Monday, December 7, 2015

6 Traps to watch Tuesday| Crude Oil, Gold, E-mini & Euro Futures 12/07/15

If you don’t design your own life plan, chances are you’ll fall into someone else’s plan. And guess what they have planned for you? Not much.

Notes for Tonight’s Newsletter:
Crude Oil is bearish this evening, but after 3 impressive pushes lower in today's session we know that most professionals are flat and waiting for a bullish correction before selling short tomorrow.  The short-term trading-range has a clear bear-bias this evening so we will look for a breakout at the highs around 38.29 to sell into buyer-failure.  If you are bullish you need to wait for the buyers to move price higher and hold a pullback before you can buy this market with any confidence.

E-mini S&P appears to be bearish this evening after today's push down off last Friday’s NFP-Highs, but we see this as nothing more than a buying opportunity back to the highs of the pending-range tomorrow.  The sellers were taken out of the market on Friday afternoon by only 1-tick, so if they re-entered short they got a 50% move back down to break-even on the trade and now that the sellers are pushed aside the bulls can move this price back to the highs where we assume there is a pending range-high at 2095.50.

Gold is bearish and rotating inside a trend-channel this evening so our focus is selling but we will stay patient for the best opportunities to come after buyer-failures on the way to the measured-move target below.  The most challenging part of gold at this time is just the patience not to jump as it grinds lower, stay patient to sell after buyers try and fail.

Euro is range-bound with a bearish bias this evening so our goal is to sell the highs of the range down to the lows, and 'fade' all breakouts that fail to reach the range-rotation target up at 1.0906 overhead.  We can see the bearish move before going sideways, and we can see price is at the highs of the range and will want to rotate down to the lows so we will be looking for buyer-failure to finish the move down.  If price shoots higher we will patiently wait for the buyers to try twice and if they fail to reach the next level at 1.0906 overhead we will see that as weakness and look for the pendulum to swing back to 1.0806 and possibly 1.0756

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