(4) Ways to Avoid Traps and Get Paid Friday!!
One more day left, let’s finish strong!!
It’s been a great week, but tonight’s charts aren’t going to make tomorrow’s trading very easy – tons of traps around the edges of these ranges…
Not to worry – this gameplan will keep you out of trouble, so you can do the trapping!
Emini and Nasdaq are bearish, but look closely – there’s one big range on this chart with plenty of ways for YOU to do the trapping!!
Crude Oil is bullish, but something doesn’t smell right – be ready for this next pullback because there might be a 10x reversal waiting for you!
Last day of an incredible week – let’s do this!!
E-Mini S&P (ES):
Emini is bearish and rotating from high to low of a range.
Sellers have control of momentum and will be looking for shorts off resistance levels above today’s trading-range.
Buyers will look for a breakout going back to the 4000 magnet above us, or wait to buy off today’s low.
Keys to Success:
- Sellers retested their morning session lows and now buyers are trying to finish rotation back to the highs.
- The range in the middle of the chart will act like a magnet
- Buyers want to buy off major lows, or buy breakouts going higher.
- Sellers want to sell off resistance levels above the range, or breakouts going lower on strength.
- Bull breakout is easy back to 4000. Bear breakout needs another strong move.
E-Mini Nasdaq (NQ):
Nasdaq is bearish and forming a range near today’s low.
Bears made a strong move lower to start the session before taking profit and selling it again at key resistance overhead, finishing the day with a retest of the lows and a bounce up into the range.
Sellers have control of this market, and will look for entries off resistance levels above the range, along with breakouts going lower.
Buyers will be looking for entries off support levels below the range, along with breakouts going higher.
Keys to Success:
- Sellers recently retested their lows, now we wait to see if buyers want to rotate back to major highs, or settle into this range.
- Buyers want to buy off major lows, or breakouts going higher
- Sellers want to sell breakouts, or resistance levels above the range.
Crude Oil Futures (CL):
Crude Oil is bullish, but something feels off…
Buyers came into the session with a strong run higher yesterday, so we were expecting them to pull back before retesting the highs, which they did.
Now we have buyers in control, but they appear to be struggling to push through these highs, suggesting we may be developing into a range.
Buyers want to buy a breakout going higher, or buy a deep pullback at support levels below this range.
Sellers can sell a double-top reversal, or a 123-Reversal going lower.
Keys to Success:
- Buyers retested yesterday’s high, but now what?
- Buyers want breakouts or deep pullbacks
- Sellers want a reversal off major highs.
- Bull breakout is easy, bear breakouts need a big move
