August 20, 2014
- in Uncategorized by schooloftrade
3 Steps to Day Trading Success | SchoolOfTrade Newsletter 08/20/14
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“Learn from
yesterday, live for today, hope for tomorrow. The important thing is not to
stop questioning.” – Albert Einstein.
yesterday, live for today, hope for tomorrow. The important thing is not to
stop questioning.” – Albert Einstein.
Notes for Tonight’s Newsletter:
Misc:
· Crude Oil and Gold are bearish, while Mini-Russell is Bullish/Neutral
· Summertime trading kicks in last 2
weeks of August as traders wait for the Labor Day Holiday in early-September
weeks of August as traders wait for the Labor Day Holiday in early-September
· NOTE:
Volume has been 15% below 3-week averages
Volume has been 15% below 3-week averages
· Red-Star News tomorrow from Housing
and Manufacturing in the US
and Manufacturing in the US
· Geo-political impacts continue to
fade into the ‘dog-days of summer’
fade into the ‘dog-days of summer’
· Jackson Hole Symposium later this week
· Join our Live Trade Room as a GUEST here
· Long-Term Direction Bias = SHORT
· Short-Term Directional Bias = SHORT
· Fundamentals:
violence in the Middle-East is cooling-off, while the Euro is pushing
the Dollar-index higher and thus putting downward pressure on Gold Futures.
violence in the Middle-East is cooling-off, while the Euro is pushing
the Dollar-index higher and thus putting downward pressure on Gold Futures.
· Daily Chart:
moving lower, still near the middle of the range, with our next support level
below @ 1281.0 and 1265.8
moving lower, still near the middle of the range, with our next support level
below @ 1281.0 and 1265.8
· 32-Anchor Chart:
making new lower-lows, but testing the buy-zone at 1290.3, we will wait
for another retracement to look for easier selling opportunities
making new lower-lows, but testing the buy-zone at 1290.3, we will wait
for another retracement to look for easier selling opportunities
· 16-Anchor Chart:
making new lower-lows, but testing the buy-zone at 1290.3, we will wait
for another retracement to the 1293.0, 1294.0 and 1295.3 for more selling opportunities
making new lower-lows, but testing the buy-zone at 1290.3, we will wait
for another retracement to the 1293.0, 1294.0 and 1295.3 for more selling opportunities
· Profit-targets below @ 1288.1,
1285.9, 1285.1, 1282.6
1285.9, 1285.1, 1282.6
Crude Oil:
· Long-Term Direction Bias = SHORT
· Short-Term Directional Bias = SHORT
· Fundamentals:
violence in the Middle-East is cooling-off, while the Euro is pushing
the Dollar-index higher and thus putting downward pressure on Crude Oil Futures. Additionally, traders are looking forward to
September when the ‘Summer Driving Season’ ends and the demand for Crude Oil will
tumble as well.
violence in the Middle-East is cooling-off, while the Euro is pushing
the Dollar-index higher and thus putting downward pressure on Crude Oil Futures. Additionally, traders are looking forward to
September when the ‘Summer Driving Season’ ends and the demand for Crude Oil will
tumble as well.
· Daily Chart:
moving lower, have now successfully stayed below the key support level
of 92.98 and headed down to 92.15 and possibly the big-round-number at
$90.00/barrel. Great time to gas-up the
Boat/Jet/Hummer J
moving lower, have now successfully stayed below the key support level
of 92.98 and headed down to 92.15 and possibly the big-round-number at
$90.00/barrel. Great time to gas-up the
Boat/Jet/Hummer J
· 32-Anchor Chart: moving lower, new lower-lows, we
are waiting to sell retracements at 93.98, 94.32, 94.56 and 95.04.
are waiting to sell retracements at 93.98, 94.32, 94.56 and 95.04.
· 16-Anchor Chart: moving lower, new lower-lows, we
are waiting to sell retracements at 93.50, 93.70, 94.02, 94.35, and the highs
of the bearish price channel
are waiting to sell retracements at 93.50, 93.70, 94.02, 94.35, and the highs
of the bearish price channel
· Profit-targets below @ 92.15, 91.24,
90.10
90.10
Mini-Russell:
· Long-Term Direction Bias = LONG / NEUTRAL
· Short-Term Directional Bias = LONG / NEUTRAL
· Fundamentals:
Poor economic data from Asia and Europe makes the US equity market the
only ‘game’ in town for investors. The
weak Euro is pushing the dollar-index higher, which makes buying stocks easier
for people using US-dollars, which is providing the ‘low volume boost’ needed
to keep pushing higher.
Poor economic data from Asia and Europe makes the US equity market the
only ‘game’ in town for investors. The
weak Euro is pushing the dollar-index higher, which makes buying stocks easier
for people using US-dollars, which is providing the ‘low volume boost’ needed
to keep pushing higher.
· Daily Chart: we took a break from moving higher today after
running into major resistance at 1157.1 earlier this week. These equities needed a pullback or
profit-taking anyways…we are anxious to see where we go the rest of the week
with another profit-target overhead at 1169.7.
running into major resistance at 1157.1 earlier this week. These equities needed a pullback or
profit-taking anyways…we are anxious to see where we go the rest of the week
with another profit-target overhead at 1169.7.
· 32-Anchor Chart: we are in a pullback off the highs
from earlier this week, testing the support level at 1152.5 and we are waiting
for the next move up or down from here.
We will buy if we advance higher, but will wait to buy if we keep moving
lower towards our next buy-zone at 1145.5
from earlier this week, testing the support level at 1152.5 and we are waiting
for the next move up or down from here.
We will buy if we advance higher, but will wait to buy if we keep moving
lower towards our next buy-zone at 1145.5
· 16-Anchor Chart:
we pulled back off recent highs, but the volume has been VERY slow the
last 24 hours as we wait to see where we go next. A move above 1157.3 will get us buying, but
if we stay inside the range we will look for a range-bound market and trade
carefully buying the lows of 1149.9 and selling the highs of 1157.3. We need to see the price-action and market-personality
on Thursday before we can make that decision as a range-bound market.
we pulled back off recent highs, but the volume has been VERY slow the
last 24 hours as we wait to see where we go next. A move above 1157.3 will get us buying, but
if we stay inside the range we will look for a range-bound market and trade
carefully buying the lows of 1149.9 and selling the highs of 1157.3. We need to see the price-action and market-personality
on Thursday before we can make that decision as a range-bound market.
· Profit-targets above @ 1163.1,
1171.7, 1175.4, 1187.7
1171.7, 1175.4, 1187.7
· Profit-targets below @ 1149.9,
1148.2, 1145.5, 1138.0
1148.2, 1145.5, 1138.0
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