Trading with ‘Traps’ | Crude Oil, Emini, Nasdaq, Gold & Euro

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We saw some BIG RUNS in today’s session, but it looks like a few of these markets have reversed momentum, which usually means there will be opportunities to “trap” the trend-followers on the wrong side tomorrow morning.
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Crude Oil is bearish after the buyers failed to hold the pullback, but I’ll bet we’re still going to see a few bulls trying to force this higher, and if we do, I’m looking to “trap” them on the wrong side of the market tomorrow morning.

E-Mini S&P is bullish with a Spike & Range pattern, which tells me to use the trading-range to find reliable support levels to buy with on Wednesday.

Nasdaq is bullish with a Spike & Channel pattern, which tells me to look for “bear traps” down below the swing-lows on the chart tomorrow.

Gold is range-bound with a triangle pattern, which means I’m looking for opportunities to fade the breakouts on Wednesday using the ‘2-Try Rule’.

Euro is bullish with a strong move higher, and I’m waiting for either a deep pullback or an aggressive 2-Try Failure if we go higher.
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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

Ahmad Sankar says:

I'm in love with your range expansions philosophy in trading , it improved my trading performance too freaking much , I love trading ranges , overall your strategy on failures ,123 reversals and drawing hidden channels are so amazing , i keep thanking you everyday in my heart , God bless you and your family

Andrew Hajik says:

Do u have set hrs u trade

Nebderf 350zHR says:

Thanks boss

Business Mastery says:

Which moving average do you use in your chart??

Truck My Ad says:

intense presentation. Props for this level of energy.

The Big Athur sihotang God Bless. wong batak says:

Thanks Joseph. What is the function low float and high float in market??

Joseph James says:

Why are traps such an important part of my trading strategy? Because they're one of the most effective entry patterns when a market reverses direction and you dont want to chase the move higher/lower. Not to mention, traps are single best entry pattern for buying low and selling high. The funny part is, most rookies are the victim of traps until they finally learn how to be the one doing the trapping!

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