Markets were on the move yet again today; Crude Oil and Gold sank lower into ranges, while the Emini ES bounced off the low into a Spike & Range…
Those ranges are the big clue for Friday morning; tell me to buy low, sell high, and focus on failure patterns, but look closely and you’ll see many examples where trend-lines have created traps for inexperienced traders – I want to make sure you know how to avoid those traps to finish the week in the green…
Bull Spike & Range on the Emini Tells us Exactly Where to Find the Best Entries…
E-Mini S&P is bullish into a spike and range pattern; this tells me to look for buy setups below the range, and I have my eyes on a seller failure setup at the low of a hidden channel below the range.
(Click on image to enlarge)
Crude Oil Range Says to Sell the Highs, But Watch That Support Trend Line…
Crude Oil is bearish into a Spike & Range pattern; my goal is to sell above the high with a buyer failure pattern, but a rising support trend-line tells me to use a bull-trap to avoid selling into that rising support level.
(Click on image to enlarge)
Gold is Filled With Traps Ahead of Friday…
Gold is bearish into either a bear flag or a trading-range; my goal is to sell at resistance levels above the range or at the top of the channel, and I’ll use 2-try traps to avoid selling into the support trend-line below.
(Click on image to enlarge)
Disclaimer: Join our Free Trading Course. Joseph James, SchoolOfTrade.com and United Business Servicing, Inc. are not registered investment or ...
Disclaimer: Join our Free Trading Course. 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 website. 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.