News from Beijing sent prices racing higher today, which means tonight’s newsletter is all about using momentum, but more importantly, asking ourselves that important question, “who comes first? The bulls or the bears?”
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Learn the…
News from Beijing sent prices racing higher today, which means tonight’s newsletter is all about using momentum, but more importantly, asking ourselves that important question, “who comes first? The bulls or the bears?”
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Learn the Patterns with My Free Trading Course:
http://www.schooloftrade.com/trial
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Crude Oil is bullish into a trading-range, which tells me to look for buy set-ups below the range using the 2-Try Failure pattern or through the highs using my 2-Try Breakout Pattern.
Furthermore, its also important to keep an eye on the big target up at 57.81 because if this market keeps pushing higher, I will begin looking for “traps” to enter on shallow pullbacks to avoid buying into resistance.
E-Mini S&P is bullish with a Spike & Channel pattern, which always tells me to stay patient and wait for a DEEP pullback into the battle-zone.
Furthermore, if we do get that deep pullback, the most reliable buy set-ups will likely be using the ‘2-legged pullback’ pattern.
And let’s not forget, whenever the market goes this far in one session, the following day often turns sideways into a range.
Nasdaq is also bullish with a Spike & Channel, and similar to the S&P, I'm looking to buy a pullback into the battle-zone.
However, there’s one big difference – the Nasdaq has already reached its target at the round-number, so we have to stay patient for a deep pullback to avoid buying this too high on Tuesday.
Gold is bearish into a range, but a closer look at the BIGGER picture and it’s easy to see that today’s bearish move down is most likely just a pullback off the high from last Friday’s Non-Farm Payroll rally.
Knowing this, my plan is to look for the sellers to try getting in on the next pullback, and if they do, I'm going to start looking for ways to buy into their stops for a short-covering rally back to the high.
Euro is bullish with a trading-range, and just like Crude Oil, the plan is to look for buy..
