2 Ways to Trade this Melt-Up Reversal on Emini, Nasdaq and Gold
Can anything stop these markets right now?!
Both the Emini and Nasdaq continued to “melt” higher on low volume today, finishing the session at major resistance levels on the chart…
The bulls clearly have control -- but these low volume moves, combined with multiple resistance levels tells me the “easy money” will be the sell side…
Selling? Isn’t this too bullish? Yes. So we have to pick our spots wisely…
I can't force the trades short, so I'll be looking for my (2) favorite reversals patterns to trigger the entry. You don’t want to miss these on Wednesday…
And don’t forget Gold – sellers have control after a 2-try reversal off today’s high, and I have my eyes on some easy shorts off the high of a new bear 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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