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Trading Homework for Trade-date Monday August 12th 2019

After last week’s insane volatility I suspect that we are in a period of consolidation in many markets. Some charts are sporting sell divergences while others definitely seem poised for a lot of noise (normal after a strong trend).

Commentary

  • GC: Consolidating – buy flushes for scalps.
  • SI: This should form bull flag on daily now.
  • HG: Bear flag?
  • ZB: 5 SMA Buy
  • ZC: Bear flag
  • CL: Large daily triangle / consolidation
  • NG: Bear flag?
  • EMD: Back into middle of daily range
  • YM: At a resistance level
  • NK: Looks like a bear flag
  • FDAX: Also looks like a bear flag
  • EC: Still inside a giant descending wedge
  • BP: Shorts should pull stop down to Friday’s highs
  • JY: Daily sell divergences forming
  • NE1: Consolidating around last week’s breakout point
  • MP1: Middle of range
  • DX: Middle of range
  • BTC: Back inside giant daily bull flag
  • FGBL: 3 day Triangle
  • FESX: Another equity market that looks like its forming a bear flag
  • NOK: 5 SMA Sale – breakdown suspect now though
  • USDSGD: Probably the best chart formation on the board that is poised for a breakout.
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