“Success is not final, failure is not fatal: it is the courage to continue that counts.”
Notes for Tonight’s Newsletter:
Crude Oil has almost completed its correction off the highs today, but an overshoot at the highs, combined with a measured-move lower tell us to stay patient for another push lower before we look for the next leg up. We can see a support zone around 47.50 that will be ideal to finish this correction, and we will be looking for seller-failure to get into the trades LONG. We will also keep an eye on a failure at the channel lows for a possible collapse back into the range we started the week.
E-mini S&P is range-bound with a bullish-bias this evening and we can see a megaphone pattern on the chart which illustrates the extreme volatility this market is giving us right now. The bullish-bias tells us to keep looking LONG this week, but with such volatility we need to stay patient for deep pullbacks, measured-corrections, and seller-failures for the best buying opportunities.
Gold is bullish as it rotates inside a bull-channel using the original range from Monday, and we will focus on buying with measured-corrections and bear-traps tomorrow. Watch for sellers to try and fail to push this price back inside the range below 1141.3 for a prime bear-trap before we go back higher and use the channel-rotation target up at highs.
Euro is still completely range-bound and sideways which means we will continue looking for opportunities to buy the lows and sell the highs using failures. We can easily see this market is consolidating as the week develops which tells us there will be some fireworks soon enough... stay patient and keep an eye on those fake-out breakouts!
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