“Melt Up” Trading Strategy | Crude Oil, Emini S&P, Nasdaq, Gold

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Markets are really heating-up going into Thursday’s trading session with a “melt up” ready to send prices running higher tomorrow morning.

But when it comes to trading these “melt up” markets, finding the best entries and exit targets requires us to tune-into the MINDSET of the market, which is exactly what we’re going to cover in tonight’s newsletter – are you ready?
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Crude Oil is bullish and “melting” higher as it tries to claw its way back up to the mid-point of last month’s drone strike, but we’re way too high to consider buying this market at this point…

A more reliable play will be waiting for a pullback to the low of a Hidden Channel, or a 123-Breakout into Hidden Channel pullback tomorrow morning.

E-Mini S&P is bullish and just inches away from re-testing yesterday’s high, which tells us it’s too late to start buying at this point, and better to wait for a pullback…

Knowing this, I have my eyes on buying a seller-failure down at the combination of a Hidden Channel and reversal-line just below 3000.

Nasdaq is bullish and “melting” higher, trying to go all the way back up to re-test Tuesday’s high, but we have some resistance levels standing in our way that need to be broken first…

Knowing this, I’m waiting for either a pullback to the low of the channel, or a 123-Breakout so I can buy the low of the new Hidden Channel.

Gold is bullish into a trading-range, which tells me to look for buy set-ups using seller-failures down at support levels below the range tomorrow morning.

And speaking of support levels, I have both the range-expansions and the expanding triangle coming together at 1493 which would be an excellent spot to look for a seller-failure into pullback going back to the high.
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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.


Joseph James says:

Melt up markets have a very distinct and challenging personality, and the key to trading it requires us to tune into the mindset of the market – are you ready for tomorrow?

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