Trading “Skinny” Channels
We had some strong moves going back into the weekly ranges this afternoon, but these “skinny” channels aren’t very attractive to buy, which tells me precisely where to be looking for a BETTER opportunity tomorrow morning.
Crude Oil is Waiting for a DEEP Pullback
Crude Oil is bullish, finishing the session inside a narrow range, which tells me to stay patient and wait for a DEEP pullback on Thursday.
My goal is to get the sellers thinking the market has reversed, and once I see the sellers committed, then I’ll start looking for the entry trigger going back to the high.
E-Mini S&P is Waiting for the Hidden Channel
E-Mini S&P is bullish, but look closely and you can see we’re right back into the weekly range again, which is a horrible place to start buying.
Knowing this, Id rather buy low at support levels, and I have my eyes on a Hidden Channel level for the perfect place to look for longs on Thursday.
Nasdaq is Bullish, But That Skinny Channel!
Nasdaq is bullish with a strong “skinny” channel running higher, which is a BIG clue because most of these “skinny” channels tell me to expect a DEEP pullback for the best buying opportunities.
The key is to wait for the pullback to free up some space, look for the sellers to try a few times to hold the move lower, and then look to buy into their stops!
Gold is Bearish, But Multiple Red Flags!
Gold is bearish with a strong run lower, but I’m seeing TWO big concerns about the sell-side for tomorrow morning.
The rising support trend-line is the first concern, and I need to get below it before I can start seriously considering a short off the highs.
But the bigger challenge is this range low, just a few ticks off the low of day, this is a big hurdle for the sellers and may result in a full reversal on Thursday.
Euro Wants to Re-Test This Morning’s High
Euro is bullish and trading at the low of a range, which makes it easy to find some good entries for the buyers.
The only challenge I see on Euro is this falling resistance trend-line, which tells me to wait for price to break ABOVE it so I can use it as support for buying opportunities tomorrow morning.
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