Ready to Reload? Best Entries for Wednesday

Looking for the best entries on Wednesday?

Markets are bullish going into tomorrow’s session, and we have two important components to plan the best entries; channels and ranges…

Yes, we’re still trading inside the same ranges from yesterday, but today’s higher-highs now give us a new bull channel to work with…

I’ll be looking for ways to get long off this new channel, but I’ll need to be careful not to get stuck inside the range.  It’s easier than you think, let me show you how…

E-Mini S&P (ES):

E-Mini Keys to Success:

• Buyers got in long below the range and took profit when they retested the high.
• With buyers rejecting higher prices, we expect price to pull back to lower levels to attract more buyers into the market.
• Bulls want to buy deep pullbacks down around 4050
• Bears want to hold a reversal back to the 4025 range below.

Best Trades for Tomorrow: 

• [UP] – 2-try trap (or) 123-breakout to buy
• [DOWN] – nested failure to buy (or) 123-breakout to sell
• [SIDEWAYS] – sit on hands, wait to buy failures below the range.

E-Mini Nasdaq (NQ):

Nasdaq Keys to Success:

• Buyers got the pullback they wanted and completed the measured-move target before they took profit and price got dragged back into the range again.
• With buyers unable to hold today’s high, we expect rotation back below prior swing-lows to give buyers a chance to buy at a lower price.
• Bulls want to keep buying the dips with target back at the highs
• Bears want to hold this pullback and reverse trend back lower again.

Best Trades for Tomorrow:

• [UP] – 2-try trap (or) 123-breakout to buy
• [DOWN] – nested failure to buy (or) 123-breakout to sell
• [SIDEWAYS] – avoid the middle, buy low, sell high with failures

Gold Futures (GC):

Gold Keys to Success:

• Strong bull run into a narrow trading-range as buyers try to retest major resistance highs at 1756 overhead.
• Bulls want to buy pullbacks at support levels below the range
• Bears want to reverse the trend back into the range from Monday.

Best Trades for Tomorrow:

• [UP] – 2-try trap (or) 123-breakout to buy
• [DOWN] – seller failure to buy (or) 123-Reversal to sell
• [SIDEWAYS] – sit on hands, wait to buy below range lows