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Trading Homework for Trade-date Wednesday August 6th 2019

After Monday’s bloodbath, there was follow through to the downside in equity markets upon the 5:00 pm reopen. This took a look of markets into support levels from which strong bounces occurred. Given the oversold (or overbought) nature of many of these, its likely that we will see additional bounces over the next couple of days. But, frankly, trading should be for scalps, not long term positions at this point.

Commentary

  • Gold: Upside breakout confirmed. Buy flushes.
  • SI: Not sure why this is still in a range given the price-action in gold.
  • HG: No down-side follow-through yet. Maybe biding time in negative consolidation for now?
  • ZB: Buy flushes
  • ZC: 5 SMA Sale
  • ZS: Possibly doing negative consolidation for now.
  • ZW: This is in a down-trending channel. Hard to trade for me.
  • NG: Holding support so maybe trade from the long side only and buy on flushes?
  • EMD: Bouncing from weekly support and daily oversold conditions.
  • ES: Bouncing from prior weekly pivot and daily oversold conditions.
  • NK: Strong bounce – almost back to testing its breakdown point (it broke down from a rising channel unlike the US equities which just went back into their large weekly range.)
  • FDAX: Short bounces (oversold)
  • EC: Short any further push up – its almost back to the upper trend-line of a descending channel.
  • BP: Negative daily consolidation? (Hopefully not a spike-and -edge kind..)
  • NE1: Buy scalps only.
  • MP: Oversold into a support level. Might be worth nibbling to the long side.
  • BTC: Spiked out of its bull flag but seems to have settled back inside it.
  • PA: 2 days up
  • FESX: Bouncing from support.

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