October 7, 2011
- in Uncategorized by schooloftrade
Use our Slingshot pattern to grab BOTH sides of the next move!
Slingshot Pattern:
This morning in our live trade room we sold the highs of our price wedge using our slingshot pattern, which is an excellent example of a counter-trend trade that ends up giving you two opportunities to profit.
This ‘slingshot’ pattern is more specifically our 2-step pattern that turns into a Wave Pattern. One pattern is a reversal, and the next pattern reverts back to the current short-term trend in the market.
I can trade this pattern on any market. Futrures, Forex, Stocks all work on any timesframe. My favorites are Crude Oil, Gold, Euro, Russell and E-Mini ES.
Classified by a move up to new highs, where we sell those new highs with the intention of coming down into dynamic support for a long trade position.
Example: price moves higher on crude oil futures, we want to wait for a pullback, but rather than waiting we can trade short and then take profit on that short at the pullback/entry location for the wave long.
