Looking for the Price Reversal and Inside Day Fake-Out Breakouts

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The James’ Report: Professional Resources for Professional Traders

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Crude Oil falls to 6-week lows, trading below Thursday’s LOD, Outside day

Gold Futures tumble to new lows, biggest drop in 4 weeks, Outside Day

Euro trading in the middle of Thursday’s range, inside day

Mini Russell trading at the lows of Thursday’s range, inside day, looking for transition

– A statement released during the Asian session by the G20 provided some reprieve in the gloom and doom sentiment that had enveloped the markets the last few sessions. G20 Communiqués to stress its commitment to strong coordinated response to crisis

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Today’s Economic News:

Day traders do not have any major news scheduled for this morning’s trading session, which may mean some sideways ranges today as the markets have had a very busy week. Friday’s are always a little unexpected. We may see news out of the Fed/ECB this morning which can easily get us some action, so we will be keeping or eyes peeled.

Friday’s will always be sloppy after 11am EST, so we will be looking for opportunities early this morning, and keeping an eye on market personality after 11am for the end of our day

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Looking at the Charts:

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Crude Oil Futures is up first!

Crude Oil making new lows this morning.

We have three price structures as clues:

Outside day tells me to sell retracements with new lower lows, as well as keep an eye on the failure coming back up into the PLOD.

Bear Channel tells me to sell the resistance as price pops back up. Sell the highs of the bear channel.

Strong move down reminds to be very careful trying to sell at the lows, I will wait to sell retracements with new lower lows, and staying patient looking for exhaustion and the price reversal off these lows.