Thursday, August 21, 2014

Summer-Friday Day Trading Strategy | SchoolOfTrade Newsletter 08/21/14




"Everyone has talent. What is rare is the courage to follow the talent to the dark place where it leads." - Erica Jong.
Notes for Tonight’s Newsletter:

Misc:
·       Markets react positively to yesterday’s FOMC Meeting Minutes
·       Chinese Manuf. news hits 3-month lows, with 5th straight monthly decline
·       US Jobless Claims hit 7-year lows
·       US Housing news continues to show strength
·       US Philly-Fed Business Survey hits 4-year highs
·       Gold hits fresh 2-month lows
·       Crude Oil tests the $92.50 area before finding support
·       Mini-Russell pushes higher after the expected pullback to 1145.5
·       Geo-political events are clearly in the rear-view-mirror
·       Janet Yellen takes center-stage Friday morning @ Jackson Hole Symposium


Gold:
·       Long-Term Direction Bias = SHORT
·       Short-Term Directional Bias = SHORT
·       Fundamentals:  Less violence in the Middle East, Weak Euro, and strong dollar-index are all pushing the Gold Futures lower at this time. 
·       Daily Chart:  moving lower today, broke the 1281.0 support and headed lower to test the next buy-zone at 1265.8
·       32-Anchor Chart:  new lower-lows, looking to sell short on the next retracement to the sell-zone at 1292.4.
·       16-Anchor Chart:  new lower-lows, looking to sell short on the next retracement to the sell-zones overhead @ 1278.8, 1281.0, 1281.8, and 1285.0
·       Profit-targets below @ 1265.0, 1256.2, 1242.2, 1237.7

Crude Oil:
·       Long-Term Direction Bias = SHORT
·       Short-Term Directional Bias = NEUTRAL / SHORT
·       Fundamentals:  Less violence in the Middle East, Weak Euro, and strong dollar-index are all pushing the Crude Oil Futures lower at this time. 
·       Daily Chart:  holding at the lows of the buy-zone @ 92.98.  Looking for the next move lower to test the 92.15 and the 89.84.
·       32-Anchor Chart: new lower-lows and we are testing a sell-zone at 94.30 at this time and looking for the next entry trigger to get short down to the profit-target at 92.11.
·       16-Anchor Chart:  price-action has retraced off the lows and testing the highs of the bearish price channel as well as our sell-zone at 94.30.  We are waiting for the next entry trigger to get short down to a profit-target at 92.92
·       Profit-targets below @ 92.92, 92.50, 92.11, 91.53, 91.21, 90.74, 90.66

Mini-Russell:
·       Long-Term Direction Bias = LONG
·       Short-Term Directional Bias = LONG / NEUTRAL
·       Fundamentals:  A weak Euro Is causing the Dollar-index to rise, and giving us more buying power in the stock market.  Asia and Europe are both struggling to keep their economies above ‘contraction’ and the US equities are the ‘only game in town’ for long term investors.
·       Daily Chart:  we continue to push into the sell-zone at 1157.1 but can’t seem to close the session much higher than earlier in the week.  Right in the middle of the trading-range on the daily chart tells us this is going to be a ‘sloppy’ area to day-trade.
·       32-Anchor Chart:  price-action pulled-back into our buy-zone at 45.5 and now testing resistance at 1159.0.  We need new higher-highs above the 1163.1 to get back to buying, and we are watching for a sideways-trading-range on Friday from 1145.5 up to 1160.9
·       16-Anchor Chart:  price-action pulled-back to test our buy-zone at 1145.5 but failed to reach new highs, which leaves the door open for a sloppy and sideways range in tomorrow’s ‘summer-Friday’ trading session.

·       Profit-targets above @ 1163.1, 1175.4, 1178.5

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