Day Trading Non-Farm Payrolls | Crude Oil, Gold, E-mini & Euro Futures 03/03/16

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“People who fail to
achieve their goals usually get stopped by frustration. They allow frustration
to keep them from taking the necessary actions that would support them in
achieving their desire. You get through this roadblock by plowing through
frustration, taking each setback as feedback you can learn from, and pushing
ahead. I doubt you’ll find many successful people who have not experienced
this. All successful people learn that success is buried on the other side of
frustration.”

Notes for Tonight’s Newsletter:

Crude
Oil is range-bound
this evening with a bull-bias
and a recent test of the highs tells us to expect rotation
back to the lows and we will be looking for bear-traps
to buy the lows tomorrow.  We have a
multi-day range, multiple trend lines, and measured-moves
to work with this evening.  The trading
range is bullish and tells us to use rotation and the ‘2-try
rule’ to find the best trading opportunities and with the recent failure at
the highs we expect the sellers to run price back to range lows before the
buyers can send it higher again.  Using
the ‘2-try rule’ we also need to keep an eye on a failure to test the range low
at 34.32 which will be a big bullish clue to give buyers confidence up to the
measured-move and the range
expansion at 35.90 tomorrow.  The
trend lines on the chart will make for easy support and resistance, and the
measured-moves give both the buyers and sellers some easy targets in the
short-term.

E-mini
S&P is bullish but we hit our head
& shoulders target from last night’s newsletter so we are too expensive
to buy this high and will be looking for a 2-legged-correction
tomorrow to buy more.  We have a trading
range, bull channel
and three
pushes higher to work with this evening. 
The trading range shows perfect rotation inside and outside of the range
and we are now testing the range resistance at 1991.00 which tells us to that
the original range will always be a magnet for price.  The bull channel tells us that we are trading
near the highs which is too expensive for professionals to buy so we will look
for a correction back to the lows of the channel for the most reliable
opportunities tomorrow.  Lastly, the
triple measured-move has yet to be reached, but it illustrates that we had
three pushes higher today and to wait for a correction back to major support
for the best buys tomorrow.

Gold
is bullish but we have three
pushes into an overshoot
of the channel highs which gives sellers an opportunity to fade the high-of-day
and buyers will wait for a deep correction lower.  We have a major bull channel,
minor spike
& channel and three pushes higher on the chart this evening.  The bull channel has an overshoot
which tells us sellers will be looking for a double-overshoot
for an easy selling opportunity while the buyers need to wait patiently for a
move back to channel lows.  The spike
& channel tells us to look for a 2-legged-correction
off the highs back to the base of the channel for the most reliable buying
opportunity, and the three pushes higher today tell us this market is way too
expensive to buy right now and should be sold or wait for the correction before
we buy more.

Euro
is bullish but trading at multiple levels of resistance which tells us to
expect buyers to try once more before they give up and let this price collapse
off today’s highs.  We have a range breakout,
bull channel,
three
legs higher, and multiple levels of resistance on this chart tonight.  The range-breakout reminds us that price will
always try to come back to the range if the buyers cannot keep this price
holding support levels.  The bull channel
tells us the buyers tried once to rotate back to the highs and we can expect
them to try once more before they give up control, and the three pushes higher
tells us this price is much too expensive to buy here and we should take profit
(sell) or wait to buy after the 2-legged
correction off the highs.