Three Leg Trading Strategy | Crude Oil, Emini, Nasdaq, Gold, Euro

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Markets are finishing today’s session with strong bullish moves, which tells me to look for pullbacks to key support levels, such as the low of Hidden Channels…

But look closely, and you can see many of these charts have three legs going higher, which tells me exactly what to be looking for on Thursday morning.
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Crude Oil is bullish with two flag patterns, which tells me to look for buying opportunities after the breakout-pullback above the highs.

Knowing this, I need to stay patient, waiting for the pullback and the sellers to fail below the moving-average, but the wait will be worth it because we have a BIG measured-move target waiting overhead.

E-Mini S&P is bullish with a 123-Breakout above today’s range high, which tells me to go looking for a pullback to the low of the Hidden Channel, which also lines-up with a key reversal-line as support.

Its also important to remember, Monday’s high is just around the corner, reminding me to avoid chasing the market higher, and if needed, waiting for bear-traps to buy the shallow pullbacks.

Nasdaq is bullish and re-testing the weekly highs with three strong legs higher, which is a BIG clue, because that usually means the following day is going to be a range-bound market.

Knowing this, I’m waiting to see double-tops at these highs so I can start planning for the 2-Try Failure using the range levels as key support tomorrow morning.

Gold is bullish and just completed its three leg move, which tells me that (yes) we’re bullish, but (no) I don’t think it’s wise to start buying at this lofty price.

On the flip side, I’d rather wait for a deep pullback, preferably down to the 1310 area where I can combine a reversal-line with the low of a new Hidden Channel.

Euro is bullish with a strong bullish rally back into the weekly trading-range, which tells me to look for buying opportunities, but stay away from the middle!

With that in mind, my plan is to either wait to buy the deep pullback (to avoid the range) or watch for a strong breakout to new highs and buy off the bear-trap.
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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

Troy Knight says:

Hi Joseph thanks for the amazing newsletter and the awesome analysis.

Two questions for you. What time frame do you use when doing your analysis on the newsletter? Are are you using the 50 ma that you have on your charts? Also I would love to see some GBP analysis if possible.

Very funny how out of all the people that have watched your analysis less than 10% have bothered to put a like or dislike. No appreciation in this world for other peoples effort, especially something of such great value. A BIG THUMB UP from me, LOVED IT!!!

Thank you for your time and effort, much appreciated!!!!!

Wilson Elias says:

I saw a trap trade this afternoon and I thought of you bro

DYLAN RAW DONALD TRUMP NEWS ANTI-GLOBALIST says:

I've already blown 4 accounts day trading SPY options. Those V patterns are bs. The genius of PUTS in a bull market Lol

Joseph James says:

Whenever I see a market go three legs in one direction, I always know to look for one specific set-up the following day – are you ready?

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