Don’t Let This Chart Fool You On Tuesday

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We’re back for another big week of trading!

We have a lot of great opportunities setting up for Tuesday, but be careful, because the charts are misleading at first glance…

For example – the Eminis are bullish in the long-term but look closely and you’ll see a bear market into a range going into Tuesday…

Gold is certainly bullish, but if you’re not careful, you’ll miss the best entries off the low of a “hidden” channel drawn backwards…

E-Mini S&P (ES):

E-Mini Keys to Success:

  • We’re bearish into a range on the Emini today, which means I’m looking for failures and breakout trades tomorrow morning.
  • Sellers have control, so they’ll be looking for sell setups at resistance levels above the range, or breakouts to new lows
  • Buyers have momentum on their side as price rotates off the lows, but they need to hold the next pullback with a 123-breakout pattern going higher.

Best Trades for Tomorrow: 

  • [UP] – buyer failure to sell (or) 123-breakout to buy
  • [DOWN] – 2-try trap to sell (or) seller failure to buy off range lows

E-Mini Nasdaq (NQ):

Nasdaq Keys to Success:

  • It was a “trend day” (for the most part) on the Nasdaq today with a trading-range trying to hide in the middle of the chart.
  • Sellers will be looking for entries either above the range or just below the range with a target retesting the low
  • Buyers do have momentum on their side as they bounce off today’s low, but they’ll need to hold a pullback for the 123-Reversal to give them control tomorrow morning.

Best Trades for Tomorrow:

  • [UP] – buyer failure to sell (or) 123-Reversal to buy
  • [DOWN] – 2-try trap to sell (or) seller failure to buy below range lows.
  • [SIDEWAYS] – sit on hands to avoid the middle, wait to buy low, sell high

Gold Futures (GC):

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