Failures & Breakouts (Best Trades for Tuesday)

We’re back to our desks after the Holiday Weekend and we have a busy week ahead of us…

We’re transitioning into a new month of December, we have Jerome Powell testifying on Capitol Hill, and we have a TON of big news on the schedule this week which means there should be plenty of great trading opportunities tomorrow morning…

Speaking of tomorrow, I'm looking to get long the Eminis before we retest last week’s highs, and with Gold and Crude Oil both going sideways, I'll be focused on failures and breakout patterns on Tuesday morning…

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E-Mini S&P is bullish and trying to make a run back to last week’s highs, but we just completed a 123-Reversal pattern so I'll need to wait for either another pullback to support, or a new bull breakout and a pullback running higher…

Crude Oil is bearish into a triangle trading-range, which tells us to look for sell setups just above the highs of the triangle. I'm also listening closely for more updates from OPEC tomorrow, which could easily lead to a 123-breakout into hidden channel pullback opportunity…

Gold is bearish into a trading-range, which tells me to look for sell setups at resistance levels above the range. There’s just one problem, we have a support trend-line running up the middle of the chart, so I'll have to “thread the need” to avoid trouble on Tuesday morning…

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Economic News:
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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