Tuesday, November 17, 2015

6 Trades for Wednesday | Crude Oil, Gold, E-mini & Euro Futures 11/17/15

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Notes for Tonight’s Newsletter:
Crude Oil is bearish and rotating back to the lows from Monday's trading session ahead of tomorrow's inventory report so our plan is to look for selling opportunities at resistance levels overhead while trading around tomorrow's big news.  Buyers failed to keep price moving higher after Monday’s session and the bears made them pay for it by quickly moving price back into the middle of the range within striking distance of the $40/barrel support level.  Tomorrow is 'inventory day' which means ANYTHING can happen, so we will wait to see what the price-action tells us tomorrow morning.

E-mini S&P is balanced and range-bound with a bull-bias this evening and our plan is to look for seller-failures at support levels tomorrow while using range-rotation and the '2-try-rule'.  The bulls didn’t give anything back after yesterday’s big run higher and this balanced market is clearly showing the acceptance of this higher price in the market so we will look for counter-trend sellers to get 'trapped' on the wrong side of the market as we 'rotate' around this range.

Gold is bearish this evening and coming off a strong overshoot of the channel lows and we expect to see a bullish correction before getting the bears involved again for the next push down.  We can see a bear-channel and we pushed too far and now the buyers are correcting back higher with a bull-channel of their own.  We will look for selling opportunities after this measured-correction and an overshoot of the channel-highs and use buyer-failures for our earliest opportunity to sell the highs tomorrow.

Euro is range-bound with a bear-bias this evening, so our plan is to look for selling opportunities using range-rotation and the '2-try-rule'.  We expect buyers to 'rotate' price up to the highs of the bear-channel and range-highs where we will look for failure patterns to sell the highs of the range.  if the buyers FAIL to test the range-high at 1.0678 we then look VERY bearish down to the next range level below at 1.0620 for the target.

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