5 Trades for ‘Reaction’ Thursday
Tomorrow may be Halloween, but for professional traders, it’s “Reaction Thursday”, the day after the FOMC Announcement, and a day usually filled with trading opportunity…
And my job tonight is to get you ready for (5) five reliable patterns and entry set-ups that I’m watching for tomorrow morning – are you ready?
Crude Oil Bears are Running Out of Options…
Crude Oil is bearish, but we’re sitting on yesterday’s low and the sellers have now failed twice to push the market lower, which tells us that a reversal is likely around the corner…
The problem is, we’re too bearish to sell – so instead of trying to predict the reversal, I’m looking at four ways to use the ‘2-Try Rule’ on the buy-side Thursday morning…
E-Mini S&P Blasts Higher, But Can They Hold It?
E-Mini S&P is bullish with a strong spike running higher, and anytime I see a move go this far in such a short period of time, I know to look for a Spike & Range…
Knowing this, I’m waiting for the moving-average to flatten out and the price-action to go sideways, then I’ll look for buy set-ups underneath the range using a seller-failure pattern.
Nasdaq Bulls Missed a Key Objective, Did You See It?
Nasdaq is bullish with a strong spike higher that couldn’t close above yesterday’s high, which tells me that yes, the bulls have control, but no, it’s way too high to be buying up here…
Knowing this, I’m anticipating a flag pattern coming off the high because buyers will be waiting for something lower, and as it pulls back, I’ll be watching for sellers to get “trapped” getting in too early for an easy rally back to the high.
Gold Bulls are Waiting to Buy that Hidden Channel…
Gold is bullish with a strong run higher, which appears to be trading sideways just ahead of 1500, which tells me to wait for the range to develop, then look for buy set-ups underneath the low using a seller-failure pattern.
And let’s not forget the pullback, because I have a perfect Hidden Channel combined with the battle-zone that’s just waiting for that pullback!
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