"Many of life's failures are people who did not realize how close they were to success when they gave up." - Thomas Edison.
Notes for Tonight’s Newsletter:
We have some great trading opportunities for Wednesday, we have some major news on the calendar, and our plan is to work around the news and follow the strategy; Crude Oil & the S&P are both trading at the highs of their trading ranges, Gold is trying to finish off a measured-move they missed earlier today, and Euro is testing overhead resistance as sellers try to send price back to the lows of a megaphone pattern tomorrow.
Crude Oil is trading at the highs of a trading range this evening and with a bear-bias we know the sellers will be looking for opportunities to sell off the highs with a target back down to the lows tomorrow. The buyers on the other hand will be looking for either opportunities to buy the low of the range or buy a pullback after a strong breakout above the range highs that can hold above the battle zone.
E-mini S&P is bullish and trading at the highs of today's range which tells the sellers to be looking for buyer-failure to sell off the highs with a target back down to the lows. The buyers on the other hand, have a bull wedge to work with but they need to get a strong breakout that can hold a pullback above the measured-move if they want to be able to make the move up to the wedge target at 2166.
Gold is bearish and trying to finish off a measured-move they missed by only a few ticks earlier today. Sellers are looking for 'traps' and failures at resistance levels overhead with a target going back to the lows and possibly the 'double-down' target at 1324.9. Buyers on the other hand have a very small spike & channel but they need to be able to hold a pullback above 1332.0 if they want to be able to get enough buyers interested in a move back to fill the gap at 34.3 and test the battle zone tomorrow.
Euro is bearish and testing overhead resistance as sellers try to send price back to the lows of a possible megaphone pattern tomorrow. Sellers want to see the buyers fail on this pullback for the first opportunity and then look to sell the retrace back to the moving-average for a continuation move back down to the lows. The buyers on the other hand, have a lot of resistance above them so they need to get a STRONG push higher that can break and hold above the 12738 battle zone before they can rely on buying pullbacks with a move back to the highs.
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