Don’t Fall for the Rope-a-Dope

Oil and Nasdaq are back to their weekly ranges, E-Mini S&P looks ripe for a re-test of all-time highs, and Gold is trying to pull the “Rope-a-Dope” on the trend-followers…

And don’t forget, Monday is Veteran’s Day so we gotta make every set-up count on Friday morning – are you ready?

Sellers are Waiting to Short the Pop Higher on Oil…

Crude Oil is bearish and back inside the weekly range, which tells me to buy the low, sell the high, and avoid the middle tomorrow morning.

And since the bears had such a strong move lower to finish today’s session, my goal is to sell the high of a Hidden Channel located just above the high of the range.

The Spike & Channel is Barely Holding the ES!

E-Mini S&P is bullish and setting-up for a re-test of today’s high with the potential of reaching the 3100 round number tomorrow morning.

The challenge, however, is the recent collapse off the high, which tells me to respect the momentum of the bears, while looking for the proper entry timing with a “nested” failure pattern.

Will the Nasdaq Make Another Pendulum Swing?

Nasdaq is bearish and back inside the weekly range, which tells me to sit-on-hands and wait to either sell above the high or buy below the low…

And no matter which side we get, my focus is always on failure set-ups whenever I have a range-bound market, making sure to avoid the middle!

Sellers Might Be Too Late on Gold – What Next?

Gold is bearish with a strong run lower today, and at first glance it appears this market is pulling back for an opportunity to sell it short again…

But looking closer, it’s easy to see we’re sitting on major support, which tells me I need to wait for more information before I can sell this low, while I keep an eye on a possible “Crown Reversal” going back up into October’s trading-range.

“I learned at a very early age, that if you worked harder than your current pay-level you would soon be promoted and paid at the level you are working and wish to be paid. The secret is simple, just apply the effort and be ready for the opportunity.”