Crude oil is range-bound, the E-Minis are back to all-time highs, and Gold is hunting for a re-test of monthly lows…
But no matter which market you’re watching, the key to our success relies on one thing – finding reliable support & resistance levels we can trust for our entries – are you ready?
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Crude Oil is range-bound and trading sideways with a beautiful expanding triangle on the chart tonight, which tells me to buy low, sell high, and avoid the middle tomorrow morning…
Knowing this, my plan is to focus on failures above and below the range. Buying below the range using seller-failures and selling above the range using buyer-failures.
E-Mini S&P is bullish with a strong run higher today, which tells me to expect a deep pullback and a re-test of the high at some point tomorrow morning…
Knowing this, my job is to stay patient, waiting for a deep enough pullback to give me a good risk-reward ratio going back up to the high again…
Nasdaq is bullish with a strong run higher into a spike & channel, which tells me to look for a pullback into the “base” of the channel and a re-test of today’s high…
My big concern, however, is that we get a deep enough pullback to give us a good risk-reward ratio, so I’m also going to wait for a deeper pullback below the battle zone, and if we get it, I’ll use a “nested” failure set-up to buy with a target up at the high.
Gold is bearish and trying to run down to the 46.2 monthly low, but I can see a key support level standing in our way, which tells me to look for a sell setup off the high of a new hidden-channel for a more reliable short entry…
And if price keeps going lower, I need to adjust my strategy, looking for anything that gives me a decent risk-reward ratio coming off the resistance trend-line overhead.
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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.
PLEASE DO NOT TRADE DURING TIMES OF MAJOR ECONOMIC NEWS
Joseph James, SchoolOfTrade.com and United Business Servicing, Inc. are not registered investment or trading advisers. The services and content provided by SchoolOfTrade.com and United Business Servicing, Inc. are for educational purposes only, and should not be considered investment advice in any way. U.S. Government Required Disclaimer – Commodity Futures Trading Commission. Futures and Options trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results. cftc 4.41 These results are based on simulated or hypothetical performance results that have certain inherent limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Also, because these trades have not actually been executed, these results may have under-or-over-compensated for the impact, if any, of certain market factors, such as liquidity. Simulated or hypothetical trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to these being shown.