We’re back in the action for another big week of trade set-ups, this time we have a week filled with earnings reports, trading-ranges, and strong moves on the charts… But no matter what we get on Tuesday, my plan is always the same – wait patiently for the most reliable, high-probability set-ups on my favorite markets – are you ready?
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Crude Oil is bullish and back inside the range from last week, which tells me to focus on breakout failures - buying low, selling high, and avoiding the middle on Tuesday morning…
And speaking of buying low, I’d love to catch the sellers on the wrong side of this market with a failure set-up off the low of a new Hidden Channel.
E-Mini S&P is bullish with a wedge pattern as it runs into major resistance overhead, which tells me the bulls have control, but we’re a little too high to start buying at this point…
Knowing this, I’d rather wait to buy a pullback at support, and I have my eyes on the combination of the Hidden Channel low and a reversal-line down at 2994.50 tomorrow morning.
Nasdaq is bullish and grinding its way up to a triple measured-move, but anytime I see a market “three legs up” I try to wait for a more reliable pullback to support, rather than just chase the market higher…
I have my eyes on the low of a hidden Spike & Channel pattern, and since the pullback will be quite large, I'm anticipating a “nested” variation of the failure set-up.
Gold is bearish and trying to breakout below last Friday’s trading-range, but they haven’t succeeded just yet, which means I'm still looking for ways to buy this market going back up into the range.
But to do that, I need to wait for the bears to try twice before looking for entry, buying into their stops with a target back to the range high again.
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Economic News:
Please remember that economic news, both scheduled and un-scheduled will increase volatility and decrease liquidity in the market in the short-term, which causes price-action to react inconsistently with the levels of support and resistance mentioned in this video. Trading during economic news reports is dangerous and highly discouraged, no matter what your level of experience.
PLEASE DO NOT TRADE DURING TIMES OF MAJOR ECONOMIC NEWS
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