Tuesday, August 14, 2018

“Second Leg” Trading Strategy | Crude Oil, Emini, Nasdaq, Gold & Euro



“Life is not about ALL the wrong moves you made; Life is about the one right move that made ALL the difference.”  - James Lockhart

Crude Oil is bearish with a Spike & Channel pattern, telling me to look for selling-opportunities using a buyer-failure up near the base of the channel tomorrow morning...

E-Mini S&P is bullish with a strong spike higher, telling me to expect one more leg higher before the sellers try fading this range breakout tomorrow morning...

Nasdaq is bullish with a trading-range, but a recent strong Spike & Channel pattern tells me I should be able to get one more leg higher for buying opportunities tomorrow morning...

Gold is bearish and trading inside a range this evening, telling me to look for selling-opportunities using buyer-failures and the '2-Try Rule' up above the range tomorrow morning...

Euro is bearish with a strong breakout below the range, telling me to wait for the sellers to finish their '2-Try Rule' and look for buying opportunities going back up into the range tomorrow morning...

We have plenty of STRONG MOVES to finish today’s session, which means I’m looking for Second Legs in tomorrow’s session, here’s the plan…


Crude Oil Day Trading Strategy

Crude Oil is bearish with a trading-range, Spike & Channel, and measured-move on the chart this evening…

The trading-range tells me to sell the high, buy the low, and avoid the middle, and with price collapsing off the highs, we know exactly where the bears are looking to go… back to the lows and possibly the ‘pendulum swing’ all the way down at 65.40…

The big clue is this Spike & Channel, telling me the momentum is STRONG for the bears, but more importantly, reminding me to look for selling-opportunities up near the BASE of this channel, which lines-up nicely with the high of the range for selling-opportunities down to the lows tomorrow morning...

The only variable we have is this weekly inventory report tomorrow morning... remember, my cutoff is 10am EST on Wednesdays because everything after the is unreliable, so get to your desk early!

E-Mini S&P Day Trading Strategy

E-Mini S&P is bullish with a trading-range, Spike & Channel, measured-move and support trend-line on the chart this evening…

The trading-range reminds me to buy the low, sell the high, and fade the breakouts using the '2-Try Rule', which is good because…

This strong move higher is only the first attempt for the buyers, and any time I see a strong move (Spike & Channel) I always look for a follow-up second leg higher…

And what better place to look for a buying opportunity – a pullback to the base of the Spike & Channel, which is also aligned with both of these support trend-lines, one coming up from below and another coming down overhead…

Just remember, we only expect ONE MORE PUSH, so I’m going to look to buy this pullback, but after the second leg higher it’s anyone’s game, and this can easily wind-up back into the range mid-session tomorrow morning...


E-Mini Nasdaq Day Trading Strategy

E-Mini Nasdaq is bullish with a trading-range, Spike & Channel, and key support trend-lines on the chart this evening…

The trading-range is important, telling me to buy the low, sell the high, and avoid the middle, but…

This strong move higher is too strong to ignore, telling me that buyers will most likely be waiting for opportunities at support levels near the base of this Spike & Channel, which is perfect because...

We have a support trend-line coming off the highs, which combined with the high of the range should be the perfect place for one more push higher for the bulls tomorrow morning...

Gold Day Trading Strategy

Gold is bearish with a trading-range and measured-move on the chart this evening…

The trading-range has a bear bias, telling me to look for selling-opportunities using buyer-failures and the '2-Try Rule' up above the highs, but…

If price tries to run lower, I have the measured-move support level giving me a great place to look for buying opportunities using the '2-Try Rule' from the sellers tomorrow morning...

Euro Day Trading Strategy

Euro is bearish with a trading-range, ‘pendulum swing’, strong bear run, and measured-move on the chart this evening…

The trading-range tells me to buy the low using the '2-Try Rule', and the strength of this bear run lower tells me to expect the sellers to try once more, most likely up around the highs of this "hidden channel" coming down overhead…

Where are the sellers trying to go?  Down to the measured-move and possibly the next round number at 13,000…


But trying to sell down here is really aggressive, so my plan for tomorrow is to watch and see if they fail, looking for buying opportunities once this momentum turns the corner going back into the range tomorrow morning...

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