Trading the “Fed Speak”
We have a busy day tomorrow, with “Fed Speak” at both the open and close of the session, we need to be prepared for a few different scenarios…
And after looking closely at the charts, I can see a handful of high-quality set-ups for most of our favorite markets – are you ready?
Crude Oil Breaks Higher, But Is It Ripe for a Short?
Crude Oil is range-bound with a bull bias this evening, which tells me to look for buy set-ups at the low of the range using seller-failure patterns.
But I’m also watching for a sell set-up off this recent spike higher – knowing that this recent move higher was coming off this afternoon’s news release, I’m waiting to see if I can get a “nested” failure pattern to short this market back down to the lows tomorrow morning.
E-Mini S&P is Back to Familiar Territory
E-Mini S&P is bullish and trading back to the same range from yesterday’s trading session – which tells me to focus on buy set-ups near the low of the range using seller-failure patterns.
I’m also watching for the breakout going higher – with the Fed Speak on the radar tomorrow morning id like to see a strong 123-Breakout so I can buy a pullback to the low of a new Hidden Channel.
Nasdaq Screams Higher, Where’s the Best Entry?
Nasdaq is bullish with a strong Spike & Channel going higher, which tells me to look for buy set-ups using key support levels waiting below…
And speaking of support levels, I’m watching a reversal-line at 7815 and the low of a new Hidden Channel just a bit below it.
Gold Will Test Our Patience Tomorrow Morning
Gold is bullish into a Spike & Range pattern, which tells me to stay away from the middle and wait to buy when the sellers get caught trying to take it lower.
And with the Fed Speak tomorrow morning, I also know that I need to stay patient, because Gold is often the most-effective anytime someone from the Fed speaks on Capitol Hill.
Euro is (Still) Waiting on the Fed
Euro is bearish into multiple trading-ranges, but it sure feels like these sellers are over-sold at the low of this range, which tells me to look for the most reliable counter-trend set-up I know – the crown reversal.
“Absorb what is useful, discard what is not, add what is uniquely your own.”
