We had some strong moves going back into the weekly ranges this afternoon, but these “skinny” channels aren’t very attractive to buy, which tells me precisely where to be looking for a BETTER opportunity tomorrow morning.
--------------------
Learn the Patterns with My Free Trading Course:
http://www.schooloftrade.com/trial
-----------------------------------------
Crude Oil is bullish, finishing the session inside a narrow range, which tells me to stay patient and wait for a DEEP pullback on Thursday.
My goal is to get the sellers thinking the market has reversed, and once I see the sellers committed, then I'll start looking for the entry trigger going back to the high.
E-Mini S&P is bullish, but look closely and you can see we’re right back into the weekly range again, which is a horrible place to start buying.
Knowing this, Id rather buy low at support levels, and I have my eyes on a Hidden Channel level for the perfect place to look for longs on Thursday.
Nasdaq is bullish with a strong “skinny” channel running higher, which is a BIG clue because most of these “skinny” channels tell me to expect a DEEP pullback for the best buying opportunities.
The key is to wait for the pullback to free up some space, look for the sellers to try a few times to hold the move lower, and then look to buy into their stops!
Gold is bearish with a strong run lower, but I'm seeing TWO big concerns about the sell-side for tomorrow morning.
The rising support trend-line is the first concern, and I need to get below it before I can start seriously considering a short off the highs.
But the bigger challenge is this range low, just a few ticks off the low of day, this is a big hurdle for the sellers and may result in a full reversal on Thursday.
Euro is bullish and trading at the low of a range, which makes it easy to find some good entries for the buyers.
The only challenge I see on Euro is this falling resistance trend-line, which tells me to wait for price to break ABOVE ..
