First published at 01:08 UTC on December 12th, 2018.
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Trading the Short-Covering Rally | Crude Oil, Emini, Nasdaq, Gold & Euro
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Read the FULL Transcript of thi…
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Learn the Patterns with My Free Trading Course:
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Trading the Short-Covering Rally | Crude Oil, Emini, Nasdaq, Gold & Euro
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Read the FULL Transcript of this Video & Download Today’s Charts:
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Crude Oil is bullish as it tries to rally off the range lows, and a small trading-range on the chart is telling me exactly where to look for buying opportunities tomorrow morning.
E-Mini S&P is bearish and trading at the low of a range, so rather than trying to sell, I’m waiting to buy with the 2-Try Failure pattern tomorrow morning.
Nasdaq is bearish, but trading at the low of a range isn’t a great place to be selling, so my plan is to wait for the sellers to fail so I can buy this back up into the range.
Gold is bearish, but we just finished the '2-Try Rule' at the low of the range, so I’m looking for buying opportunities going back into the range, and I have my eye on a falling resistance trend-line to use as support.
Euro is bearish with a strong move down to the low of the range, and my plan is to wait for the completion of the ‘pendulum swing’ before I start looking for buying opportunities going back up in the range tomorrow morning.
We have a handful of ranges to work with tonight, and with most markets trading near the low of the range, we’re looking to fade the breakouts for a short-covering rally tomorrow morning.
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