Trading with Confluence; Better Levels = Better Results
We’ve seen incredible volatility this week, and with the lingering threat of this coronavirus, combined with the end of month jitters, we can certainly expect more big moves on Thursday…
And with increased volatility comes the need to choose our trades wisely, focusing on the most reliable support & resistance levels to keep us out of trouble…
What are the most reliable support & resistance levels? I call them “confluence levels”, and I’m leaning on those tomorrow morning – are you ready?
Crude Oil Sellers Waiting on Confluence Levels…
Crude Oil is bearish after a strong run lower this afternoon, telling me to look for sell setups off resistance levels overhead, and I have my eyes on a perfect “confluence level” to sell up at 49.20.
E-Mini S&P Wants to Re-Test Lows…
E-Mini S&P is bearish and only inches away from re-testing this morning’s low, which tells me to avoid selling into this support level, and look for more reliable, confluence levels to sell overhead.
Nasdaq Has a Rough Road Ahead…
Nasdaq is bearish and trapped in the middle of today’s trading range, which usually means tomorrow will be a range, and my plan is to buy low, sell high, and avoid the middle of that range.
Gold Sits in a Range Ahead of News..
Gold is bullish and sitting in the middle of today’s range, most likely taking shelter ahead of tomorrow’s GDP report, which tells me to focus on buying low, selling high, and fading all the breakouts tomorrow morning.
