“Yesterday is not ours to recover, but tomorrow is ours to win or lose.”
Notes for Tonight’s Newsletter:
Crude Oil is bearish with a spike & channel which means our plan is to stay patient waiting for the measured-correction on Tuesday before looking for the next leg down. We will be looking for buying opportunities during the correction, but our focus will be with the trend around the highs of the range while watching for a failure back up to where the day began!
E-mini S&P is range-bound with a bullish-bias this evening which means we will be looking for bear-traps to catch sellers on the wrong side of the market. Our main focus is the trading range, but we have a 'phantom channel' which may be useful after we know more about how we react to the lows.
Gold is range-bound with a 2nd try from the sellers this evening which means we have an important line-in-the-sand at 1172.2 to use for PROOF of a bearish market tomorrow. We will look for short-term opportunity back up to the range-lows, and then watch for bear-traps at the lows to buy the lows with a target back at the highs. If the sellers do hold the lows we will be bearish down to the range targets listed below.
Euro is range-bound with a bearish-bias this evening, and our line-in-the-sand is at 1352 for the sellers to keep control before the buyers take price back up to today's highs. Sellers have tried twice which means we will be looking for opportunities back up to the range-lows, and if sellers cannot hold price below the 1352 we will look for opportunities back to range-highs. If sellers can hold 1352 our plan is to use the measured-moves and range-expansions for targets.
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