Head And Shoulders Pattern Setting Up On Gold 13 Range

We arent done yet, I can see a great opportunity to short the crude oil right now…do you see this head and shoulders pattern at these highs?

We are having the biggest day of the year, here are some of the trades we are looking at right now. Scroll down to the bottom to see all of the trade updates, more coming.

13 Range Crude Head And Shoulders

Crude oil made a nice run up to 78.55 after it broke out of the wedge pattern, we bought the lows and already made 89 ticks off the long trade, and now we see a head and shoulders pattern at these new highs, so we look for the reversal.

Nothing better than making money while it rises, and making MORE while it falls! J

Enter short below 96, look for my first target above the previous high of day at 85 (1/2)

My 2nd target at 60 is the next batch of double-bottoms for support, and my final target will be the high of the wedge pattern that we were trading inside previously at 35 (1/4)

13 Range Crude Head And Shoulders : Up-Date

21 Range Crude Breaker Long

We notice on the 21range chart on crude oil that we are now trading inside the bracket ABOVE us, which was created last week.

We are now in the BOTTOM of this new bracket, im now going to look to BUY the LOWS of this new bracket, expecting piece to go from bottom to the top of the trading range.

Entry long above 64, this will clear the trend line and the next level of resistance and give us a clear target of 78.95 (1/2), and then looking to continue its missing to the highs of 30 (1/4) and 60 (1/4) for our final targets.

So we have 2 high percentage day trading options on crude oil, lets watch and see!

21 Range Euro

Euro is sitting at the high of the day, and we are looking for the break above 3106 for the long entry or the break below 59 for the short entry

2-step short below 59’s will reverse off the highs of the day, and will use the dollar breaking overhead resistance as our trigger.

Negative correlation to the dollar, the euro will fall when the dollar rises.

Look for my first profit target at 49 the low of day from yesterday, and then final targets of 25 (1/4) and all the way down to the big round number of 3010 (1/4)

If we don’t break these lows, look to continue with the short term trend to the upside, entry long above 3106.

Make sure the dollar is DROPPING for this long entry on euro, and look for profit targets at 18 (1/2) using the AB=CD pattern, and then final targets of 3150 (1/4) and 3175 (1/4)

21 Range Gold

We have the 21-range chart showing us a sideways and sluggish market, but this may changed very quickly, so lets be prepared for what MAY happen this afternoon or later tonight.

Entry long for a 2-step reversal pattern off these lows on Gold above 69.2, but beware of that trend line overhead.

We need to clearly break that trend line BEFORE we enter this trade.

What if we don’t? what if we are BELOW the trend line when we break about 69.2?

Look for the faster timeframe to give you a clear entry using a breaker pattern. For example, I will use the 8 range, 4 range to look for a new swing high, and then look to enter with that price level on the fast chart.

What if we break this double bottom from May 20th at 55.6?

I need to use caution, this double-bottom will be a very tough level to see conviction when we break the lows.

I expect to see a LOT of price action, a LOT of speed, and a LOT of potential, but I don’t want to cheat and get in early.

Wait for price to really break these lows, in fact, you may want to wait for the 2nd move after the break.

I have a feeling the first move below the 55.6 will be fake-out breakout, so look for a wave pattern short after that fake-out.