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Examples of Mike's Trade Setups in Other Markets
Below are examples of my trade set ups found in
These set ups can be found in my course "Read the Greed-LIVE!" and also in my e-book,
"Read the Greed-Take the Money". (Please Note: It may take a few seconds for the charts to load)
5 min Chart of the British Pound Futures contract symbol 6B on eSignal.
In the above chart the blue line is the 20 period ema and the red line is the 60 period ema. I have also labeled some areas with the letters A-H. As you can see at A we have respect for the 20 period ema. This is not an official RBI setup as it is the first time that this occurs on this day. Moving on to B we have a second touch of the 20 period ema and in addition we have a reversal candle. This gives us an Official RBI setup for a short trade at this point with two sources of edge. At C we have another occurrence of a 20 ema touch and another official RBI setup, as price is respecting the 20 ema as is seen in Area A and B. We also have 3 more occurrences at D,F, and H. At letter E we have a last trapped situation show by the blue horizontal line and this is also accompanied by a mini reversal candle. So in summary we have Six Official RBI setups, which kept me trading with the trend and on the right side of the market.
Mini Light Sweet Crude Oil
Below is a chart of the Mini Light Sweet Crude Oil 5 min chart. Symbol QM in eSignal.
At point A we have the first respect for the 20 period EMA. When the market comes back to test it at point C we have an official RBI setup for a short position. In addition the long red bar at B created a last trapped area which adds an extra reason for taking a short position at C as well. The market falls and as it comes back to point D, we have a RBI setup again. Here we have a double top with point C and the last trapped area created there from earlier as well. The market also forms a mini reversal bar. The market falls and 3 bars later gives another RBI setup A second chance entry with a reversal bar, which take the market to new lows.
British Pound Futures
Below is another chart of the British Pound Future, Symbol 6B on eSignal. This is a 5 minute candle stick chart.
I have labeled 3 points there and there are two setups I would like to demonstrate. The number one point is a direct hit on the blue line which is the 60 ema. We can see the rejection there and it forms the Number 1 point of the 123 setup to follow. The market pulls back and forms the Number 2 point. What follows is a feeble bounce which creates the number 3 point of the 123 topping pattern. This happens after a pretty good uptrend has formed which is somewhat parabolic and begins to lose momentum – ideal for a low risk short position.
The German DAX
I taught Peter, a
subscriber from Germany, my techniques through a number of emails this past
year. He trades the DAX fulltime, for a living, and he does quite well with the
DAX. Peter sent me a couple of charts of the DAX with my S/R lines that he was
able to trade against. These are also copied below.
and Mike Reed