Avoiding Traps on Friday; Momentum + S/R Levels
Markets were on the move yet again today; Crude Oil and Gold sank lower into ranges, while the Emini ES bounced off the low into a Spike & Range…
Those ranges are the big clue for Friday morning; tell me to buy low, sell high, and focus on failure patterns, but look closely and you’ll see many examples where trend-lines have created traps for inexperienced traders – I want to make sure you know how to avoid those traps to finish the week in the green…
Bull Spike & Range on the Emini Tells us Exactly Where to Find the Best Entries…
E-Mini S&P is bullish into a spike and range pattern; this tells me to look for buy setups below the range, and I have my eyes on a seller failure setup at the low of a hidden channel below the range.
Crude Oil Range Says to Sell the Highs, But Watch That Support Trend Line…
Crude Oil is bearish into a Spike & Range pattern; my goal is to sell above the high with a buyer failure pattern, but a rising support trend-line tells me to use a bull-trap to avoid selling into that rising support level.
Gold is Filled With Traps Ahead of Friday…
Gold is bearish into either a bear flag or a trading-range; my goal is to sell at resistance levels above the range or at the top of the channel, and I’ll use 2-try traps to avoid selling into the support trend-line below.
