4 Habits of Successful Traders | Crude Oil, Emini S&P, Nasdaq, Gold

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Crude Oil, Emini, and Nasdaq all got the 123-reversal and ran higher into the close this afternoon, with Gold still trying to break free of this week’s range…

But even though these markets are so bullish, I don’t want to chase them higher because I know the sellers are waiting for another shot to take it lower…

My plan is to wait for those sellers to try that next shot lower, and buy into their stops for a short-covering rally back to the highs tomorrow morning – are you ready?
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Crude Oil is bullish into a spike & range pattern tonight, which tells me to look for buy setups below the range using failure patterns…

I’m also watching for another leg higher, seeing our next upside target at 58.00, and we can get a strong punch higher I’d like to buy the low of a hidden-channel before we get there.

E-Mini S&P is bullish after a 123-reversal and the buyers have their eyes on a re-test of today’s high, but it’s easy to see the major resistance overhead…

And I’m hoping we see sellers try to sell off that resistance, because an easy buy setup will be using their stops as fuel for a rally back up to re-test the highs.

Nasdaq is bullish and running back up to the 8300 price-magnet from earlier this week, but after the buyers already got their pullback entry earlier today, this market is too high to start buying now…

A more reliable plan for tomorrow is to wait for these buyers to take their profit so price pulls back off the high, then look for sellers to get caught trying to force a reversal and buy into their stop-losses for a short-covering rally up to the trend-line coming down from November’s high.

Gold is bullish, but we’re still trading inside the range from earlier this week, which means I need to wait for buy setups either underneath the range using a failure pattern, or wait for a 123-Breakout and buy the low of the new hidden-channel.

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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.


Pedro Dones says:

I'm here!You ARE AWESOME!

EnErGy PaXon says:

Thanks for your knowledge. Greetings from Austria

F Obara says:

You're doing great work Joseph! Thanks man

Toni says:


sanjeev bhola says:

I am still here JJ .
I am proud of the knowledge you are sharing with the world

maggie mays says:

2 thumbs up Joseph, thank you so much, learning lots

Eugene Chernyshov says:

Great!! See you tonight in trade room!

Nathan Waldron says:

Thank you Joseph!

Alex Trader says:

lol … "a gap is a magnet" … "don't wanna hear the comment section" !!! Thanks for that..

Leo McCartney says:

Awesome, look forward to the next one and learned a lot. Those traps are my nemesis and what a great way to deal with it.

David Lombard says:

Still here! Watching during the Asian session and your NQ bounce call was clairvoyant. Nice drop into the buy zone and then right back up. Spot on!

ZillionairesClub says:

long term plan, and knowing especially when to stay away from markets is the key, trading is about psychology 70% and technical hard skills only 30%, I watch my trades no more than 10 minutes a day

Krag Ferris says:

A 1% to 1%er, one step at a time!!
I have to be here because of what I read, …for he knew not Joseph!

Fk China-youtube Socialism/communism says:

I have filled out the area for free lesson with every email I have and I never received a confirmation email. Is there an alternative way to get the education?

Cliff Lee says:

I love your videos Joseph ! do you think looking e-mini s&p (future) is better than looking spy for reading chart?

Cesar Romo says:

Joseph how do you deal with the channels on a tick charts since on a time chart will be very different channel and trend lines will show complete different too ?

Joseph James says:

Trading is a game of long-term probabilities and pattern recognition, which is why the habits and routines of successful traders are far more important than setups.

Because even the best setups turn bad sometimes, but over time, the right habits and mindset are what keeps the best traders in the green! Are you ready for this?

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