Tuesday, September 2, 2014

3 Short-Trades for Wednesday | SchoolOfTrade Newsletter 09/02/14



“Knowledge has to be improved, challenged, and increased constantly, or it vanishes.” - Peter Drucker
Notes for Tonight’s Newsletter:

Misc:
·       Another exciting session today, filled with trading opportunities!
·       Traders return to their desks after a long, holiday weekend in the US
·       Early morning (US) was slow, but quickly picked-up the pace after 10:30am EST
·       Manufacturing news in the US registers another milestone, new orders hitting new 10-year highs
·       Geo-political impacts appear to have been forgotten today!
·       Saudi Arabia arrested 88 people today as they were plotting attacks… and Crude Oil goes lower? 
·       Gold tumbles $20 to test the $1265 level
·       Crude Oil tumbles $3.00 lower to test the $93.00 level
·       US Equities continue to stay strong as we kick-off the Fall trading season!
·       Summer is over & Fall has officially begun, which is always the BEST season of the year for professional traders.
·       ECB’s Meeting is this Thursday @ 7:45am EST
·       Non-Farm Payroll Report is released this Friday @ 8:30am EST

Gold:
·       Long-Term Direction Bias = SHORT
·       Short-Term Directional Bias = SHORT
·       Fundamentals:  lack of global fear and a strong dollar are pushing Gold lower this week.
·       Daily Chart:  price-action collapses to test the lows of the price wedge, which we have been watching for over a month @ 1265.8.  Next support down at 1254.5.
·       32-Anchor Chart:  price-action collapses down to the support zone at 1265.0, now we wait for prices to retrace back into our sell-zone at 1273.4 or 1280.4.
·       16-Anchor Chart:  price-action collapses lower, hard to stay patient, but we need to wait for price to test our sell-zones overhead at 1271.1 before looking short again tomorrow.
·       Profit-targets below @ price channel lows, 1254.4, 1246.7, 1242.2 and 1232.9

Crude Oil:
·       Long-Term Direction Bias = SHORT
·       Short-Term Directional Bias = SHORT
·       Fundamentals:  lack of fear in the Middle East, combined with a strong dollar are pushing Crude Oil prices lower
·       Daily Chart: prices tried to move higher last week, but collapsed this morning all the way back down to the lows of the zone and testing $93.00/barrel once again.
·       32-Anchor Chart:  prices tested our sell-zone from last week just below $96.00 and collapsed lower.  We noticed that there were NO NEW LOWS made today, which leaves the door wide open for a sideways-trading-range on Wednesday.
·       16-Anchor Chart:  the move down was a ‘straight line’ on the chart, which tells us the buyers just ‘gave up’ and the price-action just went back to where it was SUPPOSED TO BE the entire time.  Now we need to stay patient to see who grabs control from here.
·       Profit-targets below @ 92.50, 92.15, 90.58, 89.84, 87.97

Mini-Russell:
·       Long-Term Direction Bias = LONG
·       Short-Term Directional Bias = LONG / NEUTRAL
·       Fundamentals:  Strong Dollar, Weak Euro, Weak Gold and STRONG economic news in the US are pushing the e-minis higher.
·       Daily Chart:  pushing higher, next target at 1187.7 and 1198.5 overhead.
·       32-Anchor Chart:  New higher-highs lead to a sideways-trading-range later in the session today with a recent test of the 1171.0 buy-zone.  We are green-light for buying opportunities at this time, but concerned we may sit inside this range for a while.
·       16-Anchor Chart:  New higher-highs to 1181.2 were never broken this afternoon, which is very easy to tell we are most likely going to trade inside this range.  We will resume buying opportunities with a new higher-high or a re-test of the 1171.0 buy-zone.

·       Profit-targets above @ price channel highs, 1187.7, 1194.8, 1198.5, 1203.9

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