Monday, February 12, 2018

Show Me Proof! | Crude Oil, Emini, Nasdaq, Gold & Euro



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“If someone is going down the wrong road, he doesn’t need motivation to speed him up. What he needs is education to turn him around.”

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Crude Oil is bearish with a narrow channel, telling me to look for selling-opportunities just above the highs of the channel tomorrow morning.

E-Mini S&P is bullish, but we don’t look very excited to be pushing to new highs, so I’m going to use a “hidden” channel for more reliable buying opportunities tomorrow.

Nasdaq is bullish, but buyers don’t look very strong at measured-move resistance, so I’m watching a prior support level for more reliable buying opportunities tomorrow.

Gold is range-bound with a triangle pattern, so my plan is fade the edges of the triangle, looking for seller-failures at the low and buyer-failures at the high.

Euro is range-bound, so my plan is to buy the low, sell the high, and focus on failures using the '2-Try Rule' tomorrow morning.


Crude Oil Day Trading Strategy

Crude Oil is bearish with a narrow channel coming down off today’s high, and any time we see a narrow channel like this we know that the only way to get people excited about selling will be to get ABOVE the channel high and look for a move back down to the lows.

Another option for tomorrow will come if the bulls give-up on this and price collapses.  In that situation we then look more aggressively for a “hidden” channel and look for selling-opportunities up near the highs.

E-Mini S&P Day Trading Strategy

E-Mini S&P is bullish but appear to be trading just above a short-term trading-range, telling me to wait for PROOF these buyers want higher prices before looking for more opportunities.

In the meantime, the low of the Trading-Range, combined with the low of a hidden channel will make for more reliable buying opportunities tomorrow morning.


E-Mini Nasdaq Day Trading Strategy

E-Mini Nasdaq is bullish and trading just above the measured-move coming from last Friday’s bounce off the lows.

Any time I see a measured-move reached I always like to wait for clear proof that the buyers want to take this higher, and without that proof, I start looking for a deep, ‘2-legged pullback’ for more reliable buying opportunities at lower prices.

In this situation we have the measured-move, but it doesn’t look like buyers are fully-committed, so I look left and start waiting for a pullback to support levels from earlier in the session.

Gold Day Trading Strategy

Gold is range-bound with a triangle this evening after a very low-volume and almost lifeless trading session today.

Any time I see a range, that is, buyers aren’t making new higher-highs, and sellers aren’t making new lower-lows, my focus needs to be fading the breakouts.

My plan for tomorrow is to buy the low, sell the high, avoid the middle, and focus on failures until we can get a little more confidence in our direction.

Euro Day Trading Strategy

Euro is range-bound, trading in the same range from last week, and those ‘battle zones’ keep working well using the '2-Try Rule' failures so the plan is to keep using the range until we see a clear and confident breakout to new highs or lows.


In the meantime, my plan is to keep selling high, buying low, avoiding the middle, and focusing on failures using the '2-Try Rule' tomorrow morning.

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