Think Like a Rookie (Trade Like a Pro)

Our favorite markets have a lot of “moving pieces” to follow this week, and with major news tomorrow morning, it’s important to have our trading plan ready before the opening-bell…

And whenever I see this many “moving pieces” on the charts, I know there will be opportunities to catch the unprepared rookies on the wrong side of the market…

Which is why I always tell my best clients –
“Think like a rookie, but trade like a pro.” 
Are you ready for tomorrow?

Crude Oil Wants to Run Higher, But Look Closely…

Crude Oil is bullish with a strong push higher, which tells me to anticipate another leg for the bulls…

The challenge, however, is this resistance level just overhead – telling me to wait for a pullback off the highs for a more reliable buy set-up using a seller-failure pattern.

E-Mini S&P is Walking on Thin Ice (Will It Hold?)

E-Mini S&P is bullish with a Spike & Channel pattern, which tells me to look for buy set-ups at the “base” of the channel using a seller-failure set-up.

But I’m also watching this pullback closely, to see if we sink back inside the weekly range…

Because if we pull back too far, the plan will change to looking “short” into the stops of the rookie buyers who are trying to buy the low of a larger bull channel.

Nasdaq is Playing with “Cards Up” After This Move…

Nasdaq is bearish after collapsing off today’s high, telling me to look for sell set-ups going back to the low of the range…

And I’m watching to see if the rookies try buying the low of this large bull channel, because now that we’re back inside the range again, those buy set-ups should be easy pickings for the short-sellers.

Gold Wants to Re-Test the Low, But There’s a Problem…

Gold is bearish with a strong run lower, most likely trying to re-test this morning’s low, which is only a few points away…

Knowing this, I want to sell it short, but I don’t want to sell into this support level, so my plan is to wait for the bounce off the low and look for ways to sell into the stops of the buyers trying to force the market back higher.

Euro is Waiting to Sell the Bounce…

Euro is bearish with a strong run lower, into what looks to be a Spike & Channel pattern, which tells me to wait for the best sell set-ups up inside the battle-zone waiting overhead.

“Excellence is an art won by training and habituation. We do not act rightly because we have virtue or excellence, but we rather have those because we have acted rightly. We are what we repeatedly do. Excellence, then, is not an act but a habit.”