January 5, 2016
- in Uncategorized by schooloftrade
Day Trading Triangle Patterns Tuesday | Crude Oil, Gold, E-mini & Euro Futures 01/05/16
“Get around
people who have something of value to share with you. Their impact will
continue to have a significant effect on your life long they have departed.”
people who have something of value to share with you. Their impact will
continue to have a significant effect on your life long they have departed.”
Notes for Tonight’s Newsletter:
Crude
Oil is bearish with a spike
& channel and bearish-wedge
this evening which tells us to look for selling opportunities after a bullish
correction higher off today’s lows, and ahead of tomorrow’s inventory
report. The bears are clearly
in control at this time, and the completion of this wedge
tells us to stay patient for the buyers to push this higher and then look for
the pullbacks to fail for the best selling opportunities ahead of the 10:30am
EST Inventory
News tomorrow morning, at which time all bets are off and we wait for proof
of who takes control from there.
Oil is bearish with a spike
& channel and bearish-wedge
this evening which tells us to look for selling opportunities after a bullish
correction higher off today’s lows, and ahead of tomorrow’s inventory
report. The bears are clearly
in control at this time, and the completion of this wedge
tells us to stay patient for the buyers to push this higher and then look for
the pullbacks to fail for the best selling opportunities ahead of the 10:30am
EST Inventory
News tomorrow morning, at which time all bets are off and we wait for proof
of who takes control from there.
E-mini
S&P is trading higher after a successful breakout
pullback of the bullish triangle
which tells us the bulls have short term control back to range-highs
going into tomorrow’s session. The
bulls are trying to regain the losses from Monday’s session (worst start since
1999). Bulls will look for buying
opportunities at support levels to test the highs at 2017.00 and a measured-move
at 2021.00. Keep in mind, if we can make
a new high we will watch closely to see if they can hold the range-highs
around 2017.00 before we keep buying, and if the bulls fail at the highs the
bears will be looking to send this back to range-lows at 1993.00 and possibly
1983.00 tomorrow.
S&P is trading higher after a successful breakout
pullback of the bullish triangle
which tells us the bulls have short term control back to range-highs
going into tomorrow’s session. The
bulls are trying to regain the losses from Monday’s session (worst start since
1999). Bulls will look for buying
opportunities at support levels to test the highs at 2017.00 and a measured-move
at 2021.00. Keep in mind, if we can make
a new high we will watch closely to see if they can hold the range-highs
around 2017.00 before we keep buying, and if the bulls fail at the highs the
bears will be looking to send this back to range-lows at 1993.00 and possibly
1983.00 tomorrow.
Gold
is trading sideways
inside a bullish triangle
which tells us to look for opportunities to buy the lows of the range as well
as buying the pullback
after a successful triangle
breakout. If we look ‘left’ we can see the
strong bullish move higher that led into this triangle,
telling us to look for buying opportunities.
We want to buy the lows of the range, and when the triangle
finishes we can look to buy the breakout
pullback as long as we have correct signal-candles. Keep in mind, if the bulls fail for any
reason we still have the un-filled
GAP from last weekend down at 1061.0.
is trading sideways
inside a bullish triangle
which tells us to look for opportunities to buy the lows of the range as well
as buying the pullback
after a successful triangle
breakout. If we look ‘left’ we can see the
strong bullish move higher that led into this triangle,
telling us to look for buying opportunities.
We want to buy the lows of the range, and when the triangle
finishes we can look to buy the breakout
pullback as long as we have correct signal-candles. Keep in mind, if the bulls fail for any
reason we still have the un-filled
GAP from last weekend down at 1061.0.
Euro
is bearish with a spike
& channel which tells us to look for selling opportunities after a
bullish correction higher off today’s lows.
The bears have clear control this evening, but three
pushes down and a break higher tells us the bears are taking their profit
and the bulls will have a chance to push it higher. Sellers will be looking to get short on failed
pullbacks for the buyers, with a target back at the lows and beyond.
is bearish with a spike
& channel which tells us to look for selling opportunities after a
bullish correction higher off today’s lows.
The bears have clear control this evening, but three
pushes down and a break higher tells us the bears are taking their profit
and the bulls will have a chance to push it higher. Sellers will be looking to get short on failed
pullbacks for the buyers, with a target back at the lows and beyond.
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