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Trading Homework for Trade-date Friday August 23rd 2019

Markets seem to be syncing up a bit again. Gold and silver are starting to show mature bull flags along with bonds, while equities are testing against recent resistance levels. A trade in one is basically a trade in the others – they are highly correlated right now.

Commentary

  • GC: The consolidation over the past week or so seems to have formed a better bull flag. Feels like this could kick in any day now. But only for a target that retest the recent highs (weeklies still need to consolidate more)
  • SI: Same as gold
  • HG: Might get one more day down to retest the recent lows.
  • ZB: Better bull flag setting up here as well.
  • ZC: Negative consolidation? Or Spike-and-ledge? Feels like setting up for new lows to come.
  • LC: Bear flag.
  • CL: Hourly triangle was broken today. But might see a retest of the diagonal trendline before any further push down.
  • NG: Bear flag might be kicking in here.
  • HO: Hourly triangle/bear flag – needs to break first.
  • ES/NQ/YM/FDAX/NK: All testing their recent highs multiple times yesterday (Thursday).
  • BP: Overbought and a grail sale. Might be for scalp only because its coming off extreme oversold levels.
  • JY: 3-day triangle breakout formation
  • BTC: Almost oversold again but with low adx.
  • PA: Overbought. Short bias.
  • FGBL: Clean bull flag is forming. But in these markets anything too clean generally turns out to be a trap.
  • FESX: The only equity market that is above its recent resistance levels.
  • RU: Grail sale.
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