We have some great set-ups coming for tomorrow morning – Crude Oil is trying to re-test the $50 level, the E-Minis are trading inside ranges, Gold is trying to fill the weekend GAP, and the Euro is begging us to fade this breakout!
But no matter which market you’re trading on Thursday, there are always (3) three important characteristics of every successful trade set-up – are you ready?
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Crude Oil is bearish with a strong run lower, but looking at the chart tells me there’s NO reason we should trust this move yet…
Knowing that most of our time was spent in a range this morning, my plan is to look for buy set-ups going back into the range tomorrow morning.
E-Mini S&P is bearish into a narrow trading-range, which means finding a good risk-reward-ratio is going to be difficult without a decent-sized retracement off these lows.
Knowing this, I'm waiting for a bullish move higher, with the goal of selling into the stops of the counter-trend buyers.
Nasdaq is bearish with a combination of a wedge and narrow trading-range on the chart tonight, both of which are telling me the same thing.
Keeping that in mind, I want to sell as high as possible tomorrow morning, and I'm going to wait for buyers to try a reversal, so I can sell into the exits for an easy collapse back down to the lows.
Gold is bullish into a trading-range, which tells me to buy the low, sell the high, and avoid the middle on Thursday morning.
And with the short-term trend being so bullish, my goal is to buy the low using a seller-failure set-up, and a target up at the “GAP fill” from last Friday’s session.
Euro is bullish and has been stuck inside a narrow trading-range for the last two trading sessions until just recently we got a sharp move lower, which is exactly what we’ve been waiting for…
And with the market trying to reverse this trend, my plan..
