Tuesday, June 7, 2016

Wednesday’s Trade Plan | Crude Oil, Gold, E-mini & Euro Futures 06/07/16

“You want to know my secret for success?  Success is achieved when you seek out your weaknesses and turn them into strengths.”  - Joseph James

Notes for Tonight’s Newsletter:
Our favorite markets are setting up for some great opportunities tomorrow; Crude Oil, S&P and Gold are bullish but expecting a small correction, while the Euro is trading inside a range with the potential for a seller-failure and a strong move higher tomorrow.

Crude Oil is bullish and most likely trading at the highs of a bull wedge with the goal of expanding into a large bull channel but with a late-break higher in today's session we can assume that a lot of buyers will consider price too expensive to buy here and will be waiting for a trap-low to get into this move at a cheaper price.

E-mini S&P is bullish in the long-term but a strong bearish finish to the session today tells us that sellers are likely to sell the next pullback down to a new low before the buyers get a reliable chance to buy the lows for a target back to the high.

Gold is bullish with a spike & channel this evening which tells the buyers to look for 'traps' at prior levels of support on the way back to re-testing today's high and a resistance trend-line overhead will give the sellers a change to sell the highs back to the lows if the buyers fail.

Euro is range-bound with a bear-bias this evening which means sellers will be looking for buyer-failures at the highs for a move back to the lows but a recent strong bear move down tells us that the next attempt for the sellers will be critical or the buyers are likely going to make a run for yesterday’s high.

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