Wednesday, August 19, 2015

My Trading Plan for Thursday | Crude Oil, Gold, E-mini & Euro Futures 08/19/15

"Confidence comes not from always being right, but not fearing to be wrong."

Notes for Tonight’s Newsletter:
Crude Oil and E-Mini S&P are bearish but over-sold, Euro up at the channel highs and ready to sell while Gold pushes higher on FOMC-Minutes so we look for failures at the highs… are you ready for the opportunities on Thursday?

Crude Oil is bearish and over-sold this evening which means sellers will take profits and wait for the next opportunity to sell near the highs of the channel while buyers can buy seller-failures at support levels as we push higher.

E-mini S&P is bearish coming off the highs of the price-wedge which means sellers continue looking for trades at resistance levels above as well as buyer-failures at support on the way back to the lows of the range.

Gold is bullish but trading up at the highs of the bull-channel which means buyers will take profit and wait for opportunity back down at the lows while the sellers will look for buyer-failures to sell these highs back to support levels below.

Euro is bouncing higher this evening, as-expected, and sellers will be looking for trades at the highs of the bear-channel using reversals, buyer-failures, and wave patterns back to the lows.

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