These markets are trying to fool us tonight – with strong momentum moves going against the trend, we need a plan to avoid the traps and stay patient for those high-quality set-ups…
But the big question I have is – “Buy it or Sell it, What’s the Sec…
These markets are trying to fool us tonight – with strong momentum moves going against the trend, we need a plan to avoid the traps and stay patient for those high-quality set-ups…
But the big question I have is – “Buy it or Sell it, What’s the Secret?”
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Crude Oil is bullish with a combination of a Spike & Channel and trading-range, but the challenge we have going into Wednesday morning is the strength of this recent pullback.
I want to buy this market, but I need to respect the sellers long enough to trade into their stops for a short-covering rally back to the high tomorrow morning.
E-Mini S&P is bullish at first glance, but dig deeper and it’s easy to see why buying this pullback is a serious gamble with your trade account.
My plan is to wait for these aggressive buyers to “swing and miss” so I can sell into their stops for an easy run back to Monday’s low.
Nasdaq is bullish with a strong two-legged move higher today, but we’re trading directly into two levels of resistance, telling me I need to stay patient for more reliable buying opportunities.
Knowing this, I'm looking for sellers to try getting short off the major channel highs, and if/when they do, it should be easy to buy into their stops for a rally up to the next measured-move target waiting overhead.
Gold is bullish and trading at the low of a wide trading-range, which reminds me that this bearish momentum coming off the high is going to try shaking me out of a long position before it goes back to re-test the high.
Keeping this in mind, a better plan is to wait for the second leg from the sellers and use the falling resistance trend-line as key support to buy into their stops tomorrow morning.
Euro is bullish, but the strength of this recent pullback off the highs is too much to try buying into we can see a little more proof tomorrow morning.
Kno..
