Trading Against the Trend | Crude Oil, Emini, Nasdaq, Gold & Euro

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The markets are still bullish, but a new batch of trading-ranges are now giving us opportunity to sell the highs, which means I need to use a specific strategy for those counter-trend set-ups on Thursday.
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Crude Oil is bullish with a trading-range and a flag pattern on the chart, which tells me to look for opportunities to buy below the range using a combination of both chart patterns on Thursday morning.

E-Mini S&P is bullish, but the high of this range isn’t a great place to look for buy set-ups, so I’m watching for an opportunity to sell off the high with a counter-trend set-up going back down to re-test the range low.

Nasdaq is bullish and still trading back and forth inside the range, which is telling me to look for opportunity to buy the low and sell the high using my favorite failure patterns tomorrow morning.

Gold is still bullish, but this recent pullback off the highs was so strong that I’m betting we see a lot of sellers try predicting this reversal, which is going to give us plenty of opportunity to buy into their stops when their counter-trend trades fail!

Euro is bullish with a beautiful combination of a Hidden Channel and trading-range on the chart tonight, which tells me to stay patient for buying opportunities down near the lows of BOTH patterns on Thursday.
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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 RULE 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

Joseph James says:

Counter-Trend trades aren't made for rookies because they require us to wait for the precise time to enter the market when the trend-followers find themselves out of options and ammunition!

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