We saw some big moves on this “Reaction Monday”, but it’s easy to see that we’re too high to buy right now, so I’m waiting for a pullback…
And as I wait for a pullback, I'm asking myself, “is this a pullback, or is this a full trend reversal?”…
We saw some big moves on this “Reaction Monday”, but it’s easy to see that we’re too high to buy right now, so I’m waiting for a pullback…
And as I wait for a pullback, I'm asking myself, “is this a pullback, or is this a full trend reversal?” - so, let’s make sure we plan for both situations.
--------------------
Learn the Patterns with My Free Trading Course:
http://www.schooloftrade.com/trial
-----------------------------------------
Crude Oil is bullish with a strong run higher, a 2-legged pullback, and a re-test of the high.
The re-test of the high confirms the bulls are clearly in control of this market, but this location isn’t great to start buying.
My plan instead, is to wait for a pullback into the battle-zone, or look for a 2-Try Breakout Pattern to new highs tomorrow morning.
E-Mini S&P is bullish as it rotates off the low of a range with strength.
This move for the bulls is rather strong, which tells me to look for buying opportunities, but I don’t want to buy into these highs.
Knowing this, a better plan would be to wait and see if I can buy a pullback at the low of a new Hidden Channel with a target going back to the high.
Nasdaq is bullish and just a few inches away from reaching two major resistance levels overhead, which is a horrible place to look for buy set-ups.
With that in mind, I need to stay patient and wait for a pullback off these highs, ideally around the reversal-line at 7605.
I'm also keeping an eye on a possible reversal, which means I'm watching the moving-average closely to see how price-action responds.
Gold is bearish after a 123-Reversal off today’s high, which now tells me to look for selling-opportunities at the high of a new Hidden Channel.
It’s also important to remember that Gold was bullish to begin today’s session, which means I'm going to be watching the moving-average to see if this next move higher is a pullback or a full reversal.
Euro is bullish with a Spike & Range pattern, telling me to avoid buying in..
