January 22, 2016
- in Uncategorized by schooloftrade
4 Trend Channels for Friday | Crude Oil, Gold, E-mini & Euro Futures 01/21/16
“Don’t join
an easy crowd; you won’t grow. Go where the expectations and the demands to
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an easy crowd; you won’t grow. Go where the expectations and the demands to
perform are high… surrounding yourself with people who you want to become!”
Notes for Tonight’s Newsletter:
Crude
Oil is bullish but 3
pushes higher sent price to the highs of the channel
so we expect to see a 2-legged-correction
off the highs before the next round of buying. We have a multi-day bullish channel and a spike
& channel with 3 pushes up to the highs which tells us wise buyers will
take profit at the highs and wait to buy at a cheaper price. Look closely and you can see the double-top
at the high missed by only 1-tick which tells us the sellers sold the highs
which then caused a break of the swing-low
and now the buyers are trying to finish the job back at the highs, and if they
fail the sellers will push price back to the channel lows again tomorrow.
Oil is bullish but 3
pushes higher sent price to the highs of the channel
so we expect to see a 2-legged-correction
off the highs before the next round of buying. We have a multi-day bullish channel and a spike
& channel with 3 pushes up to the highs which tells us wise buyers will
take profit at the highs and wait to buy at a cheaper price. Look closely and you can see the double-top
at the high missed by only 1-tick which tells us the sellers sold the highs
which then caused a break of the swing-low
and now the buyers are trying to finish the job back at the highs, and if they
fail the sellers will push price back to the channel lows again tomorrow.
E-mini
S&P is bullish with a long-term channel
and triangle
pattern setting up for tomorrow but it appears the sellers missed the test of
the channel low so we will keep an eye out of a fake-break
low before it shoots higher. The
multi-day bull-channel is easy to see that the recent move back to the lows
missed by only a few ticks, and after a bullish rotation
at the highs we should see them touch the lows (if not further) before the
majority of the bulls get interested again.
S&P is bullish with a long-term channel
and triangle
pattern setting up for tomorrow but it appears the sellers missed the test of
the channel low so we will keep an eye out of a fake-break
low before it shoots higher. The
multi-day bull-channel is easy to see that the recent move back to the lows
missed by only a few ticks, and after a bullish rotation
at the highs we should see them touch the lows (if not further) before the
majority of the bulls get interested again.
Gold
is bullish after a perfect correction off yesterday’s highs which should entice
the buyers back into this market so we will look for the bulls to hold the next
pullback
to prove it for us. Look closely and you
can see they haven’t tested the spike
& channel support back at 1090.2 so if the buyers can’t hold this
pullback we can expect a 2-legged-correction
to test that support and then we will look for it again.
is bullish after a perfect correction off yesterday’s highs which should entice
the buyers back into this market so we will look for the bulls to hold the next
pullback
to prove it for us. Look closely and you
can see they haven’t tested the spike
& channel support back at 1090.2 so if the buyers can’t hold this
pullback we can expect a 2-legged-correction
to test that support and then we will look for it again.
Euro
is bullish after recovering from today’s reaction to the ECB
Report but the overshoot of the channel-high
and new bull-flag
tell us to wait for a 2-legged-correction
with 3-pushes to overshoot the channel lows before looking to get long
tomorrow. The news this morning sent
prices tumbling but the bulls responded with vigor as they pushed price 2/3 of
the way back to where the sellers have their stops above the news-candle’s
highs. The overshoot
and bull-flag are the big variables telling us to stay patient and we can see a
great support level around 8600 to look for seller-failures
and a push back to test the highs of today’s session.
is bullish after recovering from today’s reaction to the ECB
Report but the overshoot of the channel-high
and new bull-flag
tell us to wait for a 2-legged-correction
with 3-pushes to overshoot the channel lows before looking to get long
tomorrow. The news this morning sent
prices tumbling but the bulls responded with vigor as they pushed price 2/3 of
the way back to where the sellers have their stops above the news-candle’s
highs. The overshoot
and bull-flag are the big variables telling us to stay patient and we can see a
great support level around 8600 to look for seller-failures
and a push back to test the highs of today’s session.
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