Strategy Better than Picking Tops & Bottoms
We’re back to our desks for a busy first week of May; we have a lot of major news on the schedule and everyone’s watching to see how the re-opening of the economy will play out this week, but most importantly…
Our favorite markets finished today’s sessions up near their highs; Crude Oil and Emini ES finished with strong bull breakouts and Gold is trading sideways inside a bullish range…
With all this bullish momentum, my plan is to buy pullbacks off these highs, but I’m not talking about picking tops and bottoms, we can do a lot better than that – let’s go!
Crude Oil Buyers Looking Strong into Close…
Crude Oil is bullish with a strong bull breakout to finish today’s session, telling me the odds are high that we get another leg in the same direction…
Knowing this, my plan is to get long off reliable support levels on the next pullback, and I have my eyes on the low of a new hidden channel.
Can This E-Mini Push Thru this Resistance?
E-Mini S&P is bullish, finishing with a strong bull breakout into a double-top at the measured-move…
That double-top tips us off to a potential range, and if so, my focus is to buy the deep pullback below the range, never trying to pick the bottom, but rather buying into the stops of the breakout sellers.
Gold Buyers Waiting for a Deep Pullback…
Gold is bullish and sitting in the middle of a range, which tells me to look for buy setups using seller failure patterns below the range on Tuesday…
I’m also watching the headlines closely tomorrow, especially the escalation of the “blame game” between the US and China, because if that picks up steam, a 123-breakout into hidden channel pullback will be a reliable buy setup tomorrow morning.
