Tuesday, August 23, 2016

Hump Day Trading Plan | Crude Oil, Gold, E-mini & Euro Futures 08/23/16

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Notes for Tonight’s Newsletter:
We had some wacky price-action in today's session but that didn’t stop us from finding some excellent trading opportunities and looking at the charts for tomorrow we may see a lot more of the same.  Crude Oil is bullish, S&P and Euro are bearish and Gold is trading sideways as we look forward to Wednesday's trading session.

Crude Oil is bullish and trading at the lows of a trading range this evening; Buyers have control at this time and will be looking for seller-failures at the lows of the range with a target back to the highs or a strong breakout-pullback to new highs with a target at the 48.78 range expansion and possibly a measured-move tomorrow.  Sellers must assume that buyers will be here at the lows so they need to wait for them to fail buying the lows or look for a strong break down that can get the moving-average below the range and then look for a pullback on the way back to the low of day.

E-mini S&P is bearish and pulling back into the battle zone this evening; Sellers have control and will be looking for traps and buyer-failures to avoid selling into the battle zone support area or they will look for a strong breakout-pullback that can use the reversal line at 84.50 on the way back to re-test the lows.  Buyers need to stay patient and wait for this market to turn directions with a strong breakout above the high of the channel and then successfully hold a pullback above the channel high and the moving-average for a move back to all-time highs and a possible measured-move.

Gold is range-bound and trying to finish rotation back to the lows this evening; Sellers have control after buyers failed to hold the pullback at the highs and they will be looking for a successful breakout-pullback using the trend-lines above or a buyer-failure above the moving-average with a target back to the lows.  Buyers need to be patient for now, either buying the low of the range with seller-failure or waiting for a successful breakout-pullback above the trend-lines above without buying into the high of the range.

Euro is bearish and trying to finish a triple measured-move this evening; Sellers have control and will be looking for buyer-failure above the measured-move resistance or a strong push lower and pullback to the moving-average without selling into the targets below.  Buyers have a tough job ahead, they need to push higher with enough force to knock out the sellers waiting above the previous swings and then hold a pullback above the measured-move with targets up at the resistance trend-line, un-filled gap, and high of day.

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