This FOMC ‘Bounce’ Trade’s Gonna Be Epic
Video Length: 00:51:54
OMG, so excited for tomorrow!
The Emini and Nasdaq both made strong runs higher today, which tells me there are 2 likely scenarios for tomorrow. One of them has the potential to make our entire week!
Crude Oil is range-bound (which we love) because we can easily play both sides of the market ahead of rollover. Scalpers are gonna love these trades tomorrow…
Remember – tomorrow’s the day when all the BIG money gets back to work after FOMC, so you better be ready for some of the best trading of the month!
E-Mini S&P (ES):
(Click on image to enlarge)
E-Mini Keys to Success:
The Emini is bullish with a strong run higher to finish today’s session.
Anytime we see a move this large in one day, we know to expect either a deep pullback off the highs to attract more buyers into the market or a sideways range.
Either way, buyers will be looking for ways to buy the next pullback off these highs. If we get a range up here, then we start looking for support levels below the range and wait for a bear breakout.
Sellers need to stay patient right now. They can wait to sell a double-top reversal off the highs or sell a 123-Reversal pattern going lower. Either way, sellers should stay patient and avoid calling a top on this strong bull trend.
E-Mini Nasdaq (NQ):
(Click on image to enlarge)
Nasdaq Keys to Success:
Nasdaq is bullish with a strong run higher today.
We made a big move on the Nasdaq today, which means we can assume a trading range will develop overnight, or a deep pullback off these highs early tomorrow morning.
No matter what happens, the strength of this move higher tells us buyers will be waiting patiently for the opportunity to “buy the dips” early in tomorrow’s trading session.
Sellers have options, but they need to stay patient because this momentum is so strong for the bulls. Bears can sell a double-top reversal off the major highs, or sell the first pullback after a 123-Reversal going lower.
Crude Oil Futures (CL):
(Click on image to enlarge)
Crude Oil Keys to Success:
Crude Oil is bearish into a range this evening, spending the entire day inside yesterday’s range.
These “inside days” are important clues because they tell us to buy low, sell high, and focus on breakout failures around the edges of the range.
Knowing this, sellers will be looking to sell high at resistance levels above the range, and buyers will buy low at support levels below the range.
Breakouts are also on our radar tomorrow, but we need a 123-breakout pattern to give us proof before we trade the first pullback.
Disclaimer: Join our Free Trading Course. Joseph James, SchoolOfTrade.com and United Business Servicing, Inc. are not ...
more
Lol, It's all down from here.