Thursday, October 1, 2015

Trading Plan for Non-Farm Payroll Friday | Crude Oil, Gold, E-mini & Euro Futures 10/01/15

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Notes for Tonight’s Newsletter:
Crude Oil is range-bound and bearish this evening with a trading-range and spike & channel to work with tomorrow.  We can see the original trading range is still in control this evening and today's bearish spike & channel tells us to look for selling opportunities after a correction higher, most likely back up to the highs of the range around $46.66.

E-mini S&P is range-bound and bullish after the buyers were able to hold above $1900 but we have some key resistance levels overhead that will be easy selling opportunities if they fail on Friday.  We can see the buyers ran price up to the range-highs at 1930.00 before a measured-correction back lower that was held above the original trading-range which is now giving the bulls a new opportunity to grab control into Friday, but smart traders are going to make them prove it first!

Gold bearish going into Friday's NFP report.  We have a bear-channel, measured-move and trading-range to work with on Friday.  The best selling opportunities will come after a bullish correction higher off these lows.  The measured-move makes it hard to want to sell without a correction, but if the sellers take this lower we will use the bear-channel 'rotation' to sell the highs and take profit at the lows tomorrow.

Euro is range-bound and bullish coming off the lows of the range and we are looking for buying opportunities up to the range-highs before looking to sell the highs on Friday.  We will focus on trading-range-rotation on Friday with the volume confirming the 'even distribution' from high to low.  Our plan is to buy it on the way up, sell it on the way down, and fade all the breakouts until we see a proven breakout in one direction.

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