“Excellence is an art won by training and habituation. We do not act rightly because we have virtue or excellence, but we rather have those because we have acted rightly. We are what we repeatedly do. Excellence, then, is not an act but a habit.”
Notes for Tonight’s Newsletter:
Crude Oil is trading inside a multi-day trading-range this evening and we are 'rotating' higher after testing the lows of the range so our plan so we are looking for buying opportunities as we rotate up to the highs of the range. Look closely and you can see the sellers missed the range-low by only a tick, which leaves the door open for them to try again, but it looks like the bulls have control at this time so we will be looking for seller-failures on the way down to catch this move back to the highs.
E-mini S&P is bullish with a strong push higher inside a major bull channel today so our plan is to look for buying opportunities after a measured-correction off today's highs. The bulls had control today with channel-rotation and measured-moves going higher. Volume at the highs of the range was very high and a big clue that buyers took profit at the close and we wait for the pullback to look for additional buying opportunities on the way back to today's highs and beyond.
Gold is trading sideways inside a very narrow trading-range with a bearish-bias this evening which means we will look to 'fade' the break higher and use the '2-try-rule' with range-rotation to find the best trading opportunities tomorrow. Today's FOMC Meeting Minutes clearly had the attention of gold traders which means tomorrow's reaction to the news will tell us exactly where we go next. We will be paying close attention to the '2 try rule' and 'range rotation' on Thursday.
Euro is trading sideways inside the same trading-range from yesterday which means our plan remains the same; we will use failure patterns to profit from range-rotation as we look for buyers and sellers caught on the wrong side of the market. Sellers just missed their rotation down to 1.0619 which means we are likely to see the buyers take price higher to fill the 'gap' at 1.0696 before giving control back to the sellers again.
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