“Nothing in the world can take the place of Persistence. Talent will not; nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan ‘Press On’ has solved and always will solve the problems of the human race.”
Notes for Tonight’s Newsletter:
Tomorrow is the Veteran's Day Holiday in the United States, and although most of our markets are open for electronic trading, we expect volume to be VERY light and the window of opportunity to be very small tomorrow morning, likely slowing down to a 'crawl' after 10:00am EST so be aware!
Crude Oil is range-bound this evening, just like yesterday, so our plan remains the same; expect range-rotation, use the 2-try-rule, and focus on failure patterns to catch traders on the wrong side of the market. As we expected, buyers got caught on the wrong side of the market today, and now the sellers are trying to run down to 43.29 and 42.89 levels below, and if they fail we will be looking for buying opportunities back to 44.49 and 44.89 on the opposite side.
E-mini S&P is also trading inside a range and the buyers have currently tried to rotate price higher to 2080.00 resistance which means a failure sends this price into the range below, and most likely gives the sellers a shot at the low from Monday. If the buyers are successful in their attempt, then we wait for more information to see where they try to go from there.
Gold is sideways and using the same range from Monday so our plan will continue to be selling the highs, buying the lows, using range-rotation and the '2-try-rule' as our guide. The sellers tried and failed to test the range-expansion at 1082.6 so the buyers undoubtedly see that and will try to push the sellers out of the market with a push back to 1093.6 and possibly up to 1099.1 before it comes back down again... we will look for more info at the test of 1093.6.
Euro is range-bound with the sellers rotating into the range-expansion below Monday’s range so we will use the new range for rotation targets on both sides tomorrow. Sellers tried twice and were successful at reaching the 1.0686 range-expansion support, which means we expect rotation inside this range with a bullish target above and bearish targets below and we will use the '2-try-rule' to tell us where we go next!
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