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Notes for Tonight’s Newsletter:
Crude Oil is bullish after sellers tried twice to keep price moving lower, so we're looking for buying opportunities, but an un-filled GAP tells us to stay patient on Friday. The bull-channel tells us to look for buying opportunities at the lows. The trading-range has a bullish-bias which tells us to buy near the lows. The gap at 47.82 tells us price will TRY to test this before going higher, which lines up perfectly with the channel and range-lows. Our plan is to look for sellers to fail during the pullback for opportunities to buy.
E-mini S&P is bullish with 2 important channels and a measured-move for us to use tomorrow. The key is waiting for the measured-correction off today's new highs. The bullish trend tells us to keep looking for buying opportunities, but today's big push higher tells us to stay patient for a measured-correction with seller-failure near channel lows for the best entries back up again to reach the major channel highs.
Gold is range-bound with a bullish bias, and after today's bear-trap missed the range-highs we expect to see the sellers make an attempt at the lows, where we will be waiting for them to fail! Our job is to buy the lows and sell the highs of this range, staying patient for 'traps' at the highs and lows and watching the price-action closely at the lows to look for a possible continuation lower to the support level below at 1122.2 and 1112.5
Euro is range-bound and potentially bullish as buyers have tried twice; We have the best buying opportunities at the lows of the range, or back above the range-highs on Friday. The trading-range tells us to buy the lows and sell the highs. The buyers tried twice today so above the range-highs we are bullish. The bullish channel tells us to buy near the lows, but that puts us in the middle of the range so we need to be patient for seller-failures before we buy the middle.
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