Markets are “range bound” heading into Thursday’s session, and with some BIG SWINGS on the chart, I know tomorrow has the potential to be messy!
Knowing this, I need to protect myself against losses, which is why I’m watching for some key set-ups o…
Markets are “range bound” heading into Thursday’s session, and with some BIG SWINGS on the chart, I know tomorrow has the potential to be messy!
Knowing this, I need to protect myself against losses, which is why I’m watching for some key set-ups on Thursday morning.
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Crude Oil is range-bound with a triangle pattern, which tells me to keep an eye on the “edges” of the range, waiting to fade the breakouts using the '2-Try Rule'.
I'm also watching for the 123-Breakout pattern because we know the buyers will be trying to re-test this morning’s high.
E-Mini S&P is range-bound and trying to rotate back to the range highs, but this strong bear move lower tells me I need to be careful trying to chase this market higher.
Knowing this, my best option is to wait for the sellers to commit going lower, waiting to buy into their stops for a short-covering rally back to the high.
Nasdaq is range-bound, but it’s easy to see the buyers hunting for a re-test of today’s high – the only challenge is the short-term bearish momentum.
To overcome this bearishness, the key is waiting for the sellers to try twice, then looking for buying opportunities using a trap-low around key support levels.
Gold is bullish but stuck inside a narrow range ahead of tomorrow morning’s ECB report, which tells me to wait for buying opportunities using seller-failures below the range low.
Its also important not to chase the market higher, knowing that sellers will be waiting – so my plan is to buy only AFTER I see the bears commit.
Euro is bullish into a trading-range, which tells me to look for buying opportunities down below the low of the range.
The only challenge, however, is this falling resistance trend-line, telling me to focus on traps to protect against losses.
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