December 9, 2011
- in Uncategorized by schooloftrade
Double-top Day Trading Strategy earns BIG profits
Another incredible day filled with trading opportunities this morning using this simple double top trading strategy along with the dollar index, crude oil futures and Mini-Russell Futures.
The day began with a so-called ‘solution’ to the credit mess in Europe. Meanwhile, the White House is trying to fix this budget mess. We began the day knowing that we would eventually start to hear news chatter regarding that.
Our day trading strategy for trading the news is simple; FADE the news, don’t try and trade the news, wait for the price action to slow down, and then reverse, and FADE it! This simple trading strategy keeps you from chasing after news events, and it will usually put you in a better EMOTIONAL position to execute the trade.
We also used a double-top day trading strategy this morning to plan our highest percentage trades today. We had 2 double-top patterns, one major and one minor. The minor double-top was the highs of the price wedge, and that told us that if price dropped lower, we could buy the price wedge lows and price would rise up to test the double-top. That’s exactly what happened.
By 1100am EST this morning we had ‘faded’ the news @ 845am this morning, we had bought the lows of the price wedge, and re-tested the double-top. Tally them all up and we earned over 150 ticks together in our live trade room this morning. The best part…all we did was follow a simple plan. The plan will SET YOU FREE!
