Trading the Reversal – Don’t Chase, Wait for Setup
We spent most of today’s session selling the bounces above a range, but now it appears the buyers have taken control so it’s time to shift gears and trade the reversal…
Knowing this – I don’t want to chase the market higher; I need to stay patient and wait for these reliable entry setups – let’s get ready for Friday…
E-Mini Bulls Would Love a Deep Pullback…
E-Mini S&P is bullish with a 123-breakout of today’s range, which tells me to look for seller failure patterns coming off the low of a new hidden channel…
Crude Oil Bulls Waiting for a Bear-Trap…
Crude Oil is bullish with a 123-Reversal into a spike and channel, which tells me to look for buy setups using “bear traps” below the most recent swings on the chart…
Gold Sellers Have a Big Problem…
Gold is still bearish and stuck inside a range, which tells me to look for sell setups above the range, but I have two support levels standing in my way…
A better plan is to wait for sellers to try the short, and buy into their stops for a rally higher!
