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Five Trades for ‘Reaction’ Thursday | Crude Oil, Emini S&P, Nasdaq, Gold



Tomorrow may be Halloween, but for professional traders, it’s “Reaction Thursday”, the day after the FOMC Announcement, and a day usually filled with trading opportunity…

And my job tonight is to get you ready for (5) five reliable patterns and entry set-ups that I’m watching for tomorrow morning – are you ready?
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Crude Oil is bearish, but we’re sitting on yesterday’s low and the sellers have now failed twice to push the market lower, which tells us that a reversal is likely around the corner…

The problem is we’re too bearish to sell – so instead of trying to predict the reversal, I’m looking at four ways to use the ‘2-Try Rule’ on the buy-side Thursday morning…

E-Mini S&P is bullish with a strong spike running higher, and anytime I see a move go this far in such a short period of time, I know to look for a Spike & Range…

Knowing this, I’m waiting for the moving-average to flatten out and the price-action to go sideways, then I’ll look for buy set-ups underneath the range using a seller-failure pattern.

Nasdaq is bullish with a strong spike higher that couldn’t close above yesterday’s high, which tells me that yes, the bulls have control, but no, it’s way too high to be buying up here…

Knowing this, I’m anticipating a flag pattern coming off the high because buyers will be waiting for something lower, and as it pulls back, I’ll be watching for sellers to get “trapped” getting in too early for an easy rally back to the high.

Gold is bullish with a strong run higher, which appears to be trading sideways just ahead of 1500, which tells me to wait for the range to develop, then look for buy set-ups underneath the low using a seller-failure pattern.

And let’s not forget the pullback, because I have a perfect Hidden Channel combined with the battle-zone that’s just waiting for that pullback!
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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.

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William Batts
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William Batts

Joseph, You Rock!!! I love your teaching style. Thank you for offering your expertise!

Java Stone
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Java Stone

This is actually useful because I've seen these patterns.

Joshua Smith
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Joshua Smith

Respectfully, jus don’t Fn stop

Nathan Waldron
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Nathan Waldron

Thanks as always! Great content! Love your enthusiasm!

CoinFox
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CoinFox

Love the videos JoJo

Gx22
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Gx22

Joseph, so yesterday's sell off didn't fill the gap (the one I mentioned to you last week) completely which is why it had to go back down today to fill it. Now that it is filled I believe we are going to turn upward again to retest 56.

Joseph James
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Joseph James

Reaction Thursday is the day after the FOMC Announcement, and it usually provides plenty of opportunity if you have the right strategy to capitalize on it. Are You Ready