October 5, 2016
- in Uncategorized by schooloftrade
6 Trades for Thursday | SchoolOfTrade Newsletter 10/05/16
“I really don’t think life is about the “I-could-have-beens”. Life is only about the “I-tried-to-do”. I don’t mind the failure but I can’t imagine that I’d forgive myself if I didn’t try.”
Notes for Tonight’s Newsletter:
We have some great trading opportunities setting-up for tomorrow; Crude Oil is bullish and still trying to test that elusive $50/barrel, E-mini S&P is bullish and trying to complete a wedge target up at 2162, Gold is bearish but unable to get below some key support levels, and Euro is range-bound and trading in the middle of a multi-day triangle this evening.
Crude Oil is bullish and still trying to test that elusive $50/barrel number this evening and a combination of yesterday’s spike & channel along with today’s spike & range tells us that the most reliable buying opportunities will come with traps and failures at the lows and selling right now is completely off the table until we see some serious strength to the downside tomorrow.
E-mini S&P is bullish and trying to complete a wedge target up at 2162 but last week’s closing price at 56.75 keeps acting as major resistance which tells the buyers to either wait for a deep pullback so they can buy low or look for a strong enough move to push through this level on the way to reaching the wedge and measured-move targets waiting overhead.
Gold is bearish but unable to get below some key support levels this evening which gives means if the bears can’t finish the job lower they will give the bulls the opportunity they need to hold a pullback and a make a run to re-test the highs tomorrow.
Euro is range-bound and trading in the middle of a multi-day triangle this evening which tells us to focus on failures to sell the highs, buy the lows and avoid the middle tomorrow until we see a successful breakout in one direction tomorrow.
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