We saw some incredible momentum moves in today’s trading session, but most of our markets finished inside of trading-ranges…
And those ranges tell me to focus on failures - buying low, selling high, and looking for reliable support and resistance levels using confluence on Tuesday morning – are you ready?
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Crude Oil is bullish with a strong Spike & Channel running higher, which tells me to wait for buy set-ups after a deep pullback…
So I'm looking for reliable support levels to combine with my buy set-ups, and I can see a major “confluence” zone waiting with my name on it Tuesday morning…
E-Mini S&P is bullish into a range-bound market, which tells me to look for buy set-ups below the range…
Knowing this, I can see a clear “confluence” area below the range, where the Hidden Channel and range-expansion levels come together.
Nasdaq is bullish into a narrow trading-range, which always tells me to wait for a DEEP pullback before trying to buy going back up to the high…
And my plan is to use the low of a Hidden Channel in combination with the battle-zone for the most reliable entries on Tuesday.
Gold is bearish into a trading-range this evening, which tells me to buy the low, sell the high, and focus on failures tomorrow morning…
And since the bears have the control, my goal is to sell off the high, but I’m also keeping my eyes open for the opportunity to buy the low using a “nested” failure pattern.
Euro is sideways and range-bound this evening, telling me to continue buying low, selling high, and avoiding the middle…
But what really catches my eyes on the Euro is the recent shot going lower, telling me to wait to start buying into seller-failures AFTER we re-test Monday’s low.
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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.
