Markets were on the move yet again today; Crude Oil and Gold sank lower into ranges, while the Emini ES bounced off the low into a Spike & Range…
Those ranges are the big clue for Friday morning; tell me to buy low, sell high, and focus on fai…
Markets were on the move yet again today; Crude Oil and Gold sank lower into ranges, while the Emini ES bounced off the low into a Spike & Range…
Those ranges are the big clue for Friday morning; tell me to buy low, sell high, and focus on failure patterns, but look closely and you'll see many examples where trend-lines have created traps for inexperienced traders – I want to make sure you know how to avoid those traps to finish the week in the green…
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E-Mini S&P is bullish into a spike and range pattern; this tells me to look for buy setups below the range, and I have my eyes on a seller failure setup at the low of a hidden channel below the range.
Crude Oil is bearish into a Spike & Range pattern; my goal is to sell above the high with a buyer failure pattern, but a rising support trend-line tells me to use a bull-trap to avoid selling into that rising support level.
Gold is bearish into either a bear flag or a trading-range; my goal is to sell at resistance levels above the range or at the top of the channel, and I'll use 2-try traps to avoid selling into the support trend-line below.
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Economic News:
Please remember that economic news, both scheduled and un-scheduled will increase volatility and decrease liquidity in the market in the short-term, which causes price-action to react inconsistently with the levels of support and resistance mentioned in this video. Tradin..
