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Lots of ranges on the charts tonight, which means I’ll be looking to trade breakouts and failures on Thursday morning…

The Eminis look great for a bull breakout, I just need the right signal…

E-Mini S&P (ES):

E-Mini Keys to Success:

1. Sellers got the short they wanted this morning but they weren’t able to finish the job and price was able to hold the lows and finished with a slightly bullish trading range.
2. Buyers have the momentum at this point, so bulls should be looking for longs off support below the range or bull breakouts running higher.
3. Sellers have to stay patient for a change in momentum with a 123-breakout going lower.

Best Trades for Tomorrow: 

1. Buy the 2-Try breakout or 123-breakout going higher.
2. Buy the rotation off the low of the bull channel
3. Buy the low of the range with nested failure setups.
4. Sell the 123-Reversal going lower.

E-Mini Nasdaq (NQ):

Nasdaq Keys to Success:

• Buyers opened the session on strength, but they weren’t able to push through the block of overhead resistance and finished trading sideways with a range.
• Buyers have all the momentum so they’ll be looking for bull breakouts and buying off support levels below the range.

Best Trades for Tomorrow:

1. Buy the 2-Try breakout or 123-breakout going higher.
2. Buy the rotation off the low of the bull channel
3. Buy the low of the range with nested failure setups.
4. Sell the 123-Reversal going lower.

Gold Futures (GC):

Gold Keys to Success:

• The day began with the bulls in control with a range, but something spooked the buyers and price tumbled lower to complete a measured move.
• Situations like these will either (a) snap back up into the range overhead, (b) go another leg lower, or (c) turn sideways into a new range.

Best Trades for Tomorrow:

1. Buyback into the range with a nested seller failure
2. Sell for another leg lower with a nested buyer failure
3. Sell the high of a new range with buyer failure patterns