Wednesday, May 28, 2014

6 Ways to PROFIT on Thursday | SchoolOfTrade Newsletter 05-28-14

"When popular opinion is nearly unanimous, contrary thinking tends to be most profitable.  The reason is that once the crowd takes a position, it creates a short-term, self-fulfilling prophecy. But when a change occurs, everyone seems to change their mind at once."

Today’s Newsletter:
·      Markets Today:  Gold keeps falling, Crude Oil pulls-back, Mini-Russell trades sideways
·      News for Tomorrow:  Quiet overnight, Red-Star News @ 8:30am EST in the US
·      Trading Opportunities:  Buying Crude Oil, Selling Gold, Waiting on Mini-Russell

The Markets Today:

Crude Oil:
Day Trading Crude Oil Futures
Crude Oil Futures VIP Chart
Crude Oil pushed lower on Wednesday, moving below the big-round-number at $103/barrel and filling the GAP below us from last week.

We were expecting this move off the highs, and we will be watching for more selling down to the targets below us at 102.26 and 101.69.

The most important clue on this VIP chart is the VOLUME up near the highs of today’s trading-range at 103.64, which suggests that we haven’t seen ALL the sellers jump on board yet.

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

Day Trading Gold Futures
Gold Futures VIP Chart
Gold continued to push lower on Wednesday, just as it had on Tuesday, extending the move down the $1250 area on this VIP Chart.

Today we have all the volume down near the lows, something we did NOT see on Tuesday, which suggests that ALL the sellers are with us on this move down, and we should see more of this bearishness continue into the end of the week.

Keep an eye on that ‘un-filled gap’ up at 1279.7 because that will be a price-magnet if these sellers fail and the buyers take control.

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Day Trading Mini-Russell Futures
The ‘mighty’ Mini-Russell traded sideways on Wednesday, telling us that this market-personality is completely ‘balanced’ after that big push higher late last week.

As you can see the open, close, and the VOLUME are all in the middle of today’s trading-range on the Mini-Russell, which tells us to be looking for range-bound markets on Thursday.

We are keeping a close eye on the previous week’s highs at 1125.2 for a possible collapse back down to the previous week’s lows down at 1088.6 if these buyers fail to keep prices pushing higher.

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News Tomorrow:
Day Trading with Economic News
Economic news for Tomorrow
We have a TON of Red-Star News (major) news on the schedule for Thursday, starting bright and early in the US session with 2 important reports.

We have a very quiet overnight session, without any major news events in Asia or London.  Our first major news will be in the US session tomorrow.

·      8:30am EST:        GDP | Jobless Claims
·      10:00am EST:     Pending Home Sales
·      11:00am EST:     Crude Oil Inventories

Contract Rollover Alert:
Gold is scheduled to roll-forward to the 08-14 contract on the 30th of this month, which puts us at the end of this week.

We will be sure to alert our members of in our Live Trade Room later this week.

End of Month Alert:
The end of the month is around the corner, which means we will be watching for profit-taking at the highs and lows of the ranges as traders look to get out of positions to pad their numbers towards the end of the month.

The end of the month is always an exciting time of the month, and we will be ready for large, un-expected moves intra-day during the final few days of the month.

Day Trading Opportunities for Tomorrow:

Crude Oil:
Day Trading Crude Oil Futures
Crude Oil Futures Anchor Chart
Crude Oil has now pulled back (just as we expected) into a key buy-zone at 103.10 just below the lows of the recent price channel.

We are looking for buying opportunities on Crude Oil this evening and into the rest of the week and we have profit-targets overhead at the trend-line, highs of 104.50 and 105.41.

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

Day Trading Gold Futures
Gold Futures Anchor Chart
Gold is trading lower this evening, and with new lower-lows we are looking to sell short along with this new trend.

Our biggest challenge now on selling Gold will be the timing of the ENTRY.  We don’t want to sell the lows because that would be ‘selling at a discount’. 

Our day trading plan for Gold futures is to sell short with new lower-lows but to sell on a retracement off the new lows.

The best scenario for sellers on Gold would be a retracement off these lows into the sell-zone at 1280.0 and 1285.0; however, a new lower-low in the price-action will also give us a selling opportunity down to the profit-target at 1252.7.

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 :
Day Trading Mini-Russell Futures
Mini-Russell Futures Anchor Chart
The Mini-Russell has been trading in a narrow ‘range-bound market’ since last Thursday/Friday’s run up to new highs.

We have tested the sell-zone overhead at 1143.9, and we have a buy-zone below us down at 1116.9, which means we will end up moving somewhere very soon.

We have three (3) scenarios to plan for tomorrow:

·       Higher:  we need to see new highs above 1145.2 in order to start buying again, and our profit-target will be the 1158.9 high of the sell-zone
·       Sideways:  a range-bound market may continue tomorrow, at which point we will buy the lows around 1131.0 and sell the highs around 1145.2
·       Lower:  We expect to see profit-taking at these highs, and if we get a new lower-low below 1131.0 we will sell short down to the trend-line support as well as a profit-target at the 1116.9 buy-zone.

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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