Monday, March 14, 2016

4 Trades for Tuesday| Crude Oil, Gold, E-mini & Euro Futures 03/14/16



“If you do what you’ve always done, you’ll get what you’ve always gotten.”

Notes for Tonight’s Newsletter:
Crude Oil is bearish with a spike & channel today, and with the time-change over the weekend something tells me most of sellers missed the move down this morning and will be looking for another opportunity to sell it after a correction higher.  We have a time change, spike & channel, and trading-range to work with this evening.  The time change undoubtedly got most traders in the US off to a sluggish start this week and most of them woke up to a market that was quickly sliding downhill and will be looking for a higher price to sell tomorrow.  The spike & channel tells us to expect a bullish correction back into the resistance zone up around 37.80, and if sellers fail the buyers will run this price back to the beginning of the spike at 38.77.  Lastly, the short-term range that formed at the end of the day illustrates exactly what sellers didn’t want... which is to sell that low, so they are waiting, and we have range-expansion levels waiting overhead where sellers will look for buyer failures back down.

E-mini S&P is bullish with a recent 'trap low' into a bull channel which tells us to look for buying opportunities at support levels on the way back up to the high from today.  The ES has a 'trap-low', inverted head & shoulders pattern, and a bull channel to work with this evening.  The 'trap-low' is always a reliable clue that buyers are interested, and you can see the bulls jumped all over the market today and sent price back to the highs.  The inverted head & shoulders gives us both a bullish direction but also a final target up at 2017.50, and the bull channel tells us to look for the buyers to keep trying to send price back to today's high at 2015.00.

Gold is bearish but trading at the lows of a channel which tells us to look for selling opportunities after a correction back to the channel highs tomorrow.  We have a multi-day bear channel, measured-moves, and a reversal line to work with tomorrow.  There are two channels on the chart, both of which have price at the lows which tells us to wait for a correction higher before looking to sell.  We also have multiple measured-moves on the chart, which the short-term move already completed for today and a long-term move still opening for tomorrow.  Lastly, we have a reversal line up at 1250.0 which matches up near the highs of the long-term channel and will make for an excellent area of interest for sellers tomorrow and they will use a failure from the buyers to start selling to a long-term measured-move back down.

Euro is bearish with a spike & channel this evening but trading at a key support level tells us to stay patient for a correction higher for the most reliable selling opportunities tomorrow.  We have a bear channel, spike & channel, measured-move and head & shoulders on the chart tonight.  We have a multi-day bear channel which is trying to complete its rotation back to channel lows tomorrow, and a recent spike & channel telling us to look for a correction back to the zone up around 1.11700 for the most reliable selling opportunity.  We have a long-term measured-move to use for a seller target tomorrow on the way down to channel lows, and the first of 2 head & shoulders targets have been reached which tells us sellers will take profit (buy) and look to add more if they get a higher price to sell on the way down to the second target below.


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