Wednesday, August 8, 2018

Trading with Market Context | Crude Oil, E-mini, Nasdaq, Gold & Euro



“A lot of people know what to do, but very few people actually do what they know. Knowing is not enough! You must take action to see results!”


Crude Oil is bearish with a strong spike lower today, which often turns sideways into a Spike & Range pattern, which tells me to look for selling-opportunities after a ‘2-legged pullback’ up in the ‘battle zone’ tomorrow morning...

E-Mini S&P is bullish with a trading-range, telling me to focus on failures using the '2-Try Rule' for buying opportunities off the prior month high tomorrow morning...

Nasdaq is bullish with a trading-range, and I have my eyes on a key support trend-line for buying opportunities using the '2-Try Rule' below the lows tomorrow morning...

Gold is bearish with a trading-range, and I have my eyes on the high of a "hidden channel" for selling-opportunities tomorrow morning...  

Euro is bullish and range-bound once again, so my plan is buying low, selling high, avoiding the middle and watching for those failure patterns tomorrow morning...

We have a lot of trading-ranges on the charts tonight, and when it comes to ranges, the secret to success is all in the market-context, which is what I’m going to be focused on this evening…


Crude Oil Day Trading Strategy

Crude Oil is bearish with a strong run lower, a measured-move, and the prior month low on the chart this evening…

Crude Oil got clobbered today (the weekly inventory report is always a big variable) and just never stopped running lower…

The strong move down tells me the odds of a deep pullback and a re-test the low are very high… it also tells me that anyone waiting for the pullback this morning is STILL WAITING this evening, and if the market gives us that pullback we can expect those sellers to be waiting…

Another thing to remember is that when a market moves THIS MUCH in such a short period of time, the following day is often a range, so I’m going to be keeping an eye out for this to turn into a Spike & Range pattern tomorrow morning...

And it’s easy to see where they were trying to go with this – they finished the measured-move target and finished just above the prior month low, telling me this market is pinned to its lows and the best way to trade it is to wait for a correction, let the buyers try to grab the reversal and sell into their failure on the way back down to the low tomorrow morning...

E-Mini S&P Day Trading Strategy

E-Mini S&P is bullish with a trading-range, the prior month high, and a key reversal-line on the chart this evening…

The trading-range has a bull-bias, telling me to focus on buying opportunities below the range using the '2-Try Rule' and seller-failures, and…

The prior month high, combined with the 2845 reversal-line will make for an excellent support cluster to look for those bear breakouts to fail and run back into the range tomorrow morning...


E-Mini Nasdaq Day Trading Strategy

E-Mini Nasdaq is bullish with a trading-range, measured-move, and support trend-line on the chart this evening…

The trading-range has a bull-bias, telling me to focus on buying below the low of the range using the '2-Try Rule' and seller-failure patterns, while…

The support trend-line coming off the recent lower-lows will make for an excellent location to look for a failed breakout into buying opportunities tomorrow morning...

Gold Day Trading Strategy

Gold is bearish with a trading-range, measured-move and "hidden channel" 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' off the highs, while…

The measured-move and the "hidden channel" are both coming together creating confluence of resistance just above the range high for selling-opportunities tomorrow morning...

Euro Day Trading Strategy


Euro is bullish with a Spike & Range pattern on the chart this evening, which tells me to look for buying opportunities at the lows and selling-opportunities at the highs using the '2-Try Rule' and failure patterns tomorrow morning...

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