Tuesday, May 27, 2014

Day Trading Crude Oil, Gold, E-Mini Russell | SchoolOfTrade Newsletter 05/27/14





“A lot of people know what to do, but very few people actually do what they know. Knowing is not enough! You must take action to see results!”

Today’s Newsletter:

·      Happy Memorial Day!  Hope everyone had a fantastic weekend!
·      Markets Today: Gold tumbles, Mini-Russell pushes higher, Crude Oil goes sideways
·      News for Tomorrow: European News, nothing in the US-Session
·      Trading Opportunities:  Buying Mini-Russell, Selling Gold, Range-bound market on Crude Oil
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The Markets Today:

Crude Oil:
Day Trading Crude Oil Futures
Crude Oil Futures VIP Chart
Crude Oil traded sideways today, still stuck around the big-round-number at $104/barrel.

We had the big move higher earlier in the month and now we are clearly ‘balanced’ around the $104 big-round-number so we will continue to trade this as a range-bound market until something changes.


Most Important thing I see on this chart:
The most important levels on the VIP chart this evening at the prior week’s high at 104.50 as a target for the buyers, the $104 big-round-number is the middle of the range, and the $103 big-round-number down below us as the low of the long-term trend price channel.


Important Levels to Watch for Crude Oil tomorrow:
·       HOD/LOD:         104.37 / 103.57
·       PHOD/PLOD:     104.50 / 103.55
·       PW-H/L:             104.50 / 101.69
·       PW-O/C:            102.26 / 104.35

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Gold:
Day Trading Gold Futures
Gold Futures VIP Chart
Gold dropped over 2.00% today after spending the last 2 weeks trading inside a consolidating price wedge.

We can see a big GAP DOWN and we not only opened lower but we also closed lower.

Look closely and you can see the VOLUME traded most at the HIGHS of this range, which tells us that if the sellers don’t keep control, the buyers (or people taking profit) will push this price-action right back to where it came from later this week.
Most Important Levels on this chart:
I see two important clues on this VIP chart.  First, we will be watching the GAP to be filled later this week from 1279.0 up to 1286.0.
Second, the volume today was highest at the HIGHS of the range, meanwhile we closed at the lows of the range.  This suggests that the buyers may have a chance to move this price higher to the 1277.0 tomorrow morning if we do not get another strong push lower from the sellers.
Important Levels to Watch for Gold tomorrow:
·       HOD/LOD:         1279.0 / 1264.3
·       PHOD/PLOD:     1286.0 / 1294.8
·       PW-H/L:             1286.0 / 1305.7
·       PW-O/C:            1301.0 / 1291.6

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Mini-Russell:
Day Trading Mini-Russell Futures
Mini-Russell Futures VIP Chart
Mini-Russell continued the bullish market-personality today with another push higher.
We are above the highs from last week and pushing towards the next resistance level overhead at 1147.1 and then 1151.4.

We opened higher, closed the session at the highs, and the volume was also near the highs.  This suggests that the buyers are in control at this time so we will follow as well.

Most Important thing I see on this chart:
The most important clue I see on this chart is below us at the previous week’s highs at 1125.2.  If these buyers happen to fail, we will end up re-testing that support level before trying to push higher from there later in the week.

Important Levels to Watch for Mini-Russell tomorrow:
·       HOD/LOD:         1143.6 / 1131.5
·       PHOD/PLOD:     1125.2 / 1109.9
·       PW-H/L:             1125.2 / 1088.6
·       PW-O/C:            1096.9 / 1124.0

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News Tomorrow:
Day Trading with Economic News
Economic news for Wednesday
We do not have any major news on the schedule for tomorrow in the US session, however we do have major news out of Europe at 5:00am EST which should get things moving nice and early for the US traders.

Without any major news tomorrow in the US session, and such BIG MOVES in today’s session we will be on the lookout for a range-bound market on Gold and Mini-Russell tomorrow, but we won’t know the market-personality until we check the Opening-Bell Analysis.




·       No Major News scheduled for the US session on Wednesday

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 SchoolOfTrade.com 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, unexpected moves intra-day during the final few days of the month.

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Day Trading Opportunities for Tomorrow:

Crude Oil:
Day Trading Crude Oil Futures
Crude Oil Futures Anchor Chart 89

Crude Oil continues to trade higher on our 89 anchor chart this evening, which means we are looking for this long-term-trend to push higher into the 106.56 area later this summer.

Our long-term plan for Crude Oil futures is to keep buying pullback with new higher-highs as well as wait patiently to buy when prices are at a ‘discount’, rather than at a ‘premium.’

Day Trading Crude Oil Futures
Crude Oil Futures Anchor Chart 32
In the medium-term plan for trading Crude Oil is to look for buying opportunities if/when price-action pulls back to the support zones below us at the lows of the price channel (103.54), and then 103.10, 102.76, 102.71, 102.28.





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 Futures Anchor Chart 89

Gold pushed lower today, which tells us to keep looking to sell short, however, we know that we don’t want to sell at a discounted price, so we will be patiently-waiting for 

Gold to come off these lows so we can look for another selling opportunity tomorrow or later this week.

Our day trading plan for Gold on Wednesday is to sell short after a retracement back up to the 1282.9, 1283.7, 1288.5, 1295.3, and 1299.4 resistance zones overhead.

Day Trading Gold Futures
Gold Futures Anchor Chart 32
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 :
Mini-Russell Futures Anchor Chart DAILY


Mini-Russell also pushed to new highs today in the US, following the E-mini S&P which hit fresh all-time highs today.







Mini-Russell Futures Anchor Chart 89
The Mini-Russell looks very bullish right now, but just we said about Crude Oil, we don’t want to buy at these highs, so we will be waiting patiently for price-action on Mini-Russell to pull back to the buy-zones below us at 1124.0, 1122.0, 1116.1, 1111.2 and 1103.5.





Mini-Russell Futures Anchor Chart 32
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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