Tuesday, November 10, 2015

Price Action Trading The Pennant Pattern Breakdown On The E-Mini S&P 500 Futures; SchoolOfTrade.com

Selling the breakdown of the Pennant Pattern above the range allowed us to pick up a solid 47 ticks back down this morning!

In today's video we see the E-Mini S&P 500 Futures forming a Pennant above the range and breaking down aggressively.

This gave us an opportunity to sell the breakdown and a followup trade as well for $587.50 on the move lower!

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Price Action Trading is all about knowing the day type and knowing how to trade it at the right place at the right time. This morning we had a range formation that price failed to break lower and back up in to attempt the highs which formed a Pennant and failed as well. The likely target is going to be back to the lows again which allowed a quick add-on to the trade for a few more ticks into our final target!

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