Today is the third day that I’m creating my homework with the Neo Smart Pen that I recently acquired. Playing with it sure has been fun. As part of that “play” process I’m posting my daily scribbles/notes that I take after market close. Here are the notes I made in preparation for trading tomorrow:
The most important observations are:
- Gold and silver present the most compelling trade opportunities – if they can break out of their range. Gold has a nice daily triangle/rectangle. Silver has an hourly one. Silver is the relative strength leader so maybe all you get is an hourly flag for now.
- Crude seems strong and I was looking to buy this on a breakout of an hourly flag. Unfortunately, that breakout came late in the day yesterday so will be looking to buy scalps on pullbacks tomorrow.
- Palladium has a nice bullflag on it. But it is a THIN market so its not likely something I will trade.
- EC has potential to the short-side. It has been in a sort of descending wedge and seems poised to break lower.
- CD has buy potential. It closed yesterday with a candle-stick “hammer” at the lower end of the range. I am long this market.
- Corn also has a hammer formation at the lower end of its range – I currently has a long position.
- Bitcoin – has 3 days down inside the context of a much much larger ABC bullflag. I sense this market can go higher tomorrow but you’d need to take a $5000.00 per contract risk to stay out of the noise – too rich for my blood.