Trading the Crown Reversal
Markets were busy today – some with sideways ranges and others with strong runaway trends – and with more big news on the way tomorrow morning, we need to be ready for anything and everything – are you ready?
Crude Oil is Balanced Ahead of Weekly News…
Crude Oil is bullish into a triangle/range to finish today’s session, which tells me to fade the breakouts tomorrow morning – buying low, selling high, and avoiding the middle…
And when it comes to buying and selling, my goal is to focus on those failure patterns, especially those crown reversals.
E-Mini S&P Still Has Room to Go – Where’s the Entry?
E-Mini S&P is bearish with a strong run lower to finish today’s session, which tells me to look for sell set-ups using resistance levels overhead…
I’m also seeing a lot of open space for this market to keep running lower, but I don’t want to chase the move without proof – so I’m waiting for a 123-Breakout to new lows so I can see the high of a Hidden Channel.
Can the Bears Keep the Nasdaq Bloodbath Going?
Nasdaq is bearish and ran all the way back down to the major lows, which isn’t a very reliable place to start selling, so I’m going to wait patiently for a pullback and sell into the stops of the counter-trend buyers.
Knowing that we’re sitting on major support, I’m also anticipating a potential sideways ranges tomorrow morning as well, and if so, I’ll be focused on selling into buyer-failures up above the high of the range.
Will Gold EVER Break Free of This Range?
Gold is bearish and trading sideways with a beautiful expanding triangle pattern, which means I’m trying to buy the low and sell the high of that triangle using failure patterns.
And I can’t forget about the larger range –even if we get a 123-Breakout, we don’t want to chase the market higher/lower because a crown reversal pattern will likely send the market right back to the middle once again.
“Move Out Of Your Comfort Zone. You Can Only Grow If You Are Willing To Feel Awkward And Uncomfortable When You Try Something New.”
