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We’re getting prepped ahead of Friday’s trading session - but with multiple scenarios setting-up for our favorite markets, it’s important to remember those little clues that are MORE important than the actual entry pattern.
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Crude Oil is bearish with a strong run lower, which tells me to look for selling-opportunities at the high of a channel.
The problem, however, is that this channel is WIDE, which means there will likely be a momentum shift before we get the entry pattern to sell, reminding me to wait for a more specific entry pattern.
E-Mini S&P is range-bound with bearish momentum this evening, which tells me to look for entry patterns to sell above the range high tomorrow morning.
The challenge, however, is this rising support trend-line, telling me I need to beware selling low, and focus on selling as high as possible on Friday morning.
Nasdaq is bearish with a lazy trend going lower, which tells me I should expect a relatively deep pullback before trying to sell this back down to the lows.
Knowing this, that big move higher will likely give the buyers the edge, which tells me I need to adjust my entry set-up to absorb that momentum.
Gold is bearish with a strong run lower, telling me to look for selling-opportunities up at key resistance levels tomorrow morning.
Keeping that in mind, I'm looking for sell set-ups using the high of this Spike & Channel pattern, keeping a close eye on the momentum of this pullback because that will tell me which entry pattern will work best.
Euro is range-bound with bearish momentum going into Friday’s session, which tells me to focus on selling above the range using buyer-failure patterns.
Which reminds me, the recently trend was bullish, so I'm watching for those buyers to try and buy the highs so I can sell into their stops for an easy move back to the lows.