Number ONE Trading Rule
We’re headed into the FOMC Announcement tomorrow afternoon, which means timing our entries and exits will be critical to our success…
With these markets still bouncing around inside of ranges, my goal is to follow my number one trading rule…
Crude Oil is Range-Bound Ahead of News
Crude Oil is bearish into a trading-range, which tells me to look for selling-opportunities above the range using the seller-failure pattern.
On the flip side, I can see Crude Oil in a long-term bullish trend as well, and we might find some easy buying opportunities if we can catch the sellers oversold below the range lows.
E-Mini S&P is Bearish, But Will It Hold? (Really?)
E-Mini S&P is bearish and trading at the high of the channel, which tells me to watch for a ‘2-legged pullback’ off the trend-line and a measured-move target waiting below.
Knowing this is a ‘2-legged pullback’, I’m also watching for a possible shot higher into a bull market, and if we get it, I’m looking for an aggressive “bear trap” to buy before we run back up into the trading-range overhead.
Nasdaq is Bearish, But Did You See This Range?
Nasdaq is bearish, but we’re trading at the low of a range, which is a horrible place to look for sell set-ups.
Knowing this, I’m going to wait for the rookie sellers to TRY selling this pullback and look to buy into their stops for a short-covering rally back to the range high.
Gold Just Pulled Back to the Lows (But Wait!)
Gold is bullish and pulling back to the low of a channel, which is an excellent place to get long. The problem, however, is this falling resistance trend-line coming down overhead.
Knowing this, I’m waiting for my opportunity to buy back ABOVE the trend-line as support or look for a collapse back down into the prior day’s range.
Euro is Bullish, But Where’s the Objective?
Euro is bullish into a trading-range, which tells me to look for buy set-ups below the range using the 2-Try seller-failure pattern.
On the flip side, if price tries to go higher, I’m always looking for ways to trade the breakout, but I need to see enough strength, combined with seller-failures to warrant the entry above the range.
“The more credit you give away, the more will come back to you. The more you help others, the more they will want to help you.”
