Wednesday, May 23, 2018

Trading with Triangles | Crude Oil, Emini, Nasdaq, Gold & Euro



“I have not failed.  I’ve just found 10,000 ways that won’t work.  There is no such thing as failure, only results.”


Crude Oil is bearish after this morning’s inventory report, but a recent sideways range tells me that sellers may be waiting for another shot to sell at the same price from earlier this morning…

E-Mini S&P is range-bound and trading at the highs, which would normally be time to start selling, but the strength of this afternoon’s move tells me to use a "hidden channel" for buying opportunities with one more leg higher tomorrow morning…

Nasdaq is range-bound with a strong run higher this afternoon, and my plan is to use this momentum, combined with the ‘pendulum swing’ to look for buying opportunities on another leg higher tomorrow morning…

Gold is range-bound with a triangle pattern, telling me to focus on failures to fade the breakouts at the highs and lows of the range tomorrow morning…

Euro is bearish with a Spike & Channel pattern, telling me the most reliable selling-opportunities will come up above the channel using failure patterns tomorrow morning…

We continue to see ranges and triangles on the charts tonight, telling me to focus on failures above the highs and below the lows tomorrow morning…


Crude Oil Day Trading Strategy

Crude Oil is bearish with a triangle pattern this evening…

Sellers took price lower on strength after this morning’s weekly inventory report, but a series of higher-lows have me thinking that sellers may have been a little too aggressive with this move lower…

Knowing this, we often see price come all the way back to where major news was released – almost as if to give traders “another shot” at getting in where they missed the opportunity earlier in the session…

My plan is to look for selling-opportunities up in the ‘battle zone’, which is where this party got started…

E-Mini S&P Day Trading Strategy

E-Mini S&P is range-bound with a short-term bull bias after the buyers finished today’s session with a strong move higher…

It’s hard to stop the momentum of a market moving like this, and looking at the strength of this move, in combination with the ‘pendulum swing’ target, my plan is to look for one more buying opportunity on a pullback to the low of this channel before I start looking to sell the range high later in the session tomorrow.


E-Mini Nasdaq Day Trading Strategy

E-Mini Nasdaq is range-bound with a short-term bull bias this evening as the buyers make a strong run back to the high of this weekly trading-range and I expect the ‘pendulum swing’ to take us even higher tomorrow morning…

I don’t want to chase this move higher, I don’t want to “buy high” so I’m waiting for buying opportunities at support levels around the low of this channel for another leg higher tomorrow morning.

Gold Day Trading Strategy

Gold is range-bound and rotating back and forth inside a short-term triangle on the chart this evening…

Whenever I see a range, especially a triangle, the plan is to fade the breakouts, buy the low, sell the high, avoid the middle, using the '2-Try Rule' and failure patterns tomorrow morning.

Euro Day Trading Strategy

Euro is bearish with a Spike & Channel pattern, telling me to look for selling-opportunities using the '2-Try Rule' and buyer-failures up at resistance levels waiting overhead…


If price continues to slump lower, my plan then shifts to using “traps” up near the high of the channel on the way down to the measured-move target waiting below.

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