Tomorrow is “Quadruple Witching”, which means our window of opportunity will be a little smaller than your typical Friday session, but you know me, that’s not going to stop us from finding some powerful trade set-ups in tonight’s newsletter…
And as I look at these charts tonight, I can see some expanding triangles and potential range-bound markets as we finish up the week, which means the plan is simple; fade the breakouts and focus on failures for most of our markets – are you ready?
--------------------
Learn my Favorite Trading Strategy with My Free Trading Course:
http://www.schooloftrade.com/trial
Become a Member and Join the Trade Room:
http://www.schooloftrade.com/
-----------------------------------------
Crude Oil is bearish into a Spike & Channel, which tells me to look for sell set-ups up above the highs of the channel.
But we also had a very strong run higher to start today’s session, telling us that this might just be a deep pullback, and if that’s the case, I'm looking for a 2-Try Breakout Pattern to get in long before we re-test the 59.49 highs.
E-Mini S&P is bearish after a 123-Reversal off today’s high, which means I'm looking for sell set-ups at resistance levels overhead, and I have my eyes on selling the high of a new Hidden Channel.
I'm also watching to see if price collapses back to 3000, and if it does, I'm going to use that round-number as a price-magnet to buy low and sell high for the remainder of the session.
Nasdaq is bearish into a narrow trading-range, which tells me to look for sell set-ups using resistance levels overhead, and I have my eyes on the “expansion” levels for a buyer-failure pattern entry short.
And don’t forget about that trading-range from earlier this week, because if price keeps going lower we’ll be right back in that range, buying low, selling high, and fading the breakouts again tomorrow morning.
Gold is bullish and trading sideways with a narrow range, which means I'm looking for buy set-ups using supp..
