May 8, 2014
- in Uncategorized by schooloftrade
Day Trading Crude Oil, Gold, E-Mini Russell | SchoolOfTrade Newsletter 05/08/14
“I’ve come to believe that all my past failure and frustrations
were actually laying the foundation for the understandings that have created
the new level of living I now enjoy.”
were actually laying the foundation for the understandings that have created
the new level of living I now enjoy.”
Today’s Newsletter:
· Markets Today: Gold pushes lower, Crude Oil trades sideways, and Mini-Russell
goes everywhere!
goes everywhere!
· News Today: ECB Announcement,
Jobless Claims, Janet Yellen
Jobless Claims, Janet Yellen
· News for Tomorrow: China, Canada, and
Jobs in the US
Jobs in the US
· Trading Opportunities: Selling
opportunities on Gold and Mini-Russell, buying and selling opportunities on Crude
Oil Futures.
opportunities on Gold and Mini-Russell, buying and selling opportunities on Crude
Oil Futures.
=========================================================
The Markets Today:
Crude Oil:
 |
| Crude Oil VIP Chart |
Crude Oil traded sideways today with only 100-ticks of range
and stayed inside Wednesday’s trading-range the entire session hovering around
the big-round-number at $100/barrel.
and stayed inside Wednesday’s trading-range the entire session hovering around
the big-round-number at $100/barrel.
It’s very clear that buyers and sellers on Crude Oil are
satisfied with price at
$100/barrel, but that won’t last very long, especially
with a TON of major news coming out early next week.
with a TON of major news coming out early next week.
We are keeping a close eye on the previous week’s highs at
102.20, lows at 98.80 and open at 101.17 for targets if we break free of this trading-range
on Friday.
102.20, lows at 98.80 and open at 101.17 for targets if we break free of this trading-range
on Friday.
=========================================================
Gold:
 |
| Gold VIP Chart |
Gold traded lower this morning in a VERY narrow range (only
79-ticks from top to bottom) and stayed below the big-round-number at $1300.
The VIP chart of Gold Futures confirms we have a ‘balanced’
market on our hands, and we will be watching for a break down to the previous
week lows at 1272.0 or up to the previous week’s close at 1300.4.
market on our hands, and we will be watching for a break down to the previous
week lows at 1272.0 or up to the previous week’s close at 1300.4.
Trade Called Last
Night:
Night:
 |
| Gold Trade SHORT |
Last night’s trade SHORT at 1294.8 is currently up $400 per
contract and holding for the profit-target down at 1281.4. Trade will be closed no later than 1:25pm EST
on Friday ahead of the market closing for the weekend.
contract and holding for the profit-target down at 1281.4. Trade will be closed no later than 1:25pm EST
on Friday ahead of the market closing for the weekend.
=========================================================
Mini-Russell:
 |
| Mini Russell VIP Chart |
Mini-Russell had another exciting session from start to
finish. We began the day pushing to new
highs above Wednesday’s highs, only to collapse back below the highs and
tumbled ALL the way back down to the 1100 big-round-number and exactly where we
saw the most volume traded yesterday.
finish. We began the day pushing to new
highs above Wednesday’s highs, only to collapse back below the highs and
tumbled ALL the way back down to the 1100 big-round-number and exactly where we
saw the most volume traded yesterday.
This market-personality is clearly bearish, but we need to
see some new lower-lows below 1088.5 before we can commit to the down-side.
see some new lower-lows below 1088.5 before we can commit to the down-side.
Trade Called Last
Night:
Night:
 |
| Mini Russell SHORT Trades |
We called two selling opportunities in last night’s
newsletter. We got the first trade short
@ 1107.5 and earned over $700 per contract on the trade. The second entry short barely missed the
entry target at 1118.4 and then TANKED afterwards. We can’t win them all I guess J
newsletter. We got the first trade short
@ 1107.5 and earned over $700 per contract on the trade. The second entry short barely missed the
entry target at 1118.4 and then TANKED afterwards. We can’t win them all I guess J
=========================================================
News Today:
We had a LOT of
important news today, starting in China, then moving to Europe, and finishing
the day in the U.S.
important news today, starting in China, then moving to Europe, and finishing
the day in the U.S.
China’s trade balance
was positive, the
first sign of improvement to Manufacturing in the last 4 months. This definitely helped give European equities
a boost in the London trading session.
was positive, the
first sign of improvement to Manufacturing in the last 4 months. This definitely helped give European equities
a boost in the London trading session.
In Europe, the ECB left
rates un-changed at
the Press Conference and President Draghi continued to promote low interest
rates and accommodating policy as well as stating that action would be likely
coming in June.
rates un-changed at
the Press Conference and President Draghi continued to promote low interest
rates and accommodating policy as well as stating that action would be likely
coming in June.
In the US we heard from Janet Yellen once again, who repeated the same information from yesterday. She spoke of low rates and plenty of help
from the Fed to get the US economy on-track again as-needed.
from the Fed to get the US economy on-track again as-needed.
We also had Jobless Claims News come in much lower than expected in the US, as well as quite strong ‘same store
sales’ which are showing a great rebound from the cold weather earlier this
year.
sales’ which are showing a great rebound from the cold weather earlier this
year.
=========================================================
News Tomorrow:
 |
| News Friday |
Friday has a lot of
important news to watch, and it all begins this evening in China before moving
to the US tomorrow morning.
important news to watch, and it all begins this evening in China before moving
to the US tomorrow morning.
We begin with Consumer Prices in China this evening at 9:30pm
EST, which should get the markets moving for us overnight and into the London
trading session tomorrow morning.
EST, which should get the markets moving for us overnight and into the London
trading session tomorrow morning.
We don’t have any major news in Europe tomorrow morning, and
as we go into the US session we have the Labour Force Survey in Canada before
we hear from the JOLTS report (Janet Yellen’s favorite) at 10:00am EST.
as we go into the US session we have the Labour Force Survey in Canada before
we hear from the JOLTS report (Janet Yellen’s favorite) at 10:00am EST.
Remember,
tomorrow is Friday, so we will be trading until 11:30am EST and then we close
up the charts and enjoy the weekend.
tomorrow is Friday, so we will be trading until 11:30am EST and then we close
up the charts and enjoy the weekend.
It’s important that we do NOT trade too late on a Friday because
price-action will become very ‘illiquid’ as most traders will leave their
desks, and we don’t want to give back any of the profit we’ve earned this week.
price-action will become very ‘illiquid’ as most traders will leave their
desks, and we don’t want to give back any of the profit we’ve earned this week.
9:30pm: (CN) Consumer
Prices
Prices
8:30am: (CA) Labour
Force Survey
Force Survey
10:00am: (US) JOLTS
Report
Report
=========================================================
Day Trading Opportunities for Tomorrow:
Crude Oil:
 |
| Crude Oil Anchor Chart |
Crude Oil is trading sideways this evening with a bullish
trend on our anchor chart. We are
looking for buying opportunities at this time, but if these buyers fail to push
higher we will change that plan and sell short as soon as we break the support levels
below us.
trend on our anchor chart. We are
looking for buying opportunities at this time, but if these buyers fail to push
higher we will change that plan and sell short as soon as we break the support levels
below us.
Our day trading plan for
Crude Oil Futures is to buy-a-pullback with a new higher-high above the 100.44,
but if the buyers can’t get that job done we will then look to sell-short below
the 99.70 level below us.
Crude Oil Futures is to buy-a-pullback with a new higher-high above the 100.44,
but if the buyers can’t get that job done we will then look to sell-short below
the 99.70 level below us.
Our profit-target for the BUYING will be at the trend-line resistance
around 100.70 and then additional targets at 100.99 and 101.40. Profit-targets for the SELLING trades will be
the trend-line support below us around 99.30 and then again down at 98.75.
around 100.70 and then additional targets at 100.99 and 101.40. Profit-targets for the SELLING trades will be
the trend-line support below us around 99.30 and then again down at 98.75.
Short-Term Trading & Scalping:
Please join us tomorrow in our Live Trade Room for short-term trades called with exact entry and exit information.
Please join us tomorrow in our Live Trade Room for short-term trades called with exact entry and exit information.
=========================================================
Gold:
 |
| Gold Anchor Chart |
Gold is moving sideways this evening with a BEARISH market-personality
that tells us to look for selling opportunities this evening and into Friday’s
trading session.
that tells us to look for selling opportunities this evening and into Friday’s
trading session.
Our day trading plan for
Gold is to sell short using the highs of the recent bearish price channel as
well as the sell-zones above us at 1293.2, 1294.3, 1296.6 and 1298.1.
Gold is to sell short using the highs of the recent bearish price channel as
well as the sell-zones above us at 1293.2, 1294.3, 1296.6 and 1298.1.
Our profit-targets below are located at 1284.8, 1282.3 and
1281.4.
1281.4.
Short-Term Trading & Scalping:
Please join us tomorrow in our Live Trade Room for short-term trades called with exact entry and exit information.
Please join us tomorrow in our Live Trade Room for short-term trades called with exact entry and exit information.
=========================================================
Mini-Russell :
 |
| Mini Russell Anchor Chart |
Mini-Russell is approaching the weekly lows down at 1088.5
and with a strong bearish trend on the anchor chart our plan will be sell short
with new lower-lows using our
and with a strong bearish trend on the anchor chart our plan will be sell short
with new lower-lows using our
Wave Pattern for the entry.
Our day trading plan on the Mini-Russell is to sell short using our wave-pattern
short with a profit-target below at 1088.5.
short with a profit-target below at 1088.5.
 |
| Mini Russell 240M Anchor Chart |
Take a look at the 240-Minute anchor chart on Mini-Russell and
we can see the sellers have tried a few times to push this price-action below
the 1090.0 area but we can see the buyers have worked very hard to protect this
level.
we can see the sellers have tried a few times to push this price-action below
the 1090.0 area but we can see the buyers have worked very hard to protect this
level.
We can assume that Friday’s price-action will try to make new
lower-lows below 1088.5 but we assume this will be a very difficult area for selling
opportunities, but if the 1088.5 level is broken easily we will then sell short
with a wave-pattern short because we have a BIG DROP down to 1073.7.
Short-Term Trading & Scalping:
Please join us tomorrow in our Live Trade Room for short-term trades called with exact entry and exit information.
Please join us tomorrow in our Live Trade Room for short-term trades called with exact entry and exit information.
=========================================================
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