Wednesday, December 2, 2015

4 Range Trades Thursday | Crude Oil, Gold, E-mini & Euro Futures 12/02/15

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Notes for Tonight’s Newsletter:
Crude Oil is bearish with three great clues telling us where to look for the best selling opportunities tomorrow, but first we need to wait for the correction.  First, we have a major bear-channel, telling us to sell the highs.  Second, we have a bear spike & channel telling us to expect a profit-taking correction back up as high as 41.26.  Third, the trading-range that began the day broke down and we tested the 39.99 range-expansion which tells us buyers now have the 'ball' and will attempt to rotate higher to 40.97.  Our plan is simple... wait for the correction and look for opportunities to sell into buyer-failures.

E-mini S&P is bearish and we will use the bear-channel and trading-range from today's session to look for selling opportunities after a bullish-correction tomorrow.  This bearish-channel tells us to look for selling opportunities up at the highs, as well as if it breaks higher.  The trading-range tells us to expect 'rotation' inside the current range, and if the bulls push price higher the sellers will be looking to 'fade' the breakout and send it right back down again.

Gold is bearish with a strong bear-channel and a trading-range with a bear-bias this evening which tells us to wait for the bulls to try and push price higher and sell into their failures tomorrow.  The bear-channel confirms the direction for us, the trading-range tells us to expect rotation, and to look for failures if/when the buyers try to send this price higher.

Euro is confused after both sides took turns today ahead of tomorrow's highly-anticipated ECB-Announcement, so we will trade this like a range, which means 'rotation' is the key to our success tomorrow.  Our plan will be to stay away from the news early tomorrow morning and then try to find some decent price-action after the news is released.  The trading-range, and the expansions above and below will play key roles tomorrow, and we will look to 'fade' all breakouts until we see proof from the '2 try rule' taking us into a new range.

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