Thursday, April 10, 2014

Day Trading Crude Oil, Gold, E-Mini Russell | SchoolOfTrade Newsletter 04/10/14

Gold Trade from Wednesday's Newsletter
“If you are going to achieve excellence in big things, you develop the habit in little matters. Excellence is not an exception, it is a prevailing attitude.” –Charles R. Swindoll

Today’s Newsletter:
·       Markets Today:  Crude Oil goes sideways, Gold pushes higher, Mini-Russell tumbles
·       News Today:  News was great, but markets disagree
·       This Day in History: The Titanic sets sail, US Patents begin, and NYSE sets new record
·       News for Tomorrow:  Red-Star News begins tonight!
·       Chart Prep for tomorrow:  Selling Mini-Russell, Buying Gold, Waiting on Crude Oil

Reflections from Today:
·      Markets Today:
o   Crude Oil: 
§  Sideways-trading-range
§  Buying Lows, Selling Highs
§  71 ticks of range (narrow)
§  Closing-print @ 103.32 (-0.13%)
o   Gold:
§  Keeps pushing higher
§  Buying Pullbacks as we move higher
§  126 ticks of range (typical)
§  Closing-print @ 1317.5 (+0.51%)
o   Mini-Russell:
§  Strong down-trend
§  Selling retracements with new lows
§  394 ticks of range (very wide)
§  Closing-print @ 1124.6 (-2.73%)
·      News Today:
o   Jobless Claims:  Continue to fall lower, lowest in 7 years
o   Treasury Budget:  Govt. debt continues to fall lower in the US
·      This Day In History:
o   April 10, 1790:  The US Patent System was formed
o   April 10, 1912:  The Famous ship ‘Titanic’ set sail on its first and final voyage. Over 1,500 of the world’s wealthiest people perish onboard.
o   April 10, 1968: New York Stock Exchange (NYSE) exceeds 20 million shares traded in one day for the first time.  In 2014,  average is over 1 billion shares per day
·      News Tomorrow
o   7:50pm: (JP) Bank of Japan Meeting Minutes
o   9:30pm: (CH) Consumer Prices
o   8:30am: (US) Producer Prices
o   9:55am: (US) Consumer Sentiment
o   11:30am: Weekend Begins!

Economic News for Tomorrow:
News for Friday
We have another batch of Red-Star News reports on the schedule starting this evening and going into Friday morning in the US session.

We begin this evening with news from the Bank of Japan at 7:50pm, followed by Consumer Prices in China to get the overnight trading session moving for us.

Tomorrow morning we have more Red-Star News to be released in the US.  We begin at 8:30am EST with Producer Price Index, followed by the Consumer Sentiment Report just before 10:00am EST.

We should also mention that tomorrow is the Friday of Easter Weekend, which means we will be watching the price-action and market-personality closely after 11:00am EST looking for clues that the weekend has begun. 

We can assume that people will be leaving their desks a little early ahead of the Easter weekend travels, even if they aren’t traveling the “self-fulfilling prophesy” will surely be in play and most traders will be cautious tomorrow after 11:00am EST.

Trading opportunities for Tomorrow:

Crude Oil:

Crude Oil VIP Chart:
Crude Oil VIP
The Crude Oil VIP chart shows us a very narrow trading-range today.  We had the opening-print in the middle of yesterday’s range, and today’s volume and closing-bell were smack in the middle of the range from yesterday as well, suggesting this market is completely balanced going into Friday.

Crude Oil 64 Anchor Chart:
Crude Oil 64 Anchor
The 64 anchor chart of Crude Oil shows us trading at the highs of the range inside the sell-zone from 103.85 down to 103.07.  We have been waiting patiently to see which direction this market wants to go.

Crude Oil 16 Anchor Chart:
Crude Oil 16 Anchor
Crude Oil is trapped up at the highs of this bullish price channel, and we have been waiting to see a pullback down to the 101.85 area so we can get to buying again for another push higher.

The biggest challenge we have right now on Crude Oil is that we are trading at the HIGHS, and we don’t like buying at the highs, so we will stay patient to sell these highs and look to take our profit-targets at the buy-zone below us at 101.85.

Short-Term Trading & Scalping:  Please join us tomorrow in our Live Trade Room for short-term trades called with exact entry and exit information.


Gold trade called Last night
Yesterday on Gold we called a trade to buy @ 1308.3 and take your profit-target at 1325.0 and we achieved that target to earn over $1,600 per contract.

Gold VIP Chart:
Gold VIP 
Gold continues to push higher in the month of April, although looking at this evening’s VIP chart makes it look like this price-action has been all over the place. 

We can see a big GAP UP overnight, which continues to show us big moves in the overnight session, which then settles into a sideways-trading-range in the US session. 

Gold 64 Anchor Chart:
Gold 64 Anchor
The 64 anchor chart of Gold shows us moving higher, and we have plenty of room before we test the overhead sell-zone at 1334.9.  We are above the key moving-averages at this time, so buying opportunities will be watched closely with a profit-target up at 1334.9.

Gold 16 Anchor Chart:
Gold 16 Anchor
Gold is moving higher on the 16 anchor chart, above all the key moving-averages so we are looking for more buying opportunities to finish up the week.

Look for buying opportunities this evening and tomorrow at 1316.2 and 1313.0 with a profit-target at 1324.9, 1326.1, and a runner profit-target at the highs of the bullish price channel.

Short-Term Trading & Scalping:  Please join us tomorrow in our Live Trade Room for short-term trades called with exact entry and exit information.

Mini-Russell :

Mini-Russell VIP Chart:
Russell VIP Chart
The VIP Chart of the Mini-Russell shows almost 400-ticks straight down in today’s trading session in the US.  This very wide trading-range tells us that tomorrow is likely be a much narrower range, and the BIG CLUE is the closing-print today was BELOW Monday’s lows.

Mini-Russell 64 Anchor Chart:
Russell 64 Anchor
The 64 anchor chart of the Mini-Russell shows price-action making new lower-lows and testing the lows of this bearish price channel. 

We want to keep selling short in this down-trend, however, we will be wise to look for selling opportunities after price comes up off these lows. 

I want to enter short at the 1142.4 or 1153.0 resistance zones overhead, and use the support zones below us as profit-targets at 1102.5, 1091.0 and a runner down at 1073.7.

Mini-Russell 16 Anchor Chart:
Russell 16 Anchor
We don’t have much more to work with on the 16 anchor chart of the Mini-Russell this evening.  The price-action on the way down today didn’t give us many ‘swings’ to use for technical analysis, so we will be looking for selling opportunities at resistance levels overhead.

Look for selling opportunities in the range from 1131.4 up to 1136.2, as well as selling at 1137.8, 1142.4, and 1149.1 for Friday.   We have profit-targets below us at 1114.9 and 1109.5.

Short-Term Trading & Scalping:  Please join us tomorrow in our Live Trade Room for short-term trades called with exact entry and exit information.

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1 comment:

  1. Good Friday is *next* week.


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