Monday, May 19, 2014

3 Day Trading Opportunities for Tuesday | SchoolOfTrade Newsletter 05/19/14




“Stay committed to your decisions, but stay flexible in your approach.”

Today’s Newsletter:

·      Markets Today: Gold trades sideways, Crude Oil & Mini-Russell push higher
·      News for Tomorrow: No Major News in the US, but plenty of opportunity!
·      Trading Opportunities: Price wedge on Gold, Buying Crude Oil and Mini-Russell
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The Markets Today:

Crude Oil:

Reminder
We are now trading 07-14 contract on Crude Oil Futures

Day Trading Crude Oil Futures
Crude Oil Futures VIP Chart
Crude Oil pushed higher over the weekend, we assume on the concerns coming out of Ukraine, and made it all the way up the highs from last week in the pre-market and then the price-action traded in a very narrow, sideways-trading-range for the rest of the US session.

It is VERY clear that Crude Oil is trending higher, with BIG GAPS in price from one day to the next, which tells us that the moves are happening in the London trading session, and then in the US session we are getting a range-bound market.

IN the US we are used to get the big moves from 8am – 1030am EST, but that hasn’t been happening, so a professional trader will start to find ways to trade this range-bound market each day instead.

Our plan for Crude Oil is to keep using these range-bound markets in the US session to look for buying opportunities at the lows and selling opportunities at the highs because the bigger moves have already happened overnight.

Most Important thing I see on this chart:

The most important thing I see on this chart is two-fold...


First, the long-term-trend is showing us a bullish price channel on this VIP chart.  In addition to that, we have a new projection up around $104/barrel which may be a big clue of what is coming in the summer driving season. 

Second, the lows of this price channel are conveniently located below us at the prior-week closing price of 102.01 (also a big-round-number).  This is WAY too convenient, so we can expect to see price-action push lower tomorrow down to the lows of the price channel before pushing to new higher-highs later in the week.

Important Levels to Watch for Crude Oil tomorrow:
·       HOD/LOD: 103.09 /102.49
·       PHOD/PLOD: 102.23 / 101.61
·       PW-HIGH: 102.65
·       PW-LOW: 100.36
·       PW-OPEN: 100.44
·       PW-CLOSE: 102.01

Make sure you register for our Nightly-Newsletter on our website so you don’t miss these winning trading opportunities next time!

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Gold:
Day Trading Gold Futures
Gold VIP Chart
Gold continued to trade sideways this morning, now inside a trading-range that covers almost 2 full weeks of price-action, which is UNHEARD OF on a market like Gold futures.

We can see the range highs at 1309.2 will act as resistance and the lows down at 1287.7 and 1284.7 will act as major support until this range is broken.

Our plan for tomorrow on Gold will be keep a close eye on the highs and lows of this range, and look for price-reversal opportunities, buying at the lows, selling at the highs, and avoiding the middle of the range.

Most Important thing I see on this chart:
We are in the middle of this very strong price range, which means I will be looking for buying opportunities at the lows, and selling opportunities at the highs. 

Important Levels to Watch for Gold tomorrow:
·       HOD/LOD: 1305.7 / 1293.2
·       PHOD/PLOD: 1309.2 / 1287.7
·       PW-HIGH: 1309.2
·       PW-LOW: 1287.7 & 1284.7
·       PW-OPEN: 1296.1
·       PW-CLOSE: 1293.3

Don’t forget to register for our Nightly-Newsletter so you never miss another trading opportunity again!

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Mini-Russell:
Day Trading Mini-Russell Futures
Mini-Russell VIP Chart
Mini-Russell pushed higher today, and went straight the prior-week’s opening price at 1111.3, which tells us that this market-personality is completely balanced this evening as we go into Tuesday.

Today’s price-action was a bit sloppier than normal because of ‘re-balancing’ Monday, which is the day following OPEX-Friday when asset-managers are re-entering into positions from last week.

We had a nice wide range today, over 200-ticks from low to high, which tells us to look for a much narrower range day tomorrow.

Most Important thing I see on this chart:
The most important thing I can see on this chart is that we are in the middle of the range from 1135.1 down to 1078.7, which tells me to look for attempts to breakout, followed by price-reversal opportunities at the highs and lows later this week.

Important Levels to Watch for Mini-Russell tomorrow:
·       HOD/LOD: 1115.3 / 1094.0
·       PHOD/PLOD:  1100.7 / 1084.7
·       PW-HIGH: 1135.1
·       PW-LOW: 1078.7
·       PW-OPEN: 1111.4
·       PW-CLOSE: 1099.2

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News Tomorrow:
day trading the news
Day Trading News for Tuesday
Today was the first day after Options-Expiration last Friday, which we call ‘re-balancing Monday’. 

Today was a Monday without any major news in the US session; and tomorrow is going to be much of the same. 

We do not have any major news on Tuesday’s calendar in the US Session.

Contract Rollover:
Please remember to roll-forward on Crude Oil Futures to the 07-14 contract.


Memorial Day Weekend Ahead:
Please be aware we have a short week ahead of us, with the very popular Memorial Day Weekend ahead of us in the US, which is the un-official start of summer. 

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Day Trading Opportunities for Tomorrow:

Crude Oil:
Day Trading Crude Oil Futures
Crude Oil Anchor Chart
Crude Oil is bullish this evening on our anchor chart, making new higher-highs and higher-lows on the way to the highs of the trading-range around the $104 big-round-number.

One thing is for sure, the events in Ukraine, combined with the summer driving season kicking into high-gear this weekend; we may see a very bullish market-personality for the rest of this week into the holiday weekend ahead.

As you can see, we have defined many buy-zones below us, as well as many resistance targets overhead so that we can be ready for this potential bullish market-personality for tomorrow.

Our day trading plan for Crude Oil is to avoid buying new highs, and wait patiently for price-action to pullback into one of our buy-zones below us for the most effective way to trade this bullish market-personality.

We are looking to buy at 102.18, 101.97, 101.66, 101.48 and 101.40as this price-action pulls-back off these highs.  Our profit-targets overhead will be at 102.92, 103.45, 103.85, 104.06 and 104.22.

The most important thing about this day trading strategy for Crude Oil is not to try to predict the buying opportunities, but staying patient for price to react off one of these buy-zones and then move to our entry chart to look for the entry pattern.

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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Gold:
Day Trading Gold Futures
Gold Anchor Chart
Gold is trading inside a massive price wedge that goes back to the beginning of April, which means we have been trading sideways for a LONG time in terms of Gold Futures market-personality.

With this market-personality trading sideways, we are going to continue to profit from this range-bound market with buying opportunities at the lows, and selling opportunities at the highs.

It will be difficult to predict which of the moves will successfully breakout of this range, so we wont even try to predict, we will wait for the sellers to fail so we can buy the lows around the 1284.5 support or wait for the buyers to fail so we can sell the highs around 1309.2.

Our day trading plan for Gold is to buy the lows and sell the highs of this range, while staying away from the middle of the range. 

Specifically, we are looking to buy around 1287.6, 1284.8, 1281.4, and 1278.5.  We are looking to sell the highs around 1304.6, 1306.7. 1309.2, and 1312.3.

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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Mini-Russell :
Day Trading Mini-Russell Futures
Mini-Russell Anchor Chart
Mini-Russell is looking mighty-bullish this evening as it pushes higher off the lows from last week down at 1078.7.

The Mini-Russell is moving to the highs of this price wedge, which means it will be much easier for us to sell these highs, than try to push it higher.  Our plan will be to stay very selective at the buying opportunities on the way up, but then we will be much more aggressive selling the highs once we get there later this week.

Our day trading plan for the Mini-Russell is to buy pullbacks with new higher-highs as we push to the highs of this range.  We need to take our profit at the overhead target around 1117.0 and then again at 1123.0.

The IDEAL buying opportunities will come if/when the price-action pulls back off these highs into the buy-zone from 1104.5 down to 1101.9.  We would LOVE to see price-action come back into this range so we could look for an opportunity to ‘buy at a discount’.

Later in the week we will be looking for selling opportunities at the resistance levels overhead, starting with 1123.0, 1128.7, 1130.0 trend-line, and 1135.0 range highs.

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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