6 Trades for Thursday | Crude Oil, Gold, E-mini & Euro Futures 08/10/16

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“Excellence can be obtained if you care more than others think is wise, risk more than others think is safe, dream more than others think is practical, expect more than others think is possible.”

Notes for Tonight’s Newsletter:

We’re getting some incredible trading opportunities this week and today’s big price moves are setting us up for yet another big session tomorrow.  Crude Oil, S&P and Gold are bearish while the Euro is bullish going into Thursday’s trading session.

Crude Oil is bearish and trying to finish rotation down to the lows of a spike & channel; Sellers have control and will be looking for pullbacks to falling resistance levels overhead as well as traps and buyer-failures above those resistance levels until they reach their target at the measured-move or the buyers can successfully take control in the opposite direction.  Buyers are nowhere to be found right now so they need to be patient and wait for the sellers to reach their target or get a strong push above the moving-average and hold the pullback with a target back to the battle zone overhead.

E-mini S&P is bearish and appears to be hunting for stops before it attempts a re-test of the lows; Sellers have control and will be looking for buyer-failures up at resistance levels overhead or a successful breakout-pullback below the rising support trend line for a target back to the lows.  The overshoot of the channel low is giving the bulls some breathing room and a window of opportunity to grab a pullback on the way up to the battle zone and then again if they can hold above the battle zone with a target back to the high of day.

Gold is bearish and trying to entice more sellers into the market for a move back to the low of day; Sellers have control and will be looking for buyer-failures during this retracement or a successful breakout-pullback below the rising support trend-line for a target back to the lows.  Price tumbled rather quickly this morning with some un-filled ‘gaps’ just begging to be re-tested up around the battle zone which will give the buyers a small window of opportunity for a scalp higher and then again above the battle zone if the sellers fail to take it back lower again.

Euro is bullish and trying to push higher off the low of a channel but the measured-move is acting as major resistance; Buyers have control and will be looking to buy pullbacks above the overhead resistance levels with a target at the double-up and highs of the channel overhead.  The resistance trend-line may deter the buyers from buying here, in which case price will pull-back and the buyers will look for seller-failure for a move back to the highs.  The sellers had an opportunity earlier today and they couldn’t hold the pullback.  Sellers will have a small window down to the battle zone and then again if they can hold a pullback below the battle zone with a target back to the lows.