These markets have been wild the first week of June, and with more big news on the schedule tomorrow morning, the party is just getting started…
Crude Oil is bouncing, the E-Minis are range-bound, while Gold and Euro are bracing for the ECB tomorro…
These markets have been wild the first week of June, and with more big news on the schedule tomorrow morning, the party is just getting started…
Crude Oil is bouncing, the E-Minis are range-bound, while Gold and Euro are bracing for the ECB tomorrow morning…
But the big question I’m asking myself tonight is – what’s missing on this chart?
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Crude Oil is bullish after a 123-Reversal this afternoon, which means I'm drawing my Hidden Channel and waiting for the entry set-up off the lows.
But if I’m wrong, and the bulls fail, I have to be careful chasing the market lower because we have a major objective just a few points below us.
E-Mini S&P is bullish as it tries to breakout of today’s trading-range, and with the ‘pendulum swing’ resistance just a few points overhead, my focus is buying as low as possible, using a “trap” set-up off the low of a new Hidden Channel.
But if the market collapses back down to the low of the range, then I need to stay patient and wait buy set-ups after the sellers try twice with a “nested” failure set-up.
Nasdaq is bullish, but unlike the S&P, it hasn’t reached its objective yet, which means I’m looking for buy set-ups using support levels, such as a 2-try breakout pattern with a target up at the ‘pendulum swing’ waiting overhead.
Gold is bearish, the lack of follow through from the bears to re-test today’s low, combined with the range overhead tells me I should skip the sell and focus on buy set-ups to go back into the range.
Knowing this, my plan is to wait for the bears to try twice, giving me the chance to buy off a support trend-line with a target at the ‘pendulum swing’ on the opposite side.
Euro is bearish and trading at the low of a trading-range this evening, which tells me to be looking for buy set-ups going back into the range tomorrow morning.
The challenge, however, is the..
