We started today’s session with a strong run higher, but a delay in the next stimulus bill quickly let the air of this balloon and markets quickly turned lower…
That leads us to the big question for tomorrow; should I trade the bounce, or fade the…
We started today’s session with a strong run higher, but a delay in the next stimulus bill quickly let the air of this balloon and markets quickly turned lower…
That leads us to the big question for tomorrow; should I trade the bounce, or fade the bounce? It all depends on momentum, here’s the plan…
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E-Mini S&P is bearish after a 123-Reversal off today’s high; the session finished with a strong bounce off the lows, telling me that buyers are trying to buy the dip, so my plan is to wait for them to buy the next pullback and sell into their stops.
Crude Oil is bearish after buyers failed to hold a spike and channel pullback; the recent lower-lows tell me to keep focused on selling the high of a new hidden channel using buyer failure patterns.
Gold is bullish with a Spike & Range pattern; this tells me to look for buy setups below the range using seller failure patterns, but the key will be momentum of the pullback, telling me which entry setup will work best.
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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. Trading during economic news reports is dangerous and highly discouraged, no matter what your level of experience.
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