Predicting the Reversal | Crude Oil, Emini, Nasdaq, Gold & Euro
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“Yesterday is not ours to recover, but tomorrow is ours to win or lose.” –Lyndon Johnson
Crude Oil is bullish, but the combination of a channel and measured-move “overshoot” is giving me the feeling it’s better to wait for the reversal and selling-opportunities tomorrow morning…
E-Mini S&P is bearish and back to the low of the range, so I’m staying patient for selling-opportunities using buyer-failures up above the range high…
Nasdaq is bearish and trying to re-test the range low, and I’m looking for a 2-Try Failure for selling-opportunities before we get there…
Gold is bearish after a successful 123-Breakout, so I’m looking for selling-opportunities using the high of a hidden channel…
Euro is bearish with a strong spike lower, telling me to look for a shallow pullback in combination with a key reversal-line for selling-opportunities tomorrow morning…
We’re back at it again this evening, this time looking at some strong trends, a few trading-ranges, and a possible big reversal clue on the charts tonight…
Crude Oil Day Trading Strategy
Crude Oil is bullish with a channel and measured-move on the chart this evening…
The bulls have clear control, telling me to look for buying opportunities using support levels tomorrow morning…
The channel and measured-move both provide us with some important clues…
The channel, for example, has a big overshoot at the highs, suggesting an overshoot at the lows as well – but since it’s so LARGE we have to assume that momentum will soon turn bearish if we do in fact get that overshoot…
The measured-move is also important because that resistance level is just overhead, and I can’t even count how many times I’ve seen a measured-move “overshoot” that comes back and can’t push back through the measured-move and winds up collapsing off the highs…
So yes, the momentum is bullish, but when you combine the measured-move resistance with the “overshoot” of the channel you can clearly see the potential for a reversal tomorrow morning…
E-Mini S&P Day Trading Strategy
E-Mini S&P is bearish with a trading-range, hidden channel, resistance trend-line, reversal-line, and measured-move on the chart this evening…
The bears have control, telling me to look for selling-opportunities at resistance levels tomorrow morning…
And there’s not better resistance than the high of a hidden channel, a resistance trend-line, and a reversal-line… or even better… the combination of all three!
If we get the pullback, the key will be waiting for the 2-Try Failure above the moving-average for the most reliable selling-opportunities back down again…
If we keep pushing lower, however, the momentum is going to be too strong to buy, so before looking for buying opportunities I’m going to wait for the momentum to turn back to bullish first…
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E-Mini Nasdaq Day Trading Strategy
E-Mini Nasdaq is bearish with a trading-range, hidden channel, and measured-move on the chart this evening…
The momentum is bearish, so I’m looking for selling-opportunities up at resistance levels, such as the high of the range and the high of this hidden channel…
If we don’t get the pullback and price pushes down to the low of the range, then I need to stay patient and wait for the momentum to turn bullish for a rally back to re-test the highs…
To do that, I’m going to watch for the 2-Try Failure for the bears, but rather than trying to buy into stops, I’m going to wait for the hidden-channel pullback for a more reliable entry going higher…
Gold Day Trading Strategy
Gold is bearish with a hidden channel, measured-move, and a pair of trend-lines on the chart this evening…
The bears have control after the buyers failed to re-test today’s double-top highs, and anytime we see a trend reversal we know to start looking for selling-opportunities using the high of the hidden channel…
Keep in mind, if price keeps pushing lower, we have a support trend-line coming up underneath, so as price goes lower, it becomes more important to use “bull traps” and “2-Try Failure” patterns up at resistance to avoid selling into support…
Euro Day Trading Strategy
Euro is bearish with a strong spike lower into multiple measured-move support levels on the chart this evening…
The momentum is clearly bearish, telling me to look for selling-opportunities up at resistance levels, and with such a strong run lower, it’s hard to imagine this market getting much of a pullback before sellers come in and send it back down to the re-test the low again…
So our plan is to look for selling-opportunities using the reversal-line around 15700, looking for a 2-Try Failure pattern for entry back down to re-test the low…
