Best Time for a Reversal
These markets continue to give us excellent set-ups this week, and with another round of strong moves to finish today’s session, I can see plenty of high-quality set-ups to look for on Thursday morning – are you ready?
Crude Oil Finishes with a Big Clue at the Close
Crude Oil is bearish with a strong run lower, but look closely and you can see we’re sitting right on major support, which tells me I need to wait for a pullback before I try selling tomorrow morning…
Knowing this, I connected the lower-lows and found a beautiful “Hidden” Channel to use for sell set-ups on Thursday, did you see it?
E-Mini S&P Has Plenty of Room to Keep Running…
E-Mini S&P is bearish with a strong run lower, which tells me to look for sell set-ups at key resistance levels overhead…
And since we have plenty of room to keep running lower, my favorite resistance level is any of the prior swing-highs overhead.
Nasdaq Finishes the Day on Strength! (Now What?)
Nasdaq is bearish with a strong spike lower, which tells me I need to be ready for four different scenarios – range, channel, flag, and reversal.
But no matter what we get, the key is going to be waiting patiently, avoiding the temptation to chase this market lower.
Gold Blasts Higher, But I’m Staying Patient
Gold is bullish and ran all the way back up to the high of the range, which isn’t a very reliable place to be buying…
So my plan for tomorrow morning is to wait for a pullback and see if I can buy into the stops of the counter-trend sellers who will trying fading this move off the high.
Euro is Still Waiting on the Set-Up (But Where?)
Euro is bearish into a trading-range and expanding triangle; both of which telling me to sell above the range high using a buyer-failure pattern…
But after seeing this ‘2-legged pullback’ coming off today’s low, I need to adjust my strategy and wait for the sellers to use the new trend-line as key resistance for the short back into the range tomorrow morning.
“Desire is the key to motivation, but it’s determination and commitment to an unrelenting pursuit of your goal — a commitment to excellence — that will enable you to attain the success you seek.”
