Which Levels Can I Trust?
Crude oil is range-bound, the E-Minis are back to all-time highs, and Gold is hunting for a re-test of monthly lows…
But no matter which market you’re watching, the key to our success relies on one thing – finding reliable support & resistance levels we can trust for our entries – are you ready?
The Strategy is Easy on Oil, But Patience Maybe Not…
Crude Oil is range-bound and trading sideways with a beautiful expanding triangle on the chart tonight, which tells me to buy low, sell high, and avoid the middle tomorrow morning…
Knowing this, my plan is to focus on failures above and below the range. Buying below the range using seller-failures and selling above the range using buyer-failures.
Buyers Need a Reliable Support Level on the E-Mini ES…
E-Mini S&P is bullish with a strong run higher today, which tells me to expect a deep pullback and a re-test of the high at some point tomorrow morning…
Knowing this, my job is to stay patient, waiting for a deep enough pullback to give me a good risk-reward ratio going back up to the high again…
Nasdaq Spike & Channel Tells Us Where to Look Next…
Nasdaq is bullish with a strong run higher into a spike & channel, which tells me to look for a pullback into the “base” of the channel and a re-test of today’s high…
My big concern, however, is that we get a deep enough pullback to give us a good risk-reward ratio, so I’m also going to wait for a deeper pullback below the battle zone, and if we get it, I’ll use a “nested” failure set-up to buy with a target up at the high.
Do You See That Resistance Cluster on Gold?
Gold is bearish and trying to run down to the 46.2 monthly low, but I can see a key support level standing in our way, which tells me to look for a sell setup off the high of a new hidden-channel for a more reliable short entry…
And if price keeps going lower, I need to adjust my strategy, looking for anything that gives me a decent risk-reward ratio coming off the resistance trend-line overhead.
“If you don’t set a baseline standard for what you’ll accept in life, you’ll find it’s easy to slip into behaviors and attitudes or a quality of life that’s far below what you deserve.”
