We’re headed into Non-Farm Payrolls tomorrow morning, and with the sharp selloff we saw today, there will be plenty of rookies trying to “buy the dip” before the holiday weekend…
But in my experience, a big selloff like today often results in range…
We’re headed into Non-Farm Payrolls tomorrow morning, and with the sharp selloff we saw today, there will be plenty of rookies trying to “buy the dip” before the holiday weekend…
But in my experience, a big selloff like today often results in range-bound markets the following day, which means those buyers might be walking into a trap…
Knowing this, my plan is simple; I'll be waiting for buyer-failure patterns around key resistance levels and stay focused on selling into stops. The key will be patient, let me show you where to look…
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E-Mini S&P is bearish into a wedge, which tells me to look for sell setups around the “edges” of the wedge using buyer failure patterns. If price continues lower, I'll be looking to sell bull-traps…
Crude Oil is bearish into a wide trading-range, which means I'll be staying patient to sell into bull breakout failures with a target going back to the range lows.
Gold is bearish with a spike and channel pattern, which tells me to look for sell setups above the channel highs. I have my eyes on 1950 where the channel, expanding triangle and pendulum swing all come together at the same spot!
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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 men..
