Monday, November 13, 2017

Who Controls the Market? | Crude Oil, Emini, Nasdaq, Gold & Euro



“If we want to direct our lives, we must take control of our consistent actions. It’s not what we do once in a while that shapes our lives, but what we do consistently.”

Crude Oil is range-bound ahead of tomorrow monthly IEA Oil Report, which means the plan is buy the low, sell the high, and focus on failures tomorrow morning.

S&P is bullish with a Spike & Channel, but we’re trading directly into major resistance, so my plan is to wait for a pullback into the ‘battle zone’ for buying opportunities tomorrow morning.

Nasdaq is bullish with a Spike & Channel, but the LOCATION of this pattern is a big concern, so I’m waiting patiently for a ‘2-legged pullback’ into the ‘battle zone’ for buying opportunities tomorrow morning.

Gold is bearish with a flag pattern, which tells me to look for buyer-failure up above the channel high tomorrow, while watching for a possible reversal if those buyers can hold.

Euro is bullish, and a great example of the '2-Try Rule' is telling me to avoid buying the highs, and wait for a more reliable buying opportunity down at the range low tomorrow morning.


Crude Oil Day Trading Strategy

Crude Oil continues its sideways movement on the chart, today with a narrow Trading-Range that broke in both directions, only to return back to where the session began on Sunday evening.

This price-action is clearly “balance”, so my plan is to buy the low, sell the high, avoid the middle, focus on failures using the '2-Try Rule' tomorrow morning until we see a successful breakout-pullback of this Trading-Range.

One thing that could break us free of this week-long range-bound market is tomorrow morning’s monthly IEA Report, which is due out during lunch in London tomorrow morning.

E-Mini S&P Day Trading Strategy

E-Mini S&P is bullish with a Spike & Channel, but trading back at the high of last Friday’s range is a horrible place to start buying without a little more proof that these buyers want to buy the highs.

My plan for tomorrow is to use the Spike & Channel to look for buying opportunities down in the ‘battle zone’ using seller-failures.

If the first ‘battle zone’ doesn’t hold, my plan is to move down to the range-low, where im using seller-failures and the '2-Try Rule' to buy off the low of the range with a target going back up to re-test the high.


E-Mini Nasdaq Day Trading Strategy

E-Mini Nasdaq is bullish with a Spike & Channel pattern, but it’s easy to see that we’re trading at the high of last Friday’s range, which isn’t a very reliable place to buy until we see more proof of this market going higher.

The Spike & Channel tells me to look for seller-failures down at the base of the channel, and my plan is to use the '2-Try Rule' for that entry trigger.

The Trading-Range, however, tells me that if the buyers don’t give me something to work with from the Spike & Channel, I need to wait for rotation back down to the low and then start looking for seller-failure at range low for buying opportunities tomorrow.

Gold Day Trading Strategy

Gold is bearish with one of the most challenging price-structures you can have, a bear flag.  The strong move to finish last week’s session gave the sellers control, but as you can see the sellers have been unsuccessful in re-testing the low, which is giving the buyers the opportunity to take control.

But the buyers are gaining any traction, price can’t seem to get away from the moving-average, telling me that the sellers still have control, and they are simply selling each new pop higher.

My plan for tomorrow is to look for selling-opportunities up above the high of this short-term bull channel, along with buying opportunities down below the channel, with both sides using the '2-Try Rule' to find failures on one side of the market or the other.

Euro Day Trading Strategy


Euro is bullish with a wide bull channel, but looking closely we can see the buyers have recently tried twice to re-test today’s high, and with them failing, I’m looking for buying opportunities back down at support levels tomorrow morning.

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