“Strength does not come from winning. Your struggles develop your strengths. When you go through hardships and decide not to surrender, that is strength.”
Notes for Tonight’s Newsletter:
Crude Oil is bearish with a spike and channel this evening which means we will expect a deep-correction off today's lows before the next leg down. With today's strong bearish trend we know the sellers are in control, but the sellers who took this price lower need to take their profit before we look for the next leg down this week so buyers will look for seller-failure during this correction, and sellers will look for buyers to fail after the correction back up to the 44.50 area overhead.
E-mini S&P is range-bound and sideways, so our plan will be to wait for failed breakouts to sell new highs and buy new lows until we see a trend. This market is completely balance so the plan is to buy lows, sell highs, and 'fade' the breakouts above and below the range with failure patterns while using the '2 try rule' to qualify a successful new trend to follow.
Gold is range-bound this evening so our plan is to buy the lows, sell the highs, and fade all breakouts until we see the '2 try rule' qualify a successful breakout. The buyers appeared to have control earlier in the session but their failure tells us this market is just a range, and our next opportunity will come after a sellers fail at the lows.
Euro is bullish this evening trading inside a bull-channel so our plan will be to look for buying opportunities at the channel lows while price rotates from highs to lows. The bullish spike and channel, combined with volume analysis tell us the buyers are in control, but the highs of this channel are never the best place to buy so we will stay patient for a correction back to the lows for the next buying opportunity with seller-failures at the lows.
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