Overshoot Trading Strategy – Better Levels, Precise Entries
You could tell markets were anxious today because the price-action was filled with narrow ranges and fake-out breakouts…
Those annoying FOBO’s are important clues, because you can measure them and use them as key support & resistance levels for your entry set-ups…
So tonight, we’re talking about how to use “overshoots” to pinpoint the best support & resistance levels I’m watching for Thursday – are you ready?
Oil Sellers Watching the Base of this Spike & Channel…
Crude Oil is bearish and grinding lower into a spike & channel, which is an important clue, because it tells me the best sell setups will likely be up around the “base” of the channel tomorrow morning…
Watch the “Overshoot” on the ES…
E-Mini S&P is bearish and finished the day with a narrow trading-range, but look closely and you can see the recent “overshoot” of the lows can be measured and used as key resistance to sell tomorrow morning…
Gold Sellers Need to Be Careful…
Gold is bearish and sitting just below the major 42.5 lows from earlier this, which tells me that a pullback is a bear-trap waiting to happen…
Knowing this, I’m going to wait for either another lower-low so I can use that 42.5 level as resistance, or I need to look for bull-traps on the next pullback…
