November 25, 2015
- in Uncategorized by schooloftrade
6 Trades for Thanksgiving | Crude Oil, Gold, E-mini & Euro Futures 11/24/15
“Our
greatest weakness lies in giving up. The most certain way to succeed is always
to try just one more time.”
greatest weakness lies in giving up. The most certain way to succeed is always
to try just one more time.”
Notes for Tonight’s Newsletter:
Crude
Oil is trading inside a wedge
with no directional-bias which tells us to focus on fading the breakouts
tomorrow. We will treat this wedge exactly
like a trading range, rotating
from high to low, and vice versa. The
only BIG difference is the narrowest point of the wedge will most likely result
in a strong breakout
and our plan will be to trade the pullback.
Oil is trading inside a wedge
with no directional-bias which tells us to focus on fading the breakouts
tomorrow. We will treat this wedge exactly
like a trading range, rotating
from high to low, and vice versa. The
only BIG difference is the narrowest point of the wedge will most likely result
in a strong breakout
and our plan will be to trade the pullback.
E-mini
S&P is range-bound
and expected to finish the rotation
back to the highs at 92.50 tomorrow after the sellers tried three times to push
lower today and failed. The pendulum
is swinging back in favor of the buyers at this time, so we expect a test of
the range high and then we go from there.
The bulls have tried numerous times to push this price higher this week
and they all failed so a wise trader will wait for the bulls to buy the highs
and sell into their ‘stops’ tomorrow if/when they fail.
S&P is range-bound
and expected to finish the rotation
back to the highs at 92.50 tomorrow after the sellers tried three times to push
lower today and failed. The pendulum
is swinging back in favor of the buyers at this time, so we expect a test of
the range high and then we go from there.
The bulls have tried numerous times to push this price higher this week
and they all failed so a wise trader will wait for the bulls to buy the highs
and sell into their ‘stops’ tomorrow if/when they fail.
Gold
is rotating higher this evening coming off the lows of the weekly trading-range
so we expect to see the bulls attempt to test 1085.4 before rotating
back lower again. We are watching two
areas very closely tomorrow looking for buyer-failures;
first, if they cannot test the 1085.4 after breaking above
1080.5 that will signal buyer-failure and if we sink below the 1072.3
support level we will also expect price to push lower to the range-low at
1065.2 as well as the next range-expansion
lower at 1055.1.
is rotating higher this evening coming off the lows of the weekly trading-range
so we expect to see the bulls attempt to test 1085.4 before rotating
back lower again. We are watching two
areas very closely tomorrow looking for buyer-failures;
first, if they cannot test the 1085.4 after breaking above
1080.5 that will signal buyer-failure and if we sink below the 1072.3
support level we will also expect price to push lower to the range-low at
1065.2 as well as the next range-expansion
lower at 1055.1.
Euro
is range-bound
with a bull-bias this evening but the bulls recently failed their rotation so we expect a fake-break
of the lows for a buying opportunity tomorrow.
The range-rotation
has been almost perfect in today’s session until the end of the day when the
buyers tried and failed to reach the highs.
Keep an eye on the 1.0667 highs because if they can’t test that high we
are going to push lower to find support levels to work with tomorrow for the
next trading opportunity.
is range-bound
with a bull-bias this evening but the bulls recently failed their rotation so we expect a fake-break
of the lows for a buying opportunity tomorrow.
The range-rotation
has been almost perfect in today’s session until the end of the day when the
buyers tried and failed to reach the highs.
Keep an eye on the 1.0667 highs because if they can’t test that high we
are going to push lower to find support levels to work with tomorrow for the
next trading opportunity.
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