January 13, 2014
- in Uncategorized by schooloftrade
Day Trading Newsletter 01/13/14; SchoolOfTrade.com
“In
warfare there are no constant conditions.
He who can modify his tactics in relation to his opponent will succeed
and WIN.”
– Sun Tzu – The Art of
War.
warfare there are no constant conditions.
He who can modify his tactics in relation to his opponent will succeed
and WIN.”
– Sun Tzu – The Art of
War.
Reflections from
Today:
Today:
The markets were stuck in neutral today for most of the
session, which was somewhat typical for the first Monday after Non-Farm Payroll
Friday.
session, which was somewhat typical for the first Monday after Non-Farm Payroll
Friday.
Not only did we have a Monday without any major news on the
schedule, we know that most professional traders don’t trade Non-Farm Payroll
news last Friday, which means that today was the first day where we saw traders
taking action after this important report.
schedule, we know that most professional traders don’t trade Non-Farm Payroll
news last Friday, which means that today was the first day where we saw traders
taking action after this important report.
Friday’s Non-Farm Payroll was very different than they
expected, which means the reaction to that report would be a little sloppy this
morning, and that’s exactly what we got from most of the markets we trade every
day.
expected, which means the reaction to that report would be a little sloppy this
morning, and that’s exactly what we got from most of the markets we trade every
day.
Economic News for
Tomorrow:
Tomorrow:
8:30am EST: Retail
Sales & Import
Export Prices
Sales & Import
Export Prices
10:00am EST: Business
Inventories
Inventories
Tomorrow we have a lot
more action to be expected, starting with major Red-
more action to be expected, starting with major Red-
Star news at 8:30am EST
from Retail Sales.
from Retail Sales.
Tomorrow we will learn more about how the holiday shopping
season ended here in the US when we see the Retail Sales Report at 8:30am EST.
season ended here in the US when we see the Retail Sales Report at 8:30am EST.
Remember, whenever we see Red-Star news events on our
schedule we always want to be ready for BIG MOVES in the price-action so be
ready to hold that final profit-target as a runner and extend those winning
trades on days with Red-Star news event.
schedule we always want to be ready for BIG MOVES in the price-action so be
ready to hold that final profit-target as a runner and extend those winning
trades on days with Red-Star news event.
Later in the session we will see Business Inventories at
10:00am EST, which isn’t considered to be Red-Star news; however, it is still
something we will be watching closely tomorrow.
10:00am EST, which isn’t considered to be Red-Star news; however, it is still
something we will be watching closely tomorrow.
Crude Oil:
VIP Chart: Closed at
the lows of the range, suggesting bearish market sentiment going into
tomorrow. We are trading inside Friday’s
Non-Farm Payroll news range down to 91.24.
the lows of the range, suggesting bearish market sentiment going into
tomorrow. We are trading inside Friday’s
Non-Farm Payroll news range down to 91.24.
Zones Chart: trend is
lower, telling us to sell the resistance zone above us on this chart. We can see a great level to sell at 91.91
right now.
lower, telling us to sell the resistance zone above us on this chart. We can see a great level to sell at 91.91
right now.
Anchor Chart: we’re
making new lower-lows, below the moving-averages and the cloud is red. This is telling us to sell all retracements
off these now lows, and we are looking for Wave patterns.
making new lower-lows, below the moving-averages and the cloud is red. This is telling us to sell all retracements
off these now lows, and we are looking for Wave patterns.
Gold:
VIP Chart: Closing-print
is at the highs of a very narrow trading-range, which suggests the buyers are
in control going into Tuesday and we should expect a much wider trading-range
tomorrow.
is at the highs of a very narrow trading-range, which suggests the buyers are
in control going into Tuesday and we should expect a much wider trading-range
tomorrow.
Zones Chart: we are
buying at support zones as we get pullbacks during this uptrend moving
higher. We can see easy places to buy at
1251.2, 1250.0, and way down at 1244.7.
buying at support zones as we get pullbacks during this uptrend moving
higher. We can see easy places to buy at
1251.2, 1250.0, and way down at 1244.7.
Anchor Chart: we are
trending higher, above the moving-averages with targets above us right
now. We are buying at support levels
below us when we get a pullback during this bullish trend higher. We can see a profit-target at 1254.7, 1256.2,
1258.1
trending higher, above the moving-averages with targets above us right
now. We are buying at support levels
below us when we get a pullback during this bullish trend higher. We can see a profit-target at 1254.7, 1256.2,
1258.1
Mini-Russell:
VIP Chart: MONSTER
range today means tomorrow will likely be a narrow range scenario. Short-covering-rally occurred at the end of
the session, which caused price to close off the lows, which suggests we may
see bearish market sentiment tomorrow but we have to wait now for confirmation.
range today means tomorrow will likely be a narrow range scenario. Short-covering-rally occurred at the end of
the session, which caused price to close off the lows, which suggests we may
see bearish market sentiment tomorrow but we have to wait now for confirmation.
Zones Chart: we want to sell short at resistance zones
above us in a downtrend. Look for
selling-opportunities at 1150.3, 1152.5, and 1155.2.
above us in a downtrend. Look for
selling-opportunities at 1150.3, 1152.5, and 1155.2.
Anchor Chart: the big
move down today resulted in a short-covering-rally that almost broke above the
key resistance at 1149.6. We are looking
for price to move lower so we can resume selling short, or move above the
resistance overhead so we can buy it back into the range above us.
move down today resulted in a short-covering-rally that almost broke above the
key resistance at 1149.6. We are looking
for price to move lower so we can resume selling short, or move above the
resistance overhead so we can buy it back into the range above us.
Euro:
VIP Chart: bullish
2-day relationship, narrow trading-range today, closing print at the highs
suggests the bulls are in control going into tomorrow and we will likely see a
very side range on Tuesday.
Zones Chart: we are
buying the support zones below us in an uptrend
buying the support zones below us in an uptrend
Anchor Chart:
price-action is moving higher, above the moving-averages and headed to
targets above us.
price-action is moving higher, above the moving-averages and headed to
targets above us.
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