Tuesday, September 9, 2014

2 BIG Concerns for Day Trading Wednesday | SchoolOfTrade Newsletter 09/09/14



“Nobody can go back and start a new beginning, but anyone can start today and make a new ending.”–Maria Robinson
Notes for Tonight’s Newsletter:

Misc:
·       Markets choppy today on very light economic news, clearly traders have ‘something’ keeping them from committing to the trend again today.
·       Crude Oil pushes lower after testing our exact sell-zone from last night’s newsletter, getting us short, with a target down @ $92.00.  Additionally, we can see a potential sideways-trading-range going into Wednesday.
·       Gold keeps pushing lower, testing all of our targets from last night’s newsletter, and giving us new trading opportunities for tomorrow.
·       Mini-Russell is in ‘transition’ between bullish to bearish, sitting on the last-chance area for the buyers to hold at the highs….looking bearish but still too early to call this a SHORT until we see lower-lows from here.

Gold:
·       Long-Term Direction Bias = SHORT
·       Short-Term Directional Bias = SHORT
·       Fundamentals:  Strong US Dollar and less overall ‘fear’ in the market is pushing Gold lower.
·       Daily Chart:  we continue to push lower on the daily chart, but we have a trend-line in our way before we can make it down to 1242.3.  Look closely and you can see the BIG WICK at the lows of today’s daily candlestick.
·       64-Anchor Chart: New Lower-lows, we are looking for selling opportunities at the zones above us at 1258.4 and 1272.9.
·       32-Anchor Chart: New lower-lows, we want to sell at the zones above us at 1258.0, 1261.5, 1265.0, and 1269.1.
·       16-Anchor Chart:  New lower-lows, so we are looking for selling opportunities at 1258.0, 1261.5, 1264.6 and the highs of the bear price channel.
·       Profit-targets below @ 1247.9, 1244.8, 1243.6, 1240.6, 1233.9

Crude Oil:
·       Long-Term Direction Bias = SHORT
·       Short-Term Directional Bias = SHORT / NEUTRAL
·       Fundamentals:  a Strong US Dollar, combined with a slowdown of demand in Asia and Europe are pushing Crude Oil prices lower.
·       Daily Chart:  the sellers keep trying to push this price below the 92.98 support zone but the buyers keep ‘defending’ this important ‘line in the sand’ before we move down to 89.84 and the lows of the range.
·       64-Anchor Chart:  new lower-lows tell us the trend is clearly BEARISH, so we are looking for selling opportunities at the levels overhead @ price channel highs, 96.00, 96.63 and 97.77
·       32-Anchor Chart:  New lower-lows told us to sell short today, which we did @ 93.90 so we are holding to the lows of the price channel around $92.00 depending on when we get there. 
·       16-Anchor Chart:  we reacted nicely to the sell-zone we posted last night @ 93.90 but we don’t see much extension to the down-side, suggesting we need to stay patient and see if we can get back to the lows for profit-targets at 92.26 and 91.80.  We are watching tomorrow for a possible sideways-trading-range due to the lack of ‘follow through’ from the sellers today.
·       Profit-targets below @ 92.26, 91.80, channel lows around 91.00, 90.58, 89.84, 89.72

Mini-Russell:
·       Long-Term Direction Bias = SHORT / NEUTRAL
·       Short-Term Directional Bias = SHORT / NEUTRAL
·       Daily Chart:  buyers have failed to keep prices moving higher, and we see a test of the short-term moving-averages today on our way lower to a possible test of the long-term moving-average down at 1136.3 later this week/month.
·       64-Anchor Chart:   We failed to hold at the highs.  We can see a clear head-and-shoulders price-reversal pattern on the 64-anchor, and headed to test the long-term moving-average @ 1154.6 and then most likely a test of 1145.1 thereafter.
·       32-Anchor Chart:  sellers BARELY made new lows today, beginning to look like a sideways-trading-range from 1175.0 down to 1158.0.  we will be watching closely to see if the sellers can take control.  The buyers have ONE LAST chance to take this price back higher before they lose it and price-action pushes lower.
·       16-Anchor Chart:  Sellers are clearly trying to take this price-action lower on the 16-anchor chart, but we know the ‘big picture’ is NOT going to make this easy on the sellers.  New lower-lows today tells us to look for selling opportunities above us at the highs of the new bearish price channel along with the 1165.1, 1167.3 and 1170.4 levels.

·       Profit-targets below @ 1152.1, 1148.1, 1144.0, 1135.6, and the price channel lows.

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