Wednesday, December 6, 2017

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



“Success is not final; failure is not fatal: it is the courage to continue that counts.”

Crude Oil is bearish with a wedge pattern (one of my favorites), which tells me direction, entry, and exit targets for tomorrow’s session.

S&P is bearish with a flag pattern, telling me to look for buyer-failures up above the channel high tomorrow morning.

Nasdaq is bullish and rotation back to the high of a range, and a Spike & Channel pattern is telling me exactly where to look for buying opportunities tomorrow.

Gold is bearish with a triangle pattern, telling me to focus on failures up above the high of the triangle tomorrow morning.

Euro is bearish with multiple channel to work with tomorrow, which means my plan is to sell a ‘2-legged correction’ up into the ‘battle zone’ waiting overhead.


Crude Oil Day Trading Strategy

Crude Oil is bearish with a wedge pattern, which is always one of my favorite chart patterns because it tells me direction, entry location, and exit location for tomorrow. 

It’s easy to see, the wedge is starting to get relative narrow, telling me that there isn’t much room for trading inside the wedge, so my best trading opportunities will come with a ‘2-legged correction’ up to resistance levels (such as the ‘battle zone’) waiting overhead.

The wedge also tells me where the long-term target is for the sellers, which is down at the vertex of the two trend-lines, just above the $55 round-number.  The only obstacle is the measured-move, which will be used as a short-term target for the sellers.

E-Mini S&P Day Trading Strategy

E-Mini S&P is bearish at the top of a long-term channel and rotating off the low of a short-term bear flag.

This market is still bearish, even though we’ve seen some higher-highs and higher-lows, price hasn’t given us enough confidence in the buyers, so my plan for tomorrow is to look for selling-opportunities up above the high of the flag/channel, using buyer-failures in the same ‘battle zone’ as yesterday.


E-Mini Nasdaq Day Trading Strategy

E-Mini Nasdaq is bullish and rotating back to the high of this short-term trading-range we found in last night's newsletter, and this Spike & Channel pattern will help us find the best entries.

Any time I see a Spike & Channel pattern, I know the most reliable trading opportunities will come with “traps” and “Failures” down below prior swings, near the base of the channel.

The challenge tomorrow will be avoiding the temptation to chase the market into the highs, so if we don’t get the pullback, my plan is to look for traps.

Gold Day Trading Strategy

Gold is bearish and trading at the low of a triangle this evening, which tells us to trade this like a range; avoid the middle, sell the high, and focus on failures tomorrow.

If the sellers can break down below the range, we have a large measured-move as a target, but we need to see strength to new lower-lows before we can start selling to new lows.

Euro Day Trading Strategy


Euro is bearish with two channels on the chart this evening, and any time I see a channel with good rotation I know my best trading opportunities will come up above prior swings with a target going back down to re-test the low.

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