Thursday, November 19, 2015

4 Trading Traps for Friday | Crude Oil, Gold, E-mini & Euro Futures 11/19/15

“If you are going to achieve excellence in big things, you develop the habit in little matters. Excellence is not an exception; it is a prevailing attitude.”

Notes for Tonight’s Newsletter:
Crude Oil is range-bound and rotating higher off the lows of the range which gives the edge to the bulls tomorrow with a target up at 42.77 range-highs.  We don't know HOW the bulls will get to 42.77; they might make a run at the lows, or they might just shoot this higher.  If the push lower we look for seller-failure as it tries to re-visit the lows, and if they push it higher we use seller-failures or measured-corrections to buy the pullbacks on the way to the highs.  Watch out for the short-term measured-move resistance at 42.07 on the way up.

E-mini S&P is range-bound with a bearish-bias this evening after 2 days of strong buying which means we will be waiting for more information tomorrow morning to see who takes control.  Today's narrow trading-range has a clear bearish-bias because the bulls didn’t even come close to re-testing the highs and this tells us that sellers will likely be waiting for bulls to try and buy the highs for easy traps to sell it back down.  If price pushes lower, there will be buyers waiting to 'buy the dip' but the bearish bias to the range today tells us to be suspicious of the bulls.

Gold is range-bound with a bullish-bias this evening after we saw a spike & channel send price higher this afternoon.  We should see buyers rotate price higher overnight and if they don’t reach 1086.0 we then expect price to make a run back to the beginning of the spike & channel.

Euro is range-bound with a bullish-bias this evening along with an interesting bull-channel that gives us some easy clues as to where the smart buyers will be looking for the best opportunities tomorrow.  We have measured-moves higher today which tells us the bears are likely to take this price lower before it goes higher, and combine that with range-rotation and a bull-channel-overshoot we would love to get some buying opportunities at support levels where buyers who are already in this move will likely have their stops ready to be taken-out before the next push higher.

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