Wild Swings & Open Loops; My Trading Plan for Friday
We’re headed into the final Friday of August, which means our window of opportunity will be smaller tomorrow, but that won’t stop us from finding some reliable trading opportunities in our favorite futures markets…
Today’s Fed Announcement really shook up the markets today, leaving us with wild swings and open-loops on the charts, but not to worry because I have a solid plan of attack. Are you ready? Let’s get started…
E-Mini S&P Smells Like a Range; Focus on Failures…
E-Mini S&P is bullish with a spike and channel, but a failed retest of today’s high tells me there’s likely a range developing on this chart, so I’ll be focused on failures, buying low and selling high on Friday.
Crude Oil Sellers Looking to “Trap the Trappers”…
Crude Oil is bearish with a handful of open-loops on the chart; the sellers have control and will be trying to retest today’s low, and this recent pop higher tells me to wait for bulls to try buying the next breakout so I can sell into their stops…
Gold Sellers Staying Patient for the Best Entries…
Gold is bearish with a flag pattern, which tells me look for sell setups either above the weekly range, or wait for a breakout into 2-try trap for another leg lower.
