Monday, November 30, 2015

5 Trades for Tuesday | Crude Oil, Gold, E-mini & Euro Futures 11/30/15

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Genius is one percent inspiration and ninety-nine percent perspiration. – Thomas A. Edison

Notes for Tonight’s Newsletter:
Crude Oil is bearish with a spike & channel, so the best trade tomorrow will be waiting for buyer-failures after a push higher.  We are at the lows of the trading-range from today, which tells us buyers will try to rotate this price higher, but the bearish spike & channel reminds us to look for them to fail the rotation and sell it back to the range-lows and possibly lower tomorrow.

E-mini S&P is bearish after buyers tried and failed, and the spike & channel that finished the day tells us to look for buyer-failures after a bullish correction tomorrow morning.  Look left and you can see we are at the lows of a multi-day range so we CAN’T sell here, we need to wait for buyers to run this higher and then look for them to fail back lower.

Gold is suffering from an identity-crisis this evening after rolling forward to the 02-16 contract, but today's move higher looks quite fragile so we will look for selling opportunities if we get buyers to fail.  I see this move over the holiday as a 'market mistake' that was quickly corrected by the bulls after rollover, but now they need to hold this channel-low or price goes back to where it came from.  Wise traders will be VERY careful until you see another day's worth of candles.

Euro is range-bound with a bearish bias after today's 'descending triangle' kept giving us lower-highs.  The most reliable trades will be selling up around the range highs.  I like to use buyer-failures to sell the highs so stay patient for buyers to send this higher, then wait for the pullback to fail and sell it back to the lows.  if it goes lower you can NOT sell the lows you need to wait for price to rise higher if you want to sell!

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