June 21, 2016
- in Uncategorized by schooloftrade
Wednesday Trade Plan | Crude Oil, Gold, E-mini & Euro Futures 06/21/16
“Trading is a game of probabilities and pattern-recognition that can be won by anyone who is willing to invest the time to learn the business, develop the skills, and maintain the trader’s mindset.” – Joseph James
Notes for Tonight’s Newsletter:
Markets are giving us great moves this week as Janet Yellen testifies on Capitol Hill and the Brexit vote gets closer; Crude Oil is bullish, E-mini S&P is sideways, while Gold and Euro are bearish going into Wednesday’s session.
Crude Oil is bullish and trading with a large overshoot of the channel highs this evening which tells the buyers to look for the high of the channel as support for another leg higher or wait patiently for a deep correction back to the low of a channel for the most reliable buying opportunities tomorrow.
E-mini S&P is range-bound and trading sideways this evening which tells us to focus on rotation, buyer-failures at the highs, seller-failures at the lows, and the pendulum swing until we find a successful breakout in either direction tomorrow.
Gold is bearish with a spike & channel that appears to be finishing the session inside a range which tells the sellers to look for a correction back to prior resistance levels overhead for the most reliable selling opportunities tomorrow.
Euro is bearish and trying to break free of the 13000 round number this evening and a bear-triangle tells the sellers to look for traps above prior swing-highs for the most reliable selling opportunities tomorrow.
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