Crude Trades Look Promising For Afternoon Trading Session

Crude Oil Futures:

– We’re still trading at the highs of the day on our 34-range chart (swing trading), but we can see a massive head and shoulders pattern, which gives us an easy short entry below 76.50

o Profit targets will be ½ @ 37, ¼ @ 76.05, and ‘soft’ target of ¼ @ 75.92, but read the tape and look for good speed to continue to hold this trade to our ‘hard’ target at ¼ @ 75.25

– Looking to buy the highs for entry long > 78.00, with profit targets of ½ @ 38, ¼ @ 95, and then 79.50 all the way up for the final target.





Gold Futures:

– We’ve made a great amount of profit buying the gold on the way back up to its all-time highs today, so now we have 2 things to consider at the highs:

o Im not very confident in my ability to predict where the market will RISE to. There’s very little conviction at the highs, and I don’t have the overhead resistance I need to determine my profit targets.

§ The best option is to let the retail traders push the new highs, create some over levels, and then we can look for a wave entry long, a 2-step long.

o I really like the idea of the price reversal off the highs, with entry below 68.3

§ Profit targets ½ @ 66.5, ¼ @ 62.5, and then ‘soft’ target ¼ @ 60.2, and then if we see good speed and momentum confirms lets hold that position into our major target of 57.3 in the middle of the bullish channel pattern.



Gold 34 Range Chart



Russell Futures:

– We have the Russell in the same place it was last night, trading at the highs of the wedge pattern, and in a sideways trading range.

o We have 2 options:

§ Buy the breakout above the highs, make sure you see good volume, speed, and momentum confirms to enter the trade.

§ Entry long > 51.5 will be a little higher risk because of the HOD, with targets ½ @ 54.0, ¼ @ 56.5, and soft target ¼ @ 59.7 (read the tape, looking for a reason to let this trade run), with a hard target ¼ @ 67.0

§ We can also sell short (higher percentage trade) using a 2-step price reversal pattern.

§ Entry short below 644.2, with profit targets ½ @ 41.8, ¼ @ 39.8, and soft target @ the trend line, and then look to hold that final target down to 30.6, which is the most obvious level of major support.

Russell 34 Range Chart