We had some great moves in today’s trading session, but most of our markets closed at some very challenging locations for Friday morning.
Which reminds me to focus on only the best patterns, which will give me the best winning percentage possible – are you ready?
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Crude Oil is bullish with a strong two-legged run higher, which tells me to look for buying opportunities at key support levels.
The challenge is, we’re trading right into three major resistance levels, so I need to choose wisely to find the right entry points to avoid a trap at these highs.
E-Mini S&P is bullish with a strong pullback off the highs, which tells me that the buyers still have overall control, but the sellers will be looking for ways to send this market lower.
Knowing this, my plan is to look for buying opportunities, but only until I see the sellers try forcing this market lower on Friday morning.
Nasdaq is bullish into a flag pattern, which would normally tell me to buy the breakout-pullback above the channel high…
But in this situation, we’re too close to the measured-move resistance, which tells me I need to wait for a bear-trap and buy into the stops of the counter-trend sellers to give myself the fuel I need to break back up to the highs (and beyond).
Gold is bearish with a strong 123-Breakout of this week’s range, which tells me to look for selling-opportunities up at the high of a Hidden Channel.
The big challenge, however, is the rising support trend-line I see coming up from today’s low, telling me to wait for a ‘2-legged pullback’ selling-opportunity tomorrow morning.
Euro is bearish and trading back at the 12,000 round number this evening, and with such a strong run lower today, I'm anticipating a range-bound market on Friday morning.
Assuming this market goes sideways, my plan is to combine a failed bull breakout with the ..
