Tuesday, January 23, 2018

Always Trade with Proof | Crude Oil, Emini, Nasdaq, Gold & Euro

“Nothing in the world can take the place of Persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan ‘Press On’ has solved and always will solve the problems of the human race.”

Crude Oil is bullish ahead of the weekly inventory report, and two major resistance levels are telling me to avoid buying this high and wait for a deep pullback for the most reliable buying opportunities tomorrow.

E-Mini S&P is bullish with a Spike & Wedge pattern, telling me to look for traps and seller-failure below the swings of the wedge pattern tomorrow and we still have that major bull target on the horizon for tomorrow.

Nasdaq is bullish with a Spike & Range pattern just ahead of the 7000 round-number, so my plan is to look for buying opportunities with a ‘2-legged pullback’ tomorrow morning.

Gold is range-bound with a triangle, but this strong spike higher MAY be enough to bust out of this range, but if buyers can’t hold the pullback we keep looking to sell back into the range tomorrow.

Euro is range-bound and trying to break to new highs this evening, but without any proof of a successful breakout, I’m still waiting for selling-opportunities going back into the range tomorrow morning.

Crude Oil Day Trading Strategy

Crude Oil is bullish with a Spike & Channel, testing the measured-move, and telling me that most everyone is already in this move higher, so I should be patient and wait for buying opportunities with a ‘2-legged pullback’ and a trap-low tomorrow morning.

E-Mini S&P Day Trading Strategy

E-Mini S&P is bullish with a Spike & Wedge pattern just a few points ahead of the larger bull target, telling me there isn’t much space left to run higher, and to focus on buying a ‘2-legged pullback’ down at support levels tomorrow, with a focus on traps below the swings that make up the wedge.

E-Mini Nasdaq Day Trading Strategy

E-Mini Nasdaq is bullish with a Spike & Range, possibly a Spike & Channel, and with price testing my target from last night's newsletter, my best option for tomorrow is wait for buying opportunities after a ‘2-legged pullback’, possibly down to the low of a Spike & Channel pattern developing.

If price pushes higher, don’t chase because the round-number overhead will be a quick milestone and then we want to start looking for pullbacks off the high.

Gold Day Trading Strategy

Gold is range-bound with a triangle and this strong move higher to finish today’s session looks convincing, but until the buyers can hold the pullback we don’t have enough proof to buy this market yet, so the plan remains to keep selling with buyer-failure tomorrow morning.

If price does indeed hold the pullback and buyers can show strength, then the plan is to use the “spike” higher as a possible Spike & Channel or Spike & Range tomorrow and focus on traps because the measured-move is a major resistance level to avoid and there is a possible channel high just a few points above it from there.

Euro Day Trading Strategy

Euro is range-bound and trying to break out to new highs on a strong bull run to finish today’s session, but they haven’t proved anything yet, so my plan is still to look for buyer-failures and selling-opportunities back down into the range.

If buyers can hold the next pullback and show us some strength, then I will start looking for a Spike & Channel pattern and focus on buying with traps because the high of the larger range is just a bit higher and I don’t want to get caught buying into the highs.

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