4 Habits of Successful Traders
Crude Oil, Emini, and Nasdaq all got the 123-reversal and ran higher into the close this afternoon, with Gold still trying to break free of this week’s range…
But even though these markets are so bullish, I don’t want to chase them higher because I know the sellers are waiting for another shot to take it lower…
My plan is to wait for those sellers to try that next shot lower, and buy into their stops for a short-covering rally back to the highs tomorrow morning – are you ready?
Crude Oil Takes a ‘Mulligan’ – Where We Headed Next?
Crude Oil is bullish into a spike & range pattern tonight, which tells me to look for buy setups below the range using failure patterns…
I’m also watching for another leg higher, seeing our next upside target at 58.00, and we can get a strong punch higher I’d like to buy the low of a hidden-channel before we get there.
Buyers Look Anxious on the E-Mini, But is It Safe to Buy?
E-Mini S&P is bullish after a 123-reversal and the buyers have their eyes on a re-test of today’s high, but it’s easy to see the major resistance overhead…
And I’m hoping we see sellers try to sell off that resistance, because an easy buy setup will be using their stops as fuel for a rally back up to re-test the highs.
Nasdaq Buyers Want That Trend-Line for Thursday!
Nasdaq is bullish and running back up to the 8300 price-magnet from earlier this week, but after the buyers already got their pullback entry earlier today, this market is too high to start buying now…
A more reliable plan for tomorrow is to wait for these buyers to take their profit so price pulls back off the high, then look for sellers to get caught trying to force a reversal and buy into their stop-losses for a short-covering rally up to the trend-line coming down from November’s high.
Buyers Keep Re-Loading Below Range Lows on Gold…
Gold is bullish, but we’re still trading inside the range from earlier this week, which means I need to wait for buy setups either underneath the range using a failure pattern, or wait for a 123-Breakout and buy the low of the new hidden-channel.
“I have not failed. I’ve just found 10,000 ways that won’t work. There is no such thing as failure, only results.”
