I'm seeing a lot of trading-ranges on the charts tonight, which means our strategy for Thursday will be relatively simple; buy low, sell high, and focus on failures… But did you see that Nasdaq today? The session ended with a WIDE trading-range, which can be tricky if you're not prepared, so tonight I'm going to share some of my biggest secrets for trading those WIDE ranges on Thursday, are you ready?
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Crude Oil is bullish and trading just below a trading-range, which is a great place to find entries, but watch out, because that pullback off the highs was very strong, which tells me to respect the momentum of the bears before I get long…
Knowing this, I'm waiting for the sellers to finish their “second leg” before I try buying into their stops, and if they run it lower on strength, I'm waiting for a “nested” failure pattern to add another layer of protection.
E-Mini S&P is bullish and trading just above the high of today’s range, which is a horrible place to look for entries…
A better location to buy is below the range using a seller-failure pattern, but I need to pay close attention to how the market pulls back, because momentum will be a factor.
Nasdaq is bullish, and after a wild session, finished with a wide trading-range, which can be one of the most challenging conditions to trade if you're not prepared…
But not to worry, those wide ranges are easy when you know the “secrets” I'm sharing in tonight’s video, so be sure to watch!
Gold is bearish into a trading-range as well, telling me to sell the high using buyer-failures with a target down at the lows…
But did you see that support trend-line? That tells me to avoid selling the buyer-failure and wait for a bull-trap to get short up around the high of a new hidden-channel.
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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.
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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.
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