This Chart Says It All | Crude Oil, Emini, Nasdaq, Gold, Euro

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This morning’s “Fed Speak” gave us some big moves on the charts today, and I’m using the most reliable chart patterns to help me formulate the trading plan for Thursday’s session…

Because no matter “why” the markets are moving, the only thing that matters is the short-term momentum, the most reliable chart patterns, and the proper entry triggers – are you ready for tomorrow?

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Crude Oil is bullish with a strong run back up to re-test July’s high, and with such a strong move to finish today’s session, we can expect buyers to be waiting on the next deep pullback…

Knowing this, I’m watching key support levels to buy that pullback – such as the low of the bull channel, and the trading-range from earlier in today’s session.

E-Mini S&P is bullish into a trading-range, which tells me to buy the low, sell the high, and avoid the middle of that range tomorrow morning.

But the biggest clue I see on the chart is the strong pullback going into lunch this morning, which tips us off to expect a deeper pullback for the more reliable buy set-ups on Thursday.

Nasdaq is bullish into a narrow trading-range, which tells me to look for buy set-ups down below the range lows tomorrow morning.

And to plan the best entry, I’m watching key support levels, like the low of a Hidden Channel and the reversal-line support at 7870.

Gold is bullish with a strong run into the closing bell this afternoon, which tells me to look for buy set-ups on the pullback to the low of a new Hidden Channel.

This strength also tells me to be prepared to buy the market as it goes higher, because the bulls may be looking for a larger measured-move objective, and if so, my goal will be to buy using bear-traps before we get there.

Euro is bullish with the combination of a Spike & Channel and narrow trading-range on the chart tonight.

Those two clues are important, because they both identify major support zones just below the 13,000 round number, which I want to use in combination with my entry set-ups.
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Economic News:
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
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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.

Comments

dlb dlb says:

It could go up it could go down , "chart says it all" ??????

Lydia mpanya says:

How do I join your trade room?

Luciano Pucci says:

My feedback of what i lack is confidence. Watching you every night Professor JJ helps me believe. You are the best.

paul fedor says:

Concerning OIL breaking out on Friday: We had a break out on oil from API report today….Whats your thought on rig report coming out on Friday? Whats your thoughts on Iran gunboat "harassment" of British Tanker?

ananda bavskar says:

Best trading streterji in crudoil

Den Bover says:

Stayed awake for this thanks 🙏

Joseph James says:

Rookies think day trading is all about fast computers and complex algorithms, but real traders know the money is made by understanding how to read the clues the chart is giving us. Are you ready for tomorrow's set-ups?

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