July 12, 2021
Slingshot Reversal looks Great for Tuesday
Are You Seeing this Slingshot Reversal?
We’re back to our desks for the 3rd week of July, and we have plenty of great price-action setups to look forward to on Tuesday…
Everything is bullish, but markets like the Emini and Gold have a lot more momentum than Nasdaq, so make sure you watch tonight’s video for the best price-action entries I’m watching for tomorrow…
E-Mini S&P (ES):
E-Mini Keys to Success:
- Trending Market = Continuations, Reversals & new Ranges
- Buyers have control after a slingshot reversal off today’s lows, looking for a target up around 4390 later this week.
- Buyers will be looking to buy pullbacks off support levels, while sellers must stay patient for reversals going back to the lows.
Top 3 Trades for Tomorrow:
- UP – buy the 2-try trap (or) sell the Double-top reversal
- DOWN – buy the seller failure (or) sell the 123-Reversal
- SIDEWAYS – Wait for the new range, then buy seller failures below it.
E-Mini Nasdaq (NQ):
Nasdaq Keys to Success:
- Range Market = Failures, Rotation & Breakouts
- Bulls have the edge with an open-loop breakout to start the day, but this range in the middle of today’s chart will act like a magnet so we need to be careful buying these highs.
- Buyers will be looking for breakouts of today’s range, or pullbacks off the highs.
- Sellers will be looking for a reversal off this high, and possible pendulum-swing reversal going back in the opposite direction.
Top 3 Trades for Tomorrow:
- UP – buy the 123-breakout (or) sell the buyer failure
- DOWN – buy the trap (or) sell the 123-Reversal
- SIDEWAYS – sit on hands for a new range, then buy below it
Gold Futures (GC):
Gold Keys to Success:
- Range Market = Failures, Rotation & Breakouts
- Sellers began with control into a range today, but a slingshot reversal off the lows now gives buyers strong momentum for a pendulum-swing target up at the highs.
- Buyers will be looking for entries on the way up to the pendulum-swing, along with buying pullbacks below the range.
- Sellers must stay patient until momentum turns because this momentum is too strong to pick tops.
Top 3 Trades for Tomorrow:
- UP – Buy the 2-try trap (or) sell the double-top reversal
- DOWN – buy the seller failure (or) sell the 123-Reversal
- SIDEWAYS – sit on hands, wait to trade a breakout
