Trading Strategy

Gold is bullish and trying to re-test today’s high, but this recent pullback has some serious strength to it, so I assume that sellers will try once more before giving me the opportunity to buy going back up to the highs tomorrow.

My plan is to wait for the '2-Try Rule' to exhaust the sellers and then look for a move back up to re-test the high.

If the second attempt is on continued strength tomorrow, the trend changes to bearish, and I’m looking for a move back down to yesterday’s low at 72.3.

Euro Day Trading Strategy

Euro is range-bound with a triangle pattern, telling me to focus on failures above and below the range tomorrow morning.


It certainly feels like the bulls have the momentum right now, after seeing rejection below the prior month low, the market will likely try to push back up to last week’s high around 17225, but they need to show us some PROOF before we buy into that idea tomorrow.

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1 comment:

  1. Hi Joseph ,

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    Best,
    Anuj

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