First Thing I Look For
We have both range-bound and trending markets going into Wednesday’s trading session, which means we need to be ready for both scenarios…
But no matter what we get, I always know the FIRST thing to look for…
Crude Oil Just Hit It’s Second Objective
Crude Oil is bullish with a strong move higher into the measured-move objective, which isn’t a great place to look for buy set-ups, so I’m waiting patiently for a pullback to the low of a new Hidden Channel for more reliable opportunities.
I’m also keeping an eye on the next leg higher, looking for two easy set-ups if we get the bullish breakout higher.
E-Mini S&P is Dying for a Deep Pullback!
E-Mini S&P is bullish, but moving sideways inside a narrow trading-range, which tells me to wait for a deep pullback off the highs so I can buy into the failures of the sellers.
Knowing this, sometimes the deep pullbacks have two legs to them, and if so, I’m watching that resistance trend-line because I can use it on the opposite side as support.
Nasdaq Has Two Channels in Play
Nasdaq is bullish with an “overshoot” of the bull channel, which tells me to wait for the ‘pendulum swing’ back in the opposite before we start looking for buying opportunities near the low.
Furthermore, if we do get the pullback, I’m watching to see if the Hidden Channel holds as support, and if so, we may get an easy lay-up into the next measured-move target waiting overhead.
Gold is Ready for Liftoff
Gold is bullish and looking for a short-covering rally back to the high of the range and the $1300 round number.
But it’s important we don’t chase this market higher, either waiting for the pullback to the low of a Hidden Channel, or waiting for a bear-trap to buy during the run higher.
Euro Has FOUR Levels to Watch on Wednesday
Euro is bearish into a trading-range, which tells me to look for selling-opportunities using the range-expansion levels waiting overhead.
And don’t forget about the Hidden Channel, which makes for an easy entry location for the sellers to get short into the buyers stops.
“Step by step, day by day, week by week, month by month, year by year. My will found a way. Yours will too.”
