Trading Sharp Pullbacks | Crude Oil, Emini, Nasdaq, Gold & Euro

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Wow – these markets have been RED HOT this week – but with Quadruple Witching and Contract Rollover coming at the end of this week, I’m expecting to see volatility increase – which means we need to be prepared for sharp pullbacks to give us excellent risk-reward opportunities on Thursday.
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Crude Oil is bullish with a strong run into today’s close, which always tells me to look for a ‘2-legged pullback’ and a re-test of the high.

Knowing this, I’m watching the low of this new Hidden Channel as key support for buying the next pullback.

E-Mini S&P is bullish into a range this evening, which tells me to stay patient for buying opportunities using seller-failures below the range tomorrow morning.

Furthermore, I’m also open-minded to buying a breakout, but I need to see the correct 2-try breakout pattern to trigger into to new highs.

Nasdaq is bullish with a flag pattern, which is a great clue because it highlights the need for us to stay patient for the market to pull back far enough off the high to give us enough open space to make the breakout-pullback pattern worth the effort.

Not to mention, we’re sitting right on top of the 7300.00 round number, which could easily turn this market into a range – so patience is key on Thursday.

Gold is bullish with a Spike & Channel, which tells me to look for buying opportunities after a DEEP pullback off the highs.

Its also worth considering, that this recent strong run higher may only give us a shallow pullback, and if so, I’m watching for a seller-failure pattern just below the moving-average for a second leg to the measured-move target.

Euro is bullish with a Spike & Range pattern, which tells me to wait for a ‘2-legged pullback’ down to key support levels for great risk-reward buying opportunities going back up to re-test the high.

Its also worth mentioning, the low of this weekly bull channel is another key support level, so don’t get spooked with a sharp pullback off the high if we get it.

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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

Joseph James says:

Sharp pullbacks are one of the most challenging market conditions to trade because they give the opposite side of the market the courage to start trying for a full reversal – which is why I wait for a very specific entry pattern.

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