Better Entries with 2-Try Rule
Markets are gearing-up for the final full week of trading for November, and with the Eminis continuing to push new highs, Oil rotating inside a range, and Gold trying to run back to 1500, we have plenty of trap setups on our radar for tomorrow morning…
But there’s one big clue that stands out on the charts this evening, and that’s how this “Two Try Rule” continues to give us the best entry set-ups in our trade room, and I have a feeling that “Two Try Rule” is going to be a big component for Tuesday as well – are you ready?
Can the Crude Oil Bears Hold This Move Lower?
Crude Oil is bearish but struggling to re-test Friday’s low, which is a big clue in my opinion, because even after such a strong run lower, the sellers can’t finish the job…
Knowing this, I’m expecting a short-covering rally going back to re-test today’s high, and I’m going to use the “two try rule” to time the entry properly…
The E-Mini Bulls are Back in Control, But How Long?
E-Mini S&P is bullish, but even after a beautiful 123-reversal, the bulls weren’t able to run price back to re-test today’s high, which is a huge clue, telling me the bulls may indeed have control, but they are rejecting the idea of buying near the highs…
Knowing this, I’m waiting for deep pullbacks to buy as low as possible, then looking for failure setups to buy into the stops of the counter-trend bears…
Buyers are Running into Major Headwinds on Nasdaq…
Nasdaq is bullish and trading into multiple levels of resistance this evening, which tells me to wait patiently for a better opportunity to buy off key support levels waiting below…
Knowing this, I’ve identified three key support levels down around 8310, and I’m waiting to see if I can trap in some sellers on the next pullback…
Gold Can Smell $1500, But is it Too Late to Buy?
Gold is bullish with a strong run higher, re-testing last week’s spike & channel pattern and turning sideways into what appears to be a spike & range…
The market is clearly bullish, but we’re a bit too high to start buying, so my plan is to either wait for a pullback to the low of a new hidden-channel, or wait for a 123-Breakout to confirm the move up to the range around 1490.
“Progress is impossible without change; and those who cannot change their minds cannot change anything.”
