When Indicators FAIL | Crude Oil, Emini, Nasdaq, Gold & Euro
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“Only those who play win. Only those who risk win. History favors risk-takers. Forgets the timid. Everything else is commentary.”
Crude Oil is bearish and trading at the low of a channel, so my plan is to stay patient and look for selling-opportunities off the high tomorrow morning…
E-Mini S&P is bearish with a strong run lower, telling me to look for selling-opportunities using buyer-failure patterns up above the moving-average…
Nasdaq is bearish with a runaway market, telling me to look for selling-opportunities using a Spike & Range pattern tomorrow morning…
Gold is bullish, but trading at the high of a range tells me to look for selling-opportunities using buyer-failures instead of trying to buy this breakout…
Euro is bullish and trying to complete the ‘pendulum swing’ target, and once it does I’m looking to short this market back down to the range lows…
We had some strong trends in today’s session – a great example of market conditions where your average indicator(s) are ultimately useless, so tomorrow is all about market psychology combined with simple and reliable technical analysis – I have the perfect plan of attack…
Crude Oil Day Trading Strategy
Crude Oil is bearish with a channel on the chart this evening…
The bears have the momentum with a strong run lower, and with such shallow pullbacks along the way I can expect ANY pullback to be seen as a selling opportunity…
It’s also important to remember that any time we see such a large move in one session, the following day is likely going to turn sideways into a range…
If we do get the range, the plan is to fade the bull breakouts using the ‘2-Try Rule’, and don’t forget to get at it EARLY tomorrow because we have that news @ 11am EST.
E-Mini S&P Day Trading Strategy
E-Mini S&P is bearish with a runaway channel this evening…
The bears have control with a strong run lower today, and any time I see a market make this much movement in one session, the following day is almost always a range…
Knowing this, my plan is to anticipate the bull breakout and look for selling-opportunities using the 2-Try Failure pattern…
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E-Mini Nasdaq Day Trading Strategy
E-Mini Nasdaq is bearish with a runaway channel this evening…
The bears clearly have the momentum, and with such a strong runaway move, it’s hard to really find much more than just a chart that goes straight down…
The key is the runaway move, which most often will turn sideways into a range, or give us a nice ‘2-legged pullback’ into resistance levels waiting overhead…
All we can do at this point is wait to see what we get…
If we get a pullback off these lows, we’re looking for selling-opportunities using the 2-Try Failure pattern just above the moving-average…
But if we go sideways with a range, then the plan changes to fading the bull breakouts using the ‘2-Try Rule’ tomorrow morning…
Gold Day Trading Strategy
Gold is bullish with a trading-range and hidden channel on the chart this evening…
The trading-range has a bear bias, telling me to look for selling-opportunities using resistance levels, such as this range-expansion level at 98.6…
But the short-term momentum is too bullish to sell at this point, so I need to wait for the buyers to try buying this pullback so I can sell into the stops for the momentum to shift back to the bears for a re-test of the low tomorrow morning…
Euro Day Trading Strategy
Euro is bullish with a trading-range, channel, and measured-move on the chart this evening…
The bulls have the momentum at this point, but we’re trading at the high of this range so I’m looking for an opportunity to short this back down to the lows…
It’s hard to tell how far this market might go higher, with the measured-move and the ‘pendulum swing’ targets still waiting to be reached…
But either way, the key to selling this market is going to be another “failed failure” pattern coming off the high…
My plan is to wait for a seller-failure pattern to ultimately fail, hopefully giving me the opportunity to use the high of the range, or the underbelly of this bull channel as resistance along the way…
