Re-Opening the Economy; My Plan for Friday
We have a lot of ranges on the charts tonight, which usually means I’m buying low, selling high, and focused on failure patterns tomorrow morning…
But with big news about the re-opening the US economy likely to be released this evening, I also need to be ready for 123-Breakouts and crown reversals – lets go…
Crude Oil Bears are in Full Control…
Crude Oil is bearish and sitting quietly inside the range from yesterday, which tells me to keep fading the breakouts; buying low, selling high, and focused on trading failure patterns until we get a 123-Breakout on Friday morning.
E-Mini S&P Bulls Want a Re-Test of Highs…
E-Mini S&P is bullish with a strong spike through the highs of today’s range, which tells me to expect another leg in the same direction…
I don’t want to chase this move higher, however, so I’m going to wait for either a 123-Breakout into hidden-channel, or a 2-try breakout up to the highs from last week.
Gold Buyers Want Another Pendulum Swing!
Gold is bearish and trading at the low of today’s range, which is a great place to look for buy setups going back into the middle of the range, but this momentum is way too bearish to start buying…
Knowing this, I can anticipate more sellers at the high of a channel coming down overhead, and I’m looking for a nested failure pattern to get long into their stops…
