We got some strong moves to start today’s session, but as of the closing-bell we’re right back to trading inside the lunch-time ranges, which tells me these “balanced markets” are going to be play a big role on Wednesday morning…
And my plan with a range is always the same; combine the short-term momentum with the ‘2-Try Rule’ for the most reliable failure set-ups – are you ready?
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Crude Oil is bearish back into the range from the beginning of October, which tells me to look for sell set-ups using buyer-failures up above the high of the range tomorrow morning.
But don’t forget the news mid-morning tomorrow, because that may lead to a 123-Breakout and an opportunity to trade off the high/low of a new Hidden Channel.
E-Mini S&P is bearish and trading just below the range from this morning, which tells me to wait for sell set-ups using the ‘2-Try Rule’ up at the high of a new Hidden Channel…
And if the market tries to go lower, I’m watching for a “nested” failure to buy off the lows for a counter-trend reversal.
Nasdaq is bearish and trying to breakout below today’s range, which isn’t a very reliable sell location, in fact, I’d rather buy this market using a “nested” failure or wait for proof of the breakout with a 123-Breakout instead.
And don’t forget that news from Jerome Powell today, which should be seen as bullish for the Nasdaq, so I’m watching for a 123-Reversal and a buy set-up off the low of a new Hidden Channel.
Gold is bullish into a narrow trading-range, which tells me to look for buy set-ups using the ‘2-Try Rule’ below the range, especially around the support trend-line waiting below.
And if price tries to breakout higher, I’m looking to leverage the short-term momentum with a 2-Try Breakout Pattern with a target up to the measured-move at 1526.
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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.