May 21, 2014
6 Trades to watch for Wednesday | SchoolOfTrade Newsletter 05/20/14
“Get excited for this opportunity! The higher your energy level, the more efficient your body the more efficient your body, the better you feel and the more you will use your talent to produce outstanding results.”
Today’s Newsletter:
· Markets Today: Crude Oil pulls-back, Mini-Russell collapses, Gold goes sideways (shocker!)
· News for Tomorrow: Crude Oil Inventories, Fed Meeting Minutes
· Trading Opportunities: Buying Crude Oil, Selling Mini-Russell, Price wedge on Gold
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The Markets Today:
Crude Oil:
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Crude Oil Futures VIP Chart |
Crude Oil pulled back in today’s session, just as we had anticipated in Monday evening’s newsletter, so we were prepared for this move from the opening-bell today.
We saw another narrow trading-range today, only 60-ticks, which tells us that the big move is still pending this week… do I hear $104 anyone?
We opened at the lows, and closed at the highs, with the volume down near the lows. This tells us the sellers were indeed in control today, but the closing price near the highs tells us the up-side is still very attractive for the buyers.
We are still bullish on Crude Oil up to $104 until we push below the prior-week close at 102.01
Tomorrow, Wednesday, is going to be an exciting session for Crude Oil traders!
Most Important thing I see on this chart:
The most important aspect for Crude Oil is the fact that we tested the highs from last Friday at 102.25 and held as support.
Look closely on the VIP chart and you can see this is also the lows of the bullish price channel we spoke about on Monday evening’s newsletter. We are on track for a push higher later this week!
Important Levels to Watch for Crude Oil tomorrow:
· HOD/LOD: 102.77 / 102.13
· PHOD/PLOD: 103.09 / 102.49
· PW-H/L: 102.65 / 100.36
· PW-O/C: 100.41 / 102.01
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Gold:
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Gold VIP Futures Chart |
Gold traded lower in today’s session, and then reversed off the EXACT location we were looking for buying opportunities on Monday’s Newsletter!
As you can see, our range-bound market on Gold continues to give us plenty of trading opportunities as long as you stay away from the middle and focus on buying the lows and selling the highs.
Most Important thing I see on this chart:
The biggest clue I can see on this chart is that we moved LOWER today, but look at the VOLUME…right back in the MIDDLE of the range. This is a BIG CLUE to confirm that we are correct about this market-personality being completely balanced right now.
Important Levels to Watch for Gold tomorrow:
· HOD/LOD: 1297.2 / 1286.0
· PHOD/PLOD: 1305.7 / 1293.0
· PW-H/L: 1309.2 / 1287.7 / 1284.7
· PW-O/C: 1296.1 / 1293.3
Trade Called Last Night:
Last night we called the BUY at the 1287.6 support, as well as the BUY at the Symmetry Support at 1284.6. Both of these trading opportunities were BIG Winners for over $750 per contract!
Don’t forget to register for our Nightly-Newsletter so you never miss another trading opportunity again!
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Mini-Russell:
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Mini-Russell Futures VIP Chart |
Day trading is the ONLY business in the world where you can be WRONG and still make a KILLING anyway!
We were expecting to see HIGHER prices today on the Mini-Russell (see last night’s newsletter) but today we opened at the highs and then TANKED back lower to the prior-week’s close and lows from Monday.
The Opening-Bell Analysis this morning at 9:30am EST told us to forget the buying and start selling. We nailed the trade short at the open for over 100-ticks of profit in our Live Trade Room alongside our members!
We saw ANOTHER big range today, over 250-ticks, which is AWESOME for a 2nd day in a row over 200-ticks.
We are still trading inside the range from last week, so we are still watching the range highs (1136.1) and lows (1078.7) very closely to be used as profit-targets and price-reversal opportunities.
Most Important thing I see on this chart:
Although we pushed lower today, the VOLUME is right in the middle of today’s range, and most importantly, the volume is on top of the prior-week’s closing price at 1099.2. This tells us that this market, although volatile, is still very balanced inside the range from last week.
“If this is balanced…well…bring it on baby!”
Important Levels to Watch for Mini-Russell tomorrow:
· HOD/LOD: 1109.9 / 1088.6
· PHOD/PLOD: 1115.0 / 1094.0
· PW-H/L: 1135.1 / 1078.7
· PW-O/C: 1111.3 / 1099.2
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News Tomorrow:
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Economic news for Wednesday |
Tomorrow we finally have some major news on the calendar. We haven’t had a drop of Red-Star News since last Thursday, so we are excited for trading opportunities on Wednesday!
We begin with Crude Oil Inventories tomorrow at 10:30am EST, which reminds us to stay patient on Crude Oil before the news, and wait for at least 10-minutes after the news is released before entering the first trade at 10:40am EST.
We are fundamentally bullish on Crude Oil right now because of the drama in Ukraine and the up-coming summer driving season beginning this weekend with Memorial Day… but this evening (Tuesday) we saw a big DRAW in the Crude Oil inventories from the API report, which is also very bullish going into tomorrow.
Later in the session, tomorrow afternoon we have the very important ‘Fed Meeting Minutes’.
These ‘minutes’ are nothing more than the ‘notes’ from the FOMC meeting that occurred 3 weeks ago, so although they are 3 weeks old, we know that professional traders love to dig through these notes and try to ‘read between the lines’ looking for trading opportunities the following day.
Look for the lunch session to begin around 11:00am EST on Wednesday as traders head out for lunch EARLY so they can come back to their desks EARLY and trade the reaction to the 2:00pm EST FOMC Meeting Minutes report.
· 10:30am EST: Crude Oil Inventories
· 2:00pm EST: FOMC Meeting Minutes
Memorial Day Weekend Ahead:
Please be aware we have a short week ahead of us, with the very popular Memorial Day Weekend ahead of us in the US, which is the un-official start of summer.
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Day Trading Opportunities for Tomorrow:
Crude Oil:
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Crude Oil Futures Anchor Chart |
Crude Oil is now pushing higher this evening after today’s pullback during the US session.
Remember the plan from Monday evening: We expected a pullback on Tuesday, and now we look for buying opportunities as we push higher.
Our day trading plan for Crude Oil futures is to buy pullbacks using the zones at 102.18, 101.66 and 101.40 on our way up to the profit-targets above us at 102.92, 103.45, 103.85 and 104.06.
Short-Term Trading & Scalping: Please join us tomorrow in our Live Trade Room for short-term trades called with exact entry and exit information.
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Gold:
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Gold Futures Anchor Chart |
Gold continues to trade inside this narrowing price wedge and we are getting some EASY trading opportunities buying the lows and selling the highs in the month of May.
Our day trading plan for Gold futures is to keep buying the lows and selling the highs, avoiding the middle of this range. We are going to buy the 1290.0, 1287.6, 1284.6, and 1281.4 support levels. We have profit-targets above us at 1301.5, 1303.5, 1305.7 and 1309.2.
Short-Term Trading & Scalping: Please join us tomorrow in our Live Trade Room for short-term trades called with exact entry and exit information.
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Mini-Russell :
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Mini-Russell Futures Anchor Chart |
Mini-Russell decided to change directions today, and because we don’t care which direction we go we had a very profitable session selling short.
This evening the Mini-Russell is making new lower-lows, we are below the key moving-averages up around $1100 so we have the ‘green light’ to sell short with the proper entry pattern.
IMPORTANT CLUE: look at where we’ve been over the last 2 weeks and you can see WHY we are looking very bearish going into the Memorial Day Weekend in the US. 2 weeks ago, Friday 05/09 we made new lows, and then last Thursday we did it again. This appears that sellers have been pushing this lower each week, and then some large buyers keep protecting those lows. Will we see the same this week as well?
Our day trading plan for the Mini-Russell is to sell short with new lower-lows this evening, or if we retrace higher we will sell short at 1102.0, 1105.1, 1109.6 or 1112.3 with a profit-target down at 1086.5, 1082.9, 1078.7 and 1060.0
Short-Term Trading & Scalping: Please join us tomorrow in our Live Trade Room for short-term trades called with exact entry and exit information.
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