October 29, 2015
- in Uncategorized by schooloftrade
Trade Plan for Friday | Crude Oil, Gold, E-mini & Euro Futures 10/29/15
“Only those who
attempt the absurd can achieve the impossible.”
attempt the absurd can achieve the impossible.”
Notes for Tonight’s Newsletter:
Crude
Oil is range-bound and balanced
this evening so our plan for tomorrow is to fade all the breakouts
until we see the ‘2 try
rule’ qualify the new direction. We
can see a wedge
formed smack in the middle of this range, and with balanced volume and a flat moving-average
we can easily see both sides trying to take control, so we will be suspicious
of ALL breakouts
until we see a new direction with the 2-try-rule.
Oil is range-bound and balanced
this evening so our plan for tomorrow is to fade all the breakouts
until we see the ‘2 try
rule’ qualify the new direction. We
can see a wedge
formed smack in the middle of this range, and with balanced volume and a flat moving-average
we can easily see both sides trying to take control, so we will be suspicious
of ALL breakouts
until we see a new direction with the 2-try-rule.
E-mini
S&P is bullish after buyers defended the pullback
today so our plan is to look for counter-trend ‘bear
traps’ for the best opportunities to buy more on Friday. This market feels VERY bullish this evening
after the sellers got NOWHERE on the pullback.
The S&P won’t make it THAT easy to buy the
dips, so our plan will be to look for bear-traps
to buy as it pulls back each time on the way higher to the targets above.
S&P is bullish after buyers defended the pullback
today so our plan is to look for counter-trend ‘bear
traps’ for the best opportunities to buy more on Friday. This market feels VERY bullish this evening
after the sellers got NOWHERE on the pullback.
The S&P won’t make it THAT easy to buy the
dips, so our plan will be to look for bear-traps
to buy as it pulls back each time on the way higher to the targets above.
Gold
is bearish but oversold
this evening so our plan is to stay patient for a deep-correction tomorrow and
use buyer-failures
as the trigger for entry back down again.
The sellers have had an EASY day today but the measured-moves
down along with the GAP
above tell us it’s too aggressive to sell NOW, but after the bears take profit
and buyers try to push it higher we will have a great opportunity to call their
‘bluff’ and sell it back lower.
is bearish but oversold
this evening so our plan is to stay patient for a deep-correction tomorrow and
use buyer-failures
as the trigger for entry back down again.
The sellers have had an EASY day today but the measured-moves
down along with the GAP
above tell us it’s too aggressive to sell NOW, but after the bears take profit
and buyers try to push it higher we will have a great opportunity to call their
‘bluff’ and sell it back lower.
Euro
is pushing higher off yesterday’s lows, but the slow moving price-action
tells us this is likely a bear-flag
which will be looking for ways to break lower in tomorrow’s session. If the buyers wanted this price higher they
would have taken it higher much faster today, which is the biggest clue we have
right now. Buyers will be looking for
opportunities at swing-lows
and channel-lows
on the way higher, but beware the flag-sellers
will be looking for buyers to fail so they can sell this right back down again!
is pushing higher off yesterday’s lows, but the slow moving price-action
tells us this is likely a bear-flag
which will be looking for ways to break lower in tomorrow’s session. If the buyers wanted this price higher they
would have taken it higher much faster today, which is the biggest clue we have
right now. Buyers will be looking for
opportunities at swing-lows
and channel-lows
on the way higher, but beware the flag-sellers
will be looking for buyers to fail so they can sell this right back down again!
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