Tuesday, January 12, 2016

Clues in the Candlestick Patterns | Crude Oil, Gold, E-mini & Euro Futures 01/12/16

“To become financially independent you must turn part of your income into capital; turn capital into enterprise; turn enterprise into profit; turn profit into investment; and turn investment into financial independence.”

Notes for Tonight’s Newsletter:
Crude Oil is bearish and rotating higher off the lows of a major bear channel which tells us to look for selling opportunities after the bulls test the highs of the channel.  Tomorrow we have to trade 'around' the 10:30am EST Inventory News, which is always a variable we cannot control.  Sellers have control over this market which means we will be looking to sell into all buyer-failures at the highs of the channel and the sell retracements during the rotation back to the lows.

E-mini S&P is bullish as it staggers higher and we have a rotation target up at the channel highs which tells us to look for opportunities to buy pullbacks as well as seller-failures along the way.  We seem to have broken free of yesterday’s trading-range after buyers tried and failed at the highs but the sellers also tried twice and failed to test the range-lows at 1900 and look closely at the candles and you can see the bulls take the 'elevator' and the bears keeping taking the 'stairs'

Gold is bearish this evening and rotating off the highs of a bear channel which tells us to keep selling retracements and keep looking for buyers to fail buying pullbacks with a target at 1078 below.   Today started with a bear spike & channel which then turned into a triangle, with a bull breakout of the triangle which tells us to look for the next push higher to fail for a reliable 'short' down to the range low at 1083.0 and channel low on the way to the measured-move long-term bearish target.

Euro is bearish and rotating lower off the highs of the bear channel but we expect to see buyers try to hold this pullback which means a failure would be an easy selling opportunity.  The Euro is trading on low volume this week after the tick-change last week and 3 pushes lower in today's session helps us understand why this recent push higher occurred almost out of nowhere, and the buyers will have to hold the pullback if they want any chance at testing some very important resistance overhead at 9200 and 9490 before heading lower to the bear target at 8200 below.

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