Tuesday, October 20, 2015

8 Trades for Wednesday | Crude Oil, Gold, E-mini & Euro Futures 10/20/15



“If you can imagine it, you can achieve it; if you can dream it, you can become it.”

Notes for Tonight’s Newsletter:
Crude Oil is range-bound heading into the Inventory Report on Wednesday which means we will be looking for failures to buy the lows and sell the highs.  Volume is completely 'balanced' and this major bear-channel is considered a 'phantom' so we will look for sellers to fail at the highs on the way up to the range-highs as this price 'rotates' from low to high and high to low.  We will keep an eye on the '2-try-rule' to qualify a breakout of this range and will sit-on-hands at 10:30am EST tomorrow for news.

E-mini S&P is range-bound this evening and completely balanced, so our plan is to fade the breakouts at the highs and lows using failure patterns while watching for 'traps' at the highs of a phantom channel.  We will look for sellers to fail at the range-lows for buying opportunities and buyers failing at the highs for selling opportunities while price 'rotates' back and forth inside this range.  We will keep an eye on the '2 try rule' to qualify each breakout as well.

Gold is bullish with a short-term range this evening which means we will be looking for bear-traps to buy the lows of the range as well as the range-expansion levels below.  The bull-channel and volume profile clearly define this bullish market, and the recent trading-range gives us an easy location to look for sellers to try and fail tomorrow.

Euro is sideways and trading inside a range ahead of tomorrow's ECB-Meeting so our plan is to buy lows and sell highs using failure patterns and range-rotations tomorrow.  The volume profile clearly defines this 'balanced' market so we will look for sellers to fail at the lows and buyers to fail at the highs using the highs and lows of the range along with range-expansion levels above and below.




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