Thursday, May 3, 2018

Using Market Psychology | Crude Oil, Emini, Nasdaq, Gold & Euro



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Crude Oil is bullish with a strong spike higher to finish today’s session, leaving me waiting for confirmation on one of FOUR different patterns setting-up for tomorrow’s session…

E-Mini S&P is bullish with a Spike & Range pattern, telling me to look for seller-failures below the range tomorrow morning…

Nasdaq is bullish with a Spike & Channel pattern as it makes its way back to the weekly range highs, and I’m looking for a “bear trap” for buying opportunities tomorrow morning…

Gold is bearish and trading at the high of a range, so I’m looking for a buyer-failure pattern to sell this market back down to the lows tomorrow morning…

Euro is bearish and trading with a triangle/range pattern, telling me to fade the breakouts, selling high and buying low tomorrow morning…

Tomorrow is Non-Farm Friday, which means we have a smaller window of opportunity than normal, and most importantly… ANYTHING is possible.


Crude Oil Day Trading Strategy

Crude Oil is bullish and trying to go back and re-test last week’s high, but all we have to work with tonight is a strong move higher, which leaves me waiting for more information to confirm the pattern, such as…

…possible Spike & Range, Spike & Channel, or "hidden channel"? 

Spike & Range tells me to focus on failures below the range low.  Spike & Channel tells me to buy the low of the channel and look for traps, and a deep pullback off the high would tell me to use a seller-failure pattern to buy off the low of the potential "hidden channel".  At this point, only time will tell.

E-Mini S&P Day Trading Strategy

E-Mini S&P is bullish with a Spike & Range pattern as it tries to go back into the range from yesterday’s session.

The trading-range is a big clue, telling me to look for buying opportunities using seller-failures below the range, or a breakout-pullback pattern above the range.

No matter which pattern I get tomorrow, the target is back at the high of the original range, around 2658 tomorrow morning.


E-Mini Nasdaq Day Trading Strategy

E-Mini Nasdaq is range-bound and bullish on the way back up to the range high tomorrow morning.

This Spike & Channel pattern is a big clue, telling me that buyers will be waiting for a deep pullback for the best buying opportunities on the way back to the highs tomorrow morning.

Gold Day Trading Strategy

Gold is range-bound with a bear-bias and just about to collapse back into the range from yesterday’s trading session.

My plan is to look for selling-opportunities back down to the lows, but I can see this rising support trend-line coming in below me, so to avoid selling into support, my plan is to focus on failures and traps up at resistance levels above me tomorrow morning.

Euro Day Trading Strategy

Euro is bearish with a triangle/range pattern on the chart this evening, telling me to focus on selling-opportunities using buyer-failures up above the high of the range while avoiding the temptation to chase the market into the middle.


On the flip side, if price rotates down below the triangle I need to extreme strength going lower or else the sellers will fail and buyers will send price back up into the range late in the session tomorrow morning.

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