How Do I Trade OPEX Friday? Here’s My Plan
(Video length 00:45:58)
We’re headed into OPEX Friday today, and with such strong runs, I’ll be looking for either sideways ranges or deep pullbacks to trade this morning…
I’d love to get a deep pullback off today’s highs so I can look for ways to get long into the stops of the sellers, but I wouldn’t complain if the markets trade sideways either because the strategy is so simple. Here’s my plan either way…
E-Mini S&P (ES):
E-Mini Keys to Success:
- Bullish into a spike and the channel tells us to look for entries near the ‘base’ of the channel.
- Strong move higher yesterday also suggests a range-bound market on Friday.
- Bulls want to buy the pullback near the base of the channel for a retest of the high
- Bears want to reverse the trend back into the range from Wednesday.
Best Trades for Today:
- [UP] – 2-try trap to buy (or) buyer failure to sell
- [DOWN] – seller failure to buy (or) 123-Reversal to sell
- [SIDEWAYS] – buy below the new range with seller failure patterns.
E-Mini Nasdaq (NQ):
Nasdaq Keys to Success:
- Bullish run higher into a spike and channel.
- Strength of this run suggests a range or deep pullback today morning
- Bulls want to buy the pullback to the base of the channel
- Bears want to reverse the trend back to Wednesday’s lows.
Best Trades for Today:
- [UP] – 123-breakout to buy (or) buyer failure to sell
- [DOWN] – seller failure to buy (or) 123-Reversal to sell
- [SIDEWAYS] – wait for bear breakout lower and buy into seller failure pattern.
Gold Futures (GC):
Gold Keys to Success:
- Strong run higher for the bulls suggests Today will either be a sideways range or a deep pullback to let buyers buy lower.
- Bulls want to buy the deep pullback at support levels below.
- Bears want to reverse the trend and go back to the range from Wednesday.
Best Trades for Today:
- [UP] – 2-try trap to buy (or) buyer failure to sell
- [DOWN] – seller failure to buy (or) 123-Reversal to sell
- [SIDEWAYS] – sit on hands, wait to buy below the range with seller failures.
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