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Trading Homwork for Trade-date Friday August 9th 2019

Another ridiculously strong up-day yesterday (Thursday) for equities – mostly erasing all of Mondays and Tuesday’s losses. What a trap. The question is whether these things keep rallying to make new highs on the year now or whether they’re just rallying to the upper end of their ranges.

Most equity indicies including the Dow and the Dax have 5 SMA sale setups just as they are close to hitting their 20 period EMA on the daily chart.

Meanwhile Gold and Silver are holding their gains as bonds sold off and equities rallied.

Bitcoin has barely moved over the last three days – consolidating at the upper end of its bull-flag. While technical analysis favors a further push up breakout out of the giant flag, there’s no need to jump the gun – wait for the breakout here.

Commentary

  • GC: Still buy flushes – currently sporting an inside day bar.
  • SI: Same as gold above
  • HG: 3 days up into its breakdown level – might be short.
  • ZB: Consolidating – scalp trades only.
  • ZS: z-day (this broke its consolidation to the upside instead of the downside)
  • CL: Bouncing from support
  • NG: Holding support for now
  • EMD: z-day
  • ES: z-day; approaching 20 period ema on the daily charts.
  • NQ: z-day; 5 SMA sale
  • YM: z-day; 5 SMA sale
  • NK: 5 SMA sale
  • FDAX: 5 SMA sale
  • EC: 3 day triangle
  • BP: Hourly sideways line – short it if it breaks.
  • JY: GIANT GIANT 3 day triangle. This is likely to lead to more consolidation instead of a breakout.
  • NE1: Testing breakdown level – possibility the breakdown might have been a trap.
  • MP1: z-day – bouncing from support and oversold levels.
  • PL: Holding steady – this might be moving up again soon.
  • NOK: 5 SMA sale and inside day.
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