Trading Momentum – My Three Favorite Patterns
Lots of strong momentum moves on the charts tonight, which gets me excited for tomorrow’s “end of the month” trading session…
But with all these strong moves higher, it’s easy to get caught chasing, so in tonight’s video I’m going to share my three (3) favorite patterns for trading momentum – are you ready? Let’s go…
Crude Oil Bulls Look Mighty Strong..
Crude Oil is bullish with a strong breakout running higher, which tells me to get aggressive to buy the next pullback at the low of a hidden-channel…
But look closely, and you can see we’re just above today’s range, which means I need to pay close attention to getting in and out before the sellers get their shot to send it back lower again.
S&P Re-Tested the Gap – Now What?
E-Mini S&P is bullish with a strong move back up to re-test the weekend gap, which tells me the buyers have likely reached their objective…
That’s an important clue, because even though the momentum is bullish, I don’t want to “buy high”, so I’m going to wait for a pullback just below the moving-average and look for a bear-trap into seller-failure to get long from there…
Can Nasdaq Re-Test All-Time Highs?
Nasdaq is bullish with a strong momentum run higher, which tells me to look for buy setups at key support levels on the way back to the all-time-highs…
As far as support levels go, I’m watching the 9180 level closely because all this momentum left a GAP on the chart, and those GAPS usually find a way to get filled on a pullback.
Gold Sellers Better Think Twice!
Gold is bullish into a trading-range this evening, which tells me to buy low, sell high, focusing on breakout failures tomorrow morning…
I’m also watching for breakouts too, but I need to see the 123-Breakout or the 2try breakout for confirmation before I get long at new highs.
