This Wedge Looks Great for a Short (Just Need the Signal!)
Welcome back guys, got some nice setups on my radar for Tuesday…
Crude Oil is bullish after a strong bounce off today’s low -- but with multiple ranges below us and channel resistance above us, I'll be looking for a short if these buyers start to struggle…
The Emini is bearish into a range tonight, so I'll be looking for shorts at resistance above the range, along with breakouts going lower on Tuesday. My only challenge is, there’s a trend-line in my way!
Nasdaq is also bearish, ending today’s session with a strong bounce off today’s low. We do look bullish at first glance -- but once you see this wedge resistance on the chart, you'll see why I'm waiting for the short instead…
Don’t forget – some of these trades are going against momentum, so the entry signal is the key. Here’s what to look for…
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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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