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Trading Homework For Trade-date Friday July 26th 2019

Here we go – day 5 using the Neo Pen. Not bad so far…

Commentary

  • Gold and Silver still seem to be forming sideways lines on the daily chart. Silver has gotten very sloppy in its price movements.
  • Bonds – Sideways consolidation. Looks like FGBL (Bunds) had some sort of buy climax off of ECB comments so expect that to go sideways some more now. We’ll see….
  • Corn – Looks like that is ready to break lower. Really thought it had a shot at moving higher this week – even if just for a little bit.
  • LC – This might finally be ready to move lower. Doji formation on daily and weekly grail sale.
  • LH – 5 SMA buy – weird.
  • CL – This is another one I thought had potential to move higher this week but so far has been in ugly sloppy hourly consolidation…
  • EMD – Nice breakout on Wednesday but gave most of that back yesterday. Bull trap?
  • ES – This feels like a never-ending sideways line (its only been consolidating for a few days – it just feels long..)
  • EC – Well, this closed with a DOJI right on the lower trend line of a large wedge. Maybe Friday is the day it moves decisively out of that formation. A close below Thursday’s low is a shorting opportunity.
  • CD – This one is disappointing, just like corn. Thought it could move higher but has spent all week going sideways and now looks like its ready to break down.
  • NE1 – 5 SMA tendency still in play here…
  • MP1 – Probably the tightest sideways line I’ve seen in a long time. When this breaks it should be a straight-line move.
  • PL – Looks like a buy climax there – might move sideways now for a few days.
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