Wednesday, April 4, 2018

Qualify the Channel | Crude Oil, Emini, Nasdaq, Gold & Euro

“Ideas are worthless without the execution; execution is pointless without the ideas.”

Crude Oil Is bullish with a Spike & Channel, telling me to look for buying opportunities after a DEEP pullback down to two key support levels I’m watching for tomorrow.

E-Mini S&P is bullish with a strong, narrow channel this evening, and that narrow channel tells me it’s a ‘2-legged pullback’ I need for the most reliable buying opportunities tomorrow morning.

Nasdaq is bullish and grinding up the top of a qualified channel, telling me to stay patient and wait for buying opportunities down at the lows tomorrow morning.

Gold is bearish with a strong move lower, and such a strong move tells me to look for selling-opportunities using a "hidden channel" tomorrow morning.

Euro is range-bound with a triangle pattern, telling me to focus on failures at the highs and lows tomorrow morning.

Today we have four different types of channels, and a great lesson on how I like to “qualify” each channel for the most reliable trading opportunities.

Crude Oil Day Trading Strategy

Crude Oil is bullish with a Spike & Channel as the buyers try to recover from the losses overnight.

This Spike & Channel is a big clue, telling me that everyone is most likely already in this move going long, buying each pullback along the way.

The problem is, eventually we are going to run out of buyers up here, and professionals will be waiting for some profit-taking and a deep pullback for buying opportunities in tomorrow’s session, and that’s exactly what I’m waiting for.

E-Mini S&P Day Trading Strategy

E-Mini S&P is bullish with a strong move higher today, trading at the high of a very narrow channel.

The bulls have control, and they have their sights on re-testing the previous highs, but the real clue is the size of this channel… it’s very narrow.

Narrow channels are big clues for a deep pullback because there isn’t much space to trade inside the channel, telling me to stay patient and wait to buy that deep pullback tomorrow morning.

E-Mini Nasdaq Day Trading Strategy

E-Mini Nasdaq is bullish with a strong move higher, grinding up the high of this bull channel.

Knowing we have a qualified channel, my plan is to look for buying opportunities at support levels below, such as the channel low and the prior support-swings along the way.

Gold Day Trading Strategy

Gold is bearish after a major trend-reversal shortly after the beginning of the US session this morning.

The bears have control with a strong move lower, and any time we see such strength to the downside we have to assume that there will be sellers waiting for their chance to sell a pullback.

Knowing this, I’m using a "hidden channel" to find resistance overhead for reliable selling-opportunities tomorrow morning.

Euro Day Trading Strategy

Euro is range-bound and trading sideways with a triangle pattern.

This range tells me the market is balanced, and a balanced market tells me to fade the breakouts going back inside the range.

To do this, my plan is to look for buyer-failures at the highs and seller-failures at the lows using the '2-Try Rule' tomorrow morning.

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