Finding the Best S/R Levels

Choosing the correct support and resistance levels can make (or break) your trading career – and not all support and resistance levels are created equal!

Some levels are superior to others, and we’re going to dive deeper into that in tonight’s video – are you ready?

Crude Oil is Back to .86 (Surprise!)

Crude Oil is bullish into a small trading-range this evening, which tells me the best support and resistance levels for tomorrow will be using the “expansions” of the trading-range, along with the low of the Hidden Channel.

Knowing this, my goal is to wait for the sellers to attempt going lower, then buying into their stops using the 2-Try Failure pattern.

E-Mini S&P is Bullish, But Watch That Trend Line!

E-Mini S&P is bullish with a narrow bull channel, telling me that the best support and resistance levels will be deep below the channel, where the sellers wont dare chase the market lower.

Keeping this in mind, I also know we have a trend-line coming down as resistance overhead, which is the wrong place to buy, and knowing how to avoid losses is more than half the battle.

Nasdaq is Range-Bound & Sellers Beware!

Nasdaq is neutral in a range-bound market, which tells me the most reliable support and resistance levels will be above and below the range, using those range “expansion” levels.

But keep in mind, the buyers have plenty of open space to buy near the lows, but the sellers don’t have much available, giving the bulls a slight edge on Thursday.

Gold is Bearish, But Look Where We Are!?!?

Gold is bearish with strong momentum after the buyers failed to hold the breakout earlier in today’s session, which tells me I can anticipate another leg lower.

And the best resistance levels for the sell set-up is the high of the Hidden Channel and the range expansions levels overhead.

Euro is (Still) Waiting on The Breakout!

Euro is bullish and sitting right in the middle of the weekly trading-range, which tells me to buy the low, sell the high, and avoid the middle.

And remember, any time we see a range, we know the most important thing is to wait for the entry set-up outside of the range, resisting the temptation to trade the middle

“I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times.” – Bruce Lee