Tuesday, May 29, 2018

Trading the 2-Try Rule | Crude Oil, Emini, Nasdaq, Gold & Euro



“Live life fully while you’re here. Experience everything. Take care of yourself and your friends. Have fun, be crazy, be weird. Go out and screw up! You’re going to anyway, so you might as well enjoy the process. Take the opportunity to learn from your mistakes; Find the cause of your problem and eliminate it. Don’t try to be perfect; just be an excellent example of being human.”


Crude Oil is range-bound with a bear-bias, telling me to focus on selling-opportunities using the '2-Try Rule' up near the highs, with a target all the way down at the low…

E-Mini S&P is bearish with a Spike & Range pattern, telling me to look for selling-opportunities at the high of the range and a target back down at the low – but I’m also keeping my eyes open for a reversal if we can see some strength from the buyers tomorrow morning…

Nasdaq is range-bound and sideways, telling me to focus on failures using the '2-Try Rule' tomorrow morning…

Gold is range-bound and trading sideways around the $1300 round number, telling me to focus on fading the breakouts tomorrow morning…

Euro is bearish with a triangle pattern, telling me to focus on failures for selling-opportunities up above the range high tomorrow morning…

We have a lot of trading ranges on the charts tonight, telling us the plan for tomorrow is patience, '2-Try Rule', and fading breakouts…


Crude Oil Day Trading Strategy

Crude Oil is bearish and trading with a range this evening, and with the strength of this recent move coming off the lows it appears that buyers are going to try and break out to new highs…

Knowing this strength will likely encourage the bulls to try and buy the pullback, my plan for tomorrow is to wait for that pullback to fail and look for selling-opportunities back down from there…

E-Mini S&P Day Trading Strategy

E-Mini S&P is bearish with a Spike & Range pattern, telling me to look for selling-opportunities using the '2-Try Rule' tomorrow morning, but I can also see the opportunity for this market to run back into the range from last week…

This move higher to finish today’s session was very strong, telling me to expect another leg going higher, and that’s where the battle will happen…

If the buyers can show strength going higher on the second leg, then my plan is to find a new bull channel and look for buying opportunities…

If the buyers cant show us strength, then I’m looking for selling-opportunities back below the moving-average for a run back down to the low.


E-Mini Nasdaq Day Trading Strategy

E-Mini Nasdaq is range-bound with a trading-range this evening, telling me to stay patient and sell the high, buy the low, and avoid the middle tomorrow morning.

Any time I see a flat moving-average combined with double-tops and double-bottoms I know this market is sideways – and my plan is to focus on failures using the '2-Try Rule' tomorrow morning…

Gold Day Trading Strategy

Gold is trading sideways around the $1300 round number this evening, telling me this market is balanced – so my plan for tomorrow is to fade the breakouts using failure patterns above the highs and below the lows of the range.

Euro Day Trading Strategy

Euro is bearish, but after sellers tried (and failed) to re-test today’s low, we have to assume this market is now trading sideways inside a range…


Trading with ranges is relatively easy – my plan is to look for selling-opportunities (following the overall trend) up above the high of the range using the '2-Try Rule' tomorrow morning.

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