Monday, November 2, 2015

5 Trades for Tuesday | Crude Oil, Gold, E-mini & Euro Futures 11/02/15



“Pain is temporary. It may last a minute, or an hour, or a day, or a year, but eventually it will subside and something else will take its place. If I quit, however, it lasts forever.”

Notes for Tonight’s Newsletter:
Crude Oil is sideways and balanced this evening, so our plan is to buy the lows and sell the highs of the range using failure patterns tomorrow.  We can see a flat moving-average, balanced volume, and the inability for the buyers or sellers to take control, so we will anticipate range-rotation and use every opportunity to look for traps as price moves from low to high, and vice versa until we see the '2-try-rule' qualify a breakout.

E-mini S&P is bullish with a spike & channel this evening which tells us the buyers showed definite control today, but these buyers will need to take profit and re-load at a lower price tomorrow, so our plan is to stay patient for a deep correction off today's highs and use seller-failures to buy more.  The typical spike & channel correction will go back to the base of the channel (2075.00 area) so sellers have a window to sell down to that level, just be sure to use buyer-failures on pullbacks for the most reliable counter-trend trades back down.

Gold has been trending lower since last week's FOMC announcement, and our plan remains the same; we are looking for selling opportunities every time we see short-term corrections off the lows, using buyer-failures as the entry trigger.  This market is clearly bearish, but the strong bear-trend makes it hard to get a good entry up off the lows, so stay patient for sellers to take profit, price will push higher, and then look for buyers to fail on the pullbacks and sell into their stops!

Euro is sideways and range-bound this evening so our plan will be to 'fade' all the breakouts using failure patterns selling the highs and buying the lows.  We can see a flat moving-average, balanced volume, and the inability for the buyers or sellers to take control, so we will anticipate range-rotation and use every opportunity to look for traps as price moves from low to high, and vice versa until we see the '2-try-rule' qualify a breakout.




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