Day Trading Crude Oil & Gold Futures with SchoolOfTrade.com Live Day Trading Webinar

We had another great day of opportunity in our live trade room today. Are you looking for more help finding the best, high-percentage patterns?

Need help with entering those trades when you find them? How about your stops and targets? Know where those go?

Serious traders need the best opportunities for their trading, and today’s video you will learn how to look for patterns, and then USE those patterns to profit.

Crude Oil Futures:

Enter long above the 80.14 with profit targets of 25 (1/2), 65 (1/4), and then top of the wedge is the final target.

Enter short below big round number of 79.00, look for 78.95 or lower for the best entry to make sure we clear the big round number below, and then take profit at 55 (1/2) using the AB=CD pattern, then 78.05 (1/4) ahead of the big round number, and then down to 77.78 we want to read the tape to see if we see signs of a price reversal

– What are the three signs of a price reversal?

o Slowing speed
o Momentum curls
o Big buyers/sellers

So look for the reversal around the double-bottom of 77.78 and be on the lookout for a place to take your final target.

Gold Futures:

We’re trading sideways after the big move down which was called on the blog to the tick last night, so make sure you follow the nightly review on the blog

Entry short to continue this move down will be below 1192.0, and looking for profit targets of 87.5 (1/2) if we get below the trend, but if we cannot get below the trend line, you need to use your first target at the first test of the trend line as support.

Final targets will be 87.5 (1/4) if we take profit at the trend line already, and then all the way down to the next batch of yellow lines (double-bottoms) at 82.3 (1/4)

If we reverse this downtrend we can take a 2-step reversal pattern long above 1197.8 (wait for the swing high for the actual pattern to form) and I need to take a quick firs target at 99.0 so I can make sure we don’t miss the bounce ahead of the big round number.

Final targets will be the big round number of 1200 (1/4) and then all the way up to the top of the wedge and look for price to shows signs of reversing at the highs around 1206 to take final profit.

– How to trade FOMC Day

o High volume early in the day
o Look for volume to drop before the end of the morning session around 11am EST
o I want to make my money early and then hit the exit to lock up profit

– Trading Overnight and using tape and speed

o Trading after hours will always have slower speed, so this is something we need to be careful of
o Read the tape looking for big money buyers/sellers to confirm my entry
o I’m not going to rely on the pace of tape indicator because the speed will be too slow.
o Look for tape to confirm entry, and then use the s/r levels we defined earlier to manage the trade
o How do I define BIG MONEY

 About 100 contracts
 2 x 50 lots
 5 x 20 lots
 20 x 5 lots
 Watch for this on my FILTERED time and sales window.

– Trade Management for longer term trades

– What are the three signs of a price reversal?

o Slowing speed
o Momentum curls
o Big buyers/sellers

– How can I make August a better month for trading?

o Be more selective, we aren’t going to get those easy 100 tick winners in august
o Use multiple timeframes to see the BIG picture and then use multiple timeframes to confirm the entry

 Look for the same pattern on multiples
 Look for momentum on multiple
 Look to trade with the trend on your slower timeframes
 Look for more speed and more size to trigger your entry.