Where’s the Market’s Objective?
Another trading day in the books – but there’s no time to rest, because we have another round of explosive set-ups coming for Thursday’s session…
And as I look at the charts this evening, the biggest key to our success on Thursday will be understanding “where’s the market’s objective?” – Are you ready?
Crude Oil Says Sell, But the Chart Says Buy…
Crude Oil is bearish with a strong run lower, but looking closely at the chart and it’s easy to see this is a horrible place to be selling…
Knowing this, I’m looking to be a buyer tomorrow morning, but first I need to let the bears commit to the sell set-up before I try buying directly into their stops…
E-Mini S&P Bullish, But Where’s the Objective?
E-Mini S&P is bullish with a strong run higher to finish today’s session, but look closely at the chart and you can see we’ve just completed three major market objectives, which tells me this isn’t a great place to be buying…
Knowing this, my plan is to wait to buy a pullback where I can “risk small to earn large”, and I have my eye on a combination of multiple support levels waiting below.
Nasdaq’s Gonna Get Ugly Right Here…
Nasdaq is bullish with a strong run higher, followed by an equally-strong move right back down again, which tells me I need to wait for more information before I try buying this pullback…
And my plan is simple; wait for the rookie buyers to get in too early, wait for them to get stopped-out (with their tight stops) and then buy the “trap low” for an easy run back to the highs.
Gold is Waiting on the ECB…
Gold is sideways and range-bound with a triangle pattern this evening, which tells me to buy the low and sell the high of the range using failure set-ups.
And don’t forget about the ECB Announcement tomorrow morning, which could easily lead to a 123-Breakout and a run in either direction.
Euro is Balanced Ahead of Tomorrow’s News…
Euro is bearish into a narrow trading-range, and with the ECB Announcement just around the corner, my plan is to fade the breakouts using the ‘2-Try Rule’ until we get the proper 123-Breakout into a Hidden Channel pullback set-up.
“If you are going to achieve excellence in big things, you develop the habit in little matters. Excellence is not an exception; it is a prevailing attitude.”
