Wow, what a day in the markets! We got big moves on the charts today, but those trends wont last forever, and I have a reliable plan to trade the deep pullbacks and potential reversals coming tomorrow…
But the big clue for tomorrow is the OPEC Report, scheduled just before the US Session begins, which could easily reverse this bear trend, and I want you to be ready to capitalize – let’s go!
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Crude Oil is bearish and sitting just below the $50 support level, which is the weekly lows, and a horrible place to start selling…
A better strategy is to wait for the bears to take profit, and wait to sell using a buyer-failure at the high of a hidden-channel.
And don’t forget the OPEC Report tomorrow morning, because that could easily reverse the trend and give us a short-covering rally to trade into the inventory report end of the morning.
E-Mini S&P is bullish with a spike & channel into a trading-range on the chart tonight, telling me to look for buying opportunities after a pullback off today’s high…
The question, however, is how DEEP will it pullback? Because a shallow pullback will use a different entry set-up than a deeper pullback, and I want you to be ready.
Nasdaq is bullish and pushing new all-time highs into the close tonight, which tells me to look for a deep pullback before I consider buying this market…
And the big clue is the wedge on the chart, telling me precisely where to find the best entries, do you see it too?
Gold is bearish and sitting “three legs down” which is a big clue for a possible trading-range at the beginning of tomorrow’s session…
And that range makes our job easy; selling above the high using a buyer-failure or buying below the low using a crown-reversal.
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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.
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.
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