Three nice shorts set up today. The first occurred just before 11:00 AM EDT. The market traded within the overnight range during the first portion of the US morning session. We could see some weakness come in after 10:00, but the market pushed back up in a weak rally for a final test of the overnight high. When that failed, the odds favored either a test of the overnight lows or a push to new lows. We got new news.
The second occurred on the weak rally after new lows. I like the quick run up-then reversal and drive right back down. Wrong-footing traders seems to be the game of the day.
The third occurred after another new low and another weak rally.
Last call for Chart Reading Mastery. Today’s trades would pretty much pay for the course, and you will learn all three trade setups in the course along with the key market structure (not discussed here) that tells you in advance where to look for the trades. It’s the good thing about this method: we knew ahead of time to anticipate these trade setups. For more information: Chart Reading Mastery and for a free webinar recording detailing the course content and information: Free Webinar.
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