Thursday, May 8, 2014

Day Trading Crude Oil, Gold, E-Mini Russell | SchoolOfTrade Newsletter 05/08/14

“I've come to believe that all my past failure and frustrations were actually laying the foundation for the understandings that have created the new level of living I now enjoy.”

Today’s Newsletter:
·       Markets Today: Gold pushes lower, Crude Oil trades sideways, and Mini-Russell goes everywhere!
·       News Today:  ECB Announcement, Jobless Claims, Janet Yellen
·       News for Tomorrow:  China, Canada, and Jobs in the US
·       Trading Opportunities:  Selling opportunities on Gold and Mini-Russell, buying and selling opportunities on Crude Oil Futures.


The Markets Today:

Crude Oil:
day trading crude oil futures
Crude Oil VIP Chart
Crude Oil traded sideways today with only 100-ticks of range and stayed inside Wednesday’s trading-range the entire session hovering around the big-round-number at $100/barrel.

It’s very clear that buyers and sellers on Crude Oil are satisfied with price at 
$100/barrel, but that won’t last very long, especially with a TON of major news coming out early next week.

We are keeping a close eye on the previous week’s highs at 102.20, lows at 98.80 and open at 101.17 for targets if we break free of this trading-range on Friday.


day trading gold futures
Gold VIP Chart
Gold traded lower this morning in a VERY narrow range (only 79-ticks from top to bottom) and stayed below the big-round-number at $1300.

The VIP chart of Gold Futures confirms we have a ‘balanced’ market on our hands, and we will be watching for a break down to the previous week lows at 1272.0 or up to the previous week’s close at 1300.4.

Trade Called Last Night:
day trading gold futures
Gold Trade SHORT
Last night’s trade SHORT at 1294.8 is currently up $400 per contract and holding for the profit-target down at 1281.4.  Trade will be closed no later than 1:25pm EST on Friday ahead of the market closing for the weekend.


day trading mini russell futures
Mini Russell VIP Chart
Mini-Russell had another exciting session from start to finish.  We began the day pushing to new highs above Wednesday’s highs, only to collapse back below the highs and tumbled ALL the way back down to the 1100 big-round-number and exactly where we saw the most volume traded yesterday.

This market-personality is clearly bearish, but we need to see some new lower-lows below 1088.5 before we can commit to the down-side.

Trade Called Last Night:
day trading mini russell futures
Mini Russell SHORT Trades
We called two selling opportunities in last night’s newsletter.  We got the first trade short @ 1107.5 and earned over $700 per contract on the trade.  The second entry short barely missed the entry target at 1118.4 and then TANKED afterwards.  We can’t win them all I guess J


News Today:
We had a LOT of important news today, starting in China, then moving to Europe, and finishing the day in the U.S.

China’s trade balance was positive, the first sign of improvement to Manufacturing in the last 4 months.  This definitely helped give European equities a boost in the London trading session.

In Europe, the ECB left rates un-changed at the Press Conference and President Draghi continued to promote low interest rates and accommodating policy as well as stating that action would be likely coming in June.

In the US we heard from Janet Yellen once again, who repeated the same information from yesterday.  She spoke of low rates and plenty of help from the Fed to get the US economy on-track again as-needed.

We also had Jobless Claims News come in much lower than expected in the US, as well as quite strong ‘same store sales’ which are showing a great rebound from the cold weather earlier this year.

News Tomorrow:
News Friday
Friday has a lot of important news to watch, and it all begins this evening in China before moving to the US tomorrow morning.

We begin with Consumer Prices in China this evening at 9:30pm EST, which should get the markets moving for us overnight and into the London trading session tomorrow morning.

We don’t have any major news in Europe tomorrow morning, and as we go into the US session we have the Labour Force Survey in Canada before we hear from the JOLTS report (Janet Yellen’s favorite) at 10:00am EST.

Remember, tomorrow is Friday, so we will be trading until 11:30am EST and then we close up the charts and enjoy the weekend. 
It’s important that we do NOT trade too late on a Friday because price-action will become very ‘illiquid’ as most traders will leave their desks, and we don’t want to give back any of the profit we’ve earned this week.

9:30pm:        (CN) Consumer Prices
8:30am:         (CA) Labour Force Survey
10:00am:      (US) JOLTS Report

Day Trading Opportunities for Tomorrow:

Crude Oil:
day trading crude oil futures
Crude Oil Anchor Chart
Crude Oil is trading sideways this evening with a bullish trend on our anchor chart.  We are looking for buying opportunities at this time, but if these buyers fail to push higher we will change that plan and sell short as soon as we break the support levels below us.

Our day trading plan for Crude Oil Futures is to buy-a-pullback with a new higher-high above the 100.44, but if the buyers can’t get that job done we will then look to sell-short below the 99.70 level below us.

Our profit-target for the BUYING will be at the trend-line resistance around 100.70 and then additional targets at 100.99 and 101.40.  Profit-targets for the SELLING trades will be the trend-line support below us around 99.30 and then again down at 98.75.

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 Anchor Chart
Gold is moving sideways this evening with a BEARISH market-personality that tells us to look for selling opportunities this evening and into Friday’s trading session.

Our day trading plan for Gold is to sell short using the highs of the recent bearish price channel as well as the sell-zones above us at 1293.2, 1294.3, 1296.6 and 1298.1. 

Our profit-targets below are located at 1284.8, 1282.3 and 1281.4.

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 russell futures
Mini Russell Anchor Chart
Mini-Russell is approaching the weekly lows down at 1088.5 and with a strong bearish trend on the anchor chart our plan will be sell short with new lower-lows using our 
Wave Pattern for the entry. 

Our day trading plan on the Mini-Russell is to sell short using our wave-pattern short with a profit-target below at 1088.5.

day trading russell futures
Mini Russell 240M Anchor Chart
Take a look at the 240-Minute anchor chart on Mini-Russell and we can see the sellers have tried a few times to push this price-action below the 1090.0 area but we can see the buyers have worked very hard to protect this level.

We can assume that Friday’s price-action will try to make new lower-lows below 1088.5 but we assume this will be a very difficult area for selling opportunities, but if the 1088.5 level is broken easily we will then sell short with a wave-pattern short because we have a BIG DROP down to 1073.7.

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

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