Trading the Crown Reversal | Crude Oil, Emini S&P, Nasdaq, Gold

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Markets were busy today – some with sideways ranges and others with strong runaway trends – and with more big news on the way tomorrow morning, we need to be ready for anything and everything – are you ready?
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Crude Oil is bullish into a triangle/range to finish today’s session, which tells me to fade the breakouts tomorrow morning – buying low, selling high, and avoiding the middle…

And when it comes to buying and selling, my goal is to focus on those failure patterns, especially those crown reversals.

E-Mini S&P is bearish with a strong run lower to finish today’s session, which tells me to look for sell set-ups using resistance levels overhead…

I’m also seeing a lot of open space for this market to keep running lower, but I don’t want to chase the move without proof – so I’m waiting for a 123-Breakout to new lows so I can see the high of a Hidden Channel.

Nasdaq is bearish and ran all the way back down to the major lows, which isn’t a very reliable place to start selling, so I’m going to wait patiently for a pullback and sell into the stops of the counter-trend buyers.

Knowing that we’re sitting on major support, I’m also anticipating a potential sideways ranges tomorrow morning as well, and if so, I’ll be focused on selling into buyer-failures up above the high of the range.

Gold is bearish and trading sideways with a beautiful expanding triangle pattern, which means I’m trying to buy the low and sell the high of that triangle using failure patterns.

And I can’t forget about the larger range –even if we get a 123-Breakout, we don’t want to chase the market higher/lower because a crown reversal pattern will likely send the market right back to the middle once again.
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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:

Markets were busy today – some with sideways ranges and others with strong runaway trends – and with more big news on the way tomorrow morning, we need to be ready for anything and everything – are you ready?

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