“Would you like me to give you a formula for success? It’s quite simple, really; Double your rate of failure. You are thinking of failure as the enemy of success. But it isn’t at all. You can be discouraged by failure or you can learn from it, so go ahead and make mistakes. Make all you can. Because remember that’s where you will find success.”
Notes for Tonight’s Newsletter:
Crude Oil is bearish once again after today's inventory report interrupted the measured-correction off yesterday’s highs, and we find ourselves with a measured-move and bear-channel down into a trading-range going into tomorrow's session. Our plan will be to fade the moves higher using buyer-failures to sell around resistance levels overhead.
E-mini S&P is bearish this evening with a measured-move and bear-channel down today so our plan will be look for buyers to fail after a measured-correction higher. The long-term trend is bullish, which means today may be nothing more than profit-taking off yesterday’s highs, which is why we will be looking for buyer-failures to sell short tomorrow no matter which direction we go.
Gold is bearish and trading at the lows of a major bear-channel so our plan is to stay patient for channel-rotation back to the highs of the channel where we will look for the next round of selling opportunities. We will look for a measured correction back to the highs of the channel and possibly up to the bull-trap we saw at 1116.6 earlier today for the best selling opportunities going with this trend.
Euro is bearish this evening so our plan will be look for counter-trend traps as buyers try to take price up off the lows. We have plenty of resistance areas overhead and we will wait patiently for a test of resistance, followed by failures from the buyers for the best selling opportunities tomorrow.
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