Volume For Precision Entries
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I can see a lot of big clues on the charts tonight; trading-ranges, Spike & Channels, and Hidden Channels to name a few – but the biggest clue I see is using VOLUME to identify the best locations to buy pullbacks going with this trend tomorrow morning.
Crude Oil is bullish with the combination of a Spike & Channel and trading-range on the chart this evening, both of which are telling me to look for buying opportunities going back up to re-test the high.
Knowing this, I’m watching this ‘2-legged pullback’ to see if I can find a buy set-up off the trend-line, and if not, I’m watching for the bulls to struggle and failback down to the range low on Wednesday.
E-Mini S&P is Chopping Around the High
E-Mini S&P is bullish with the combination of a trading-range and Hidden Channel for tomorrow, and I can see an easy spot to look for buy set-ups where those two patterns come together.
If that doesn’t happen for some reason, and we push higher, I’m watching for the ‘2-Try Rule’ to buy into the sellers’ stops for another leg higher.
Nasdaq is Begging for a Pullback!
Nasdaq is bullish with a trading-range and Hidden Channel, and when I combine both of these patterns together, I can see a clear support area to look for buying opportunities on Wednesday.
With that said, I’m also keeping my eyes open for another leg higher, but I need to see some STRENGTH from the bulls through the highs first!
Gold Appears to Be Too High to Buy
Gold is bullish into the 1301 objective and the measured-move target from last night’s newsletter, which tells me we’re a bit too high to keep buying at this point.
Knowing this, I’m waiting for a pullback into the high-volume area we see just below the 1300 round number.
Assuming we get that pullback, the plan is to let the sellers try and sell off the moving-average before we start buying into their stops for (what should be) an easy short-covering rally back to the highs.
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