“The person who says something is ‘impossible’ should not interrupt the person who is doing the impossible.”
Notes for Tonight’s Newsletter:
Range-rotation is in full effect this evening as Crude Oil and E-Mini S&P try to finish their bullish rotations while Gold and Euro are moving down to the range lows. We have our last full day of trading this week ahead of FOMC and Quad-Witching… are you ready?
Crude Oil is bullish trying to complete its rotation back to the highs of the range which means our plan will be to look for buying opportunities using pullbacks until we get up to the highs, where we will then look for buyer-failure followed by selling opportunities back to the lows. Tomorrow is inventory-day so we will keep an eye out for buyers to fail and a re-test of the lows!
E-mini S&P is bullish after a very successful '2nd try' from the buyers. Our goal is to see the buyers fail at these highs for selling opportunities, but we have to stay patient because the buyers still have room to keep pushing to the range-highs, measured-move and channel-highs before we can expect those sellers to take back control.
Gold is range-bound this evening and resting on the lows of the range after the buyers tried twice to test the 1111.9 highs. We expect the buyers to rotate this price back higher, and we will then look for buyers to fail for selling off the highs. The key to this market is to wait for failures at the highs and the lows to allow us to buy lows and sell highs with a bearish bias overall.
Euro is bullish and the sellers have almost completed the full rotation back to the lows of the trading-range which means buyers will be looking for opportunity at the lows. Buyers want to stay patient to let the sellers complete the rotation to the lows at 1.1274 and the measured-move at 1.1260 before looking for the highest probability trades tomorrow with a target back at range-highs.
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