What's the key to trade a reversal? First you need to include a key support/resistance level for the set-up. Then you need to wait for the two-try-rule, but the most important part of the trade is the TRAP!
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Learn the Patter…
What's the key to trade a reversal? First you need to include a key support/resistance level for the set-up. Then you need to wait for the two-try-rule, but the most important part of the trade is the TRAP!
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Learn the Patterns with My Free Trading Course:
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Crude Oil is bullish, and I would love to find some buy set-ups off the low of a hidden channel tomorrow morning.
E-Mini S&P is bullish with a range, so I’m trying to buy the lows using a 2-Try Failure pattern.
Nasdaq is bullish, and the WIDE channel tells me to wait for the deep pullback before buying into seller-failures.
Gold is range-bound, so the plan stays the same, keeping fading those breakouts on Wednesday.
Euro is bearish, but there are two big clues on this chart that make me look for reversal set-ups going into tomorrow morning.
Markets are running higher on the news from the FOMC this morning, but something tells me we’re going to see some big surprises tomorrow morning, and I have a few easy tricks for trading a reversal.
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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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