We’re back to our desks for the final week of January, and with big news on the schedule and increased volatility on the horizon, I'm excited for another great week in our trade room… But the biggest clue on the charts tonight are the GAPS from last Friday…
Because any time I see GAPS, I know there will be plenty of traps to take advantage of tomorrow, are you with me? Let’s go…
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Crude Oil is bearish into a trading-range, telling me to buy low, sell high, and avoid the middle in Tuesday’s session…
And don’t forget about momentum; with the bears in control, I'll bet a lot of buyers get caught trying to “fill the GAP” tomorrow morning, so I'll be watching for opportunities to sell into their failures for a collapse back down to the low.
E-Mini S&P is bearish and trying to re-test today’s low, but look closely and you can see today’s session is a range, so I don’t want to chase this market lower…
A better plan for Tuesday is to wait for the re-test of the low and then look to buy it back up again using a crown reversal pattern, or the 2try Breakout to ride the momentum lower…
Nasdaq is bearish with a big GAP down into a trading-range today, telling me to look for opportunities to catch the counter-trend buyers trying to “fill the GAP” and sell into their stops…
And don’t forget the expanding triangle, because those trend-lines will make for excellent entry and exit locations on Tuesday.
Gold is bullish with a GAP up into a narrow trading-range today, telling me to wait for opportunities to fade the breakouts, buying low, selling high, and focusing on failures…
And speaking of buying low, if we do get that GAP filled tomorrow morning, I'm still looking to get long going back up into the range again, but I'm going to use the crown reversal pattern to make sure I respect the bear’s momentum.
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Please remember that economic news, both scheduled and un-scheduled will increase volatility and decrease liquidity in the market in the short-term, which causes price-action to react inconsistently with the levels of support and resistance mentioned in this video. Trading during economic news reports is dangerous and highly discouraged, no matter what your level of experience.
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