February 7, 2017
- in Uncategorized by schooloftrade
Don’t miss this Pattern on Tuesday | SchoolOfTrade Newsletter 02/06/17
“To become financially independent, you must turn part of your income into capital; turn capital into enterprise; turn enterprise into profit; turn profit into investment; and turn investment into financial independence.”
Crude Oil is bearish, but the strength of today’s session, along with an important trend-line is telling us that sellers may be more patient to wait for the next selling-opportunity than they were earlier today.
E-Mini S&P is bearish, but the sellers gave us a great clue when they re-test today’s lows, telling us exactly where (and where NOT) to be looking for selling-opportunities tomorrow.
Gold is bullish, but one BIG CLUE on the chart tells us to beware buying right now, and wait for a correction tomorrow.
Euro is bullish, but that may not last much longer as price re-enters the ‘correction zone’ from the spike & channel that started today’s session.
FDAX is bearish, but a wedge on the chart tells us that a correction is most likely to help the bears avoid selling into major support levels waiting below.
Crude Oil
Crude Oil is bearish after completing a triple measured-move this afternoon, and with such strength to the downside, combined with this rising support trend-line, we assume that sellers will take some profit and wait for a higher price to sell more if they get the chance tomorrow.
E-Mini S&P
E-Mini S&P is bearish and trading in the middle of a range this evening, telling the sellers to be looking for trading opportunities up at the high of the range, and to avoid falling for traps down at the lows because the measured-move is lurking just a few points below.
Gold
Gold is bullish and trading at the high of a channel this evening, just inches away from a measured-move, but this parabolic move to finish the session makes it quite risky trying to buy this high on the chart, so we will be waiting patiently for a pullback to support levels for a re-test of the highs tomorrow.
Euro
Euro is bullish after the sellers appear to have gone a little too far, too fast this morning, but the bulls have completed their measured-move so now we look for a pullback in the ‘battle zone’ to see if the bulls really want this, or if this is just a move back into the ‘correction zone’ for the sellers who may be waiting patiently after this morning’s bear spike & channel.
FDAX
FDAX is bearish and trading with a wedge this evening, and the narrowing of the wedge tells us that sellers will have a challenge selling this low, so we expect to see the most reliable selling-opportunities after a correction up to levels of resistance overhead.
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