Tuesday, February 20, 2018

Avoid the “Scalpers Curse” | Crude Oil, Emini, Nasdaq, Gold & Euro



“The major reason for setting a goal is for what it makes of you to accomplish it. What it makes of you will always be the far greater value than what you get.”


Crude Oil is bearish and trying to re-test today’s low, but we’re only a few ticks away from the target, so the plan is “traps” to avoid selling too close to support tomorrow morning.

S&P is bearish but trading with a range, telling me to focus on selling the high of the range tomorrow morning.

Nasdaq is range-bound with a triangle pattern, telling me to avoid the middle and focus on failures to sell the highs and buy the lows tomorrow morning.

Gold is bearish with a “grind break” of a channel, telling me that “traps” are going to be the most reliable trades, and I have two levels of resistance to watch for tomorrow.

Euro is bearish with a Spike & Channel pattern, but it’s what I DON’T see on the chart that tells me where the most opportunity with be for tomorrow.

Tonight is all about anticipating “traps” for tomorrow, so we can avoid the “Scalper’s Curse” and find ways to capitalize on them at the same time.


Crude Oil Day Trading Strategy

Crude Oil is bearish with a Spike & Channel and trading to re-test today’s low.
The bears have control, but this is a good example of a situation where we are just inches away from the seller’s target, with additional support levels waiting below.

This tells me we are too low to start selling because this is where most sellers will be taking profit (buying).

Knowing this, my plan is to avoiding chasing this move too low, look for “traps” up above the prior swings as sellers try to get back to $60 later this week.

E-Mini S&P Day Trading Strategy

E-Mini S&P is range-bound with a bear-bias as price rotates lower from last week’s high.

The bears have the edge with a channel moving lower, and this Trading-Range tells me to beware trying to sell new lows and stay patient for selling-opportunities up around the highs tomorrow morning.


E-Mini Nasdaq Day Trading Strategy

E-Mini Nasdaq is range-bound with a triangle.  We have lower-highs and higher-lows, trading right in the middle.

Any time I see a lack of higher-highs or lower-lows I know it’s a range, and any time we have a range we know to fade the breakouts, sell the high, buy the low, avoid the middle, and focus on failures using the '2-Try Rule' tomorrow.


Gold Day Trading Strategy

Gold is bearish with a grind-break of a strong bear channel, telling me that sellers haven’t been given the opportunity to “sell high” as price collapsed last Friday.

Knowing this information, I can assume sellers will be waiting for opportunities using a ‘2-legged pullback’ and I will be waiting to sell right along with them up at resistance levels tomorrow.

Euro Day Trading Strategy

Euro is bearish with a Spike & Channel as it tries to push through the measured-move and reach last week’s support levels.

The first thing you notice on this chart is that we haven’t “trapped” above any prior swings, telling me there are many sellers still waiting to get into this move lower.


Knowing this information, my plan is to stay patient for selling-opportunities using a ‘2-legged pullback’ and a trap-high tomorrow morning.

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