Monday, January 8, 2018

Fake-Out Breakout Strategy | Crude Oil, Emini, Nasdaq, Gold & Euro

"To hell with circumstances; I create opportunities."

Crude Oil is range-bound and trading at the high of the range, so my plan is to look for selling-opportunities using the '2-Try Rule' for failures going back down into the range tomorrow morning.

S&P is bullish with a Spike & Range pattern, telling me to wait for buying opportunities below the moving-average using traps and seller-failures tomorrow morning.

Nasdaq is bullish, but ending the day with a short-term trading-range is telling me to focus on traps and seller-failures tomorrow morning.

Gold is range-bound with a triangle pattern, so my plan is to focus on failures using the '2-Try Rule' to fade the edges tomorrow morning.

Euro is bearish with a Spike & Channel, but with two major support levels just below us, my plan is to wait for selling-opportunities after a bullish correction tomorrow morning.

Crude Oil Day Trading Strategy

Crude Oil is bullish and re-testing the high of today’s Trading-Range as it tries to complete rotation up to a possible bull channel tomorrow morning.

The channel is a nice possibility, but the only thing we really know for certain at this point is the range that we spent most of the day trading inside today, and we’re currently sitting at the highs.

Knowing this, my plan is to look for selling-opportunities using the '2-Try Rule' up above the high of the range, while staying open to the possibility that this market keeps going, finishes the channel, and then rotates back lower tomorrow morning.

E-Mini S&P Day Trading Strategy

E-Mini S&P is bullish with a Spike & Range pattern as the buyers finish their re-test of the high, which tells me the bulls have control, but I don’t want to keep buying this high until we see some PROOF that buyers want to take it further, so until we see that proof, I’m waiting for buying opportunities with traps and seller-failures down below the low of this Trading-Range tomorrow morning.

E-Mini Nasdaq Day Trading Strategy

E-Mini Nasdaq is bullish with a channel and trying to finish it’s third leg higher this evening, which tells me we’re running out of space for a decent target, which will most likely result in few buyers at this area, so we expect to see a pullback.

This short-term trading-range is also a big clue, telling me to avoid buying the breakout to new highs and focus on buying with traps and seller-failures down below the lows tomorrow morning.

Gold Day Trading Strategy

Gold is range-bound and trading sideways with a triangle pattern, which tells me to focus on failures up above the highs and down below the lows until we see a successful breakout-pullback pattern tomorrow morning.

The biggest challenge with range trading is staying patient; I want to buy the low, sell the high, and avoid the middle at all costs tomorrow morning.

Euro Day Trading Strategy

Euro is bearish with a Spike & Channel pattern just ahead of the 20,000 round-number and measured-move support.

The Spike & Channel tells me to look for selling-opportunities after a ‘2-legged pullback’ up into resistance, while the round number and measured-move are major levels of support and I need to avoid selling into them if price keeps moving lower.

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