Find Precision Entries | Crude Oil, Gold, E-mini & Euro Futures 03/28/16

Click here to download today’s charts

“If you want to be successful, find
someone who has already achieved the results you want; copy their behavior, use
the same tools, techniques, and you will achieve similar results as well.”

Notes for Tonight’s Newsletter:

Crude
Oil is bearish with a ‘descending
wedge’ that is un-tested, but we have a rising support trend-line
between the sellers and their target so we will be watching a key area of
support below us tomorrow.  We have a head-fake
at the open, a bearish wedge, and rising support on the chart this
evening.  The head-fake at the open tells
us this market will most likely try for a 2nd leg
down, and we will use the measured-move
for the target.  The bearish wedge tells
us this short-term correction was expected and sellers will try to re-test the
low at 38.87 before trying to test the finishing-point
of the wedge which is also the previous day’s low at 38.34.  The rising support channel is an obstacle for
the sellers and will most likely be the biggest variable for direction
tomorrow.  Aggressive sellers will be
looking to sell at the highs of the channel while more conservative sellers
will wait for more proof after a break of the channel lows.  Buyers will be looking for opportunities at
the channel lows and will be watching for the sellers to fail for a move back
to the highs at 40.14 tomorrow.

E-mini
S&P is range-bound
with a slight bearish bias this evening which tells us exactly where the most
common ‘traps’
will be tomorrow and how to avoid them. 
We have two channels
and a triangle
to work with this evening.  The bear channel
tells us we are rotating
off the highs with a target back at the lows, and the bull channel was broken
and the sellers used it as resistance without allowing the buyers to re-test
the highs which is why we have a bear bias this evening.  The triangle gives us rising support and falling
resistance which will be where the ‘traps’ are most likely tomorrow.  Sellers want to sell the highs of the channel
or wait for the price to break down and use the lows of the triangle as
resistance on the way back to the lows at 2022.and 2016.00.  Buyers want to see those sellers fail at the
lows of the triangle, or break the highs of the bear channel and use the highs
as support on the way back to the highs at 2034 and 2039.

Gold
is bullish after a head-fake
at the open this morning but falling resistance will most likely cause the
buyers to wait until they see proof
or enough room to buy this market tomorrow. 
We have a head-fake at the open, a bull channel,
trap-low,
and falling resistance on the chart this evening.  The head-fake at the open clearly fooled the
sellers earlier in today’s session and will give the buyers confidence to push
price higher with a 2nd leg up to a measured-move
target overhead.  The bull channel has
been broken which tells us the market’s
inertia will take over and buyers will keep trying to re-test the highs at
1223.2 and the PHOD
at 1224.3.  The trap-low is a perfect
opportunity for the buyers to get in at a low price on the way back to the
highs, but the falling trend-line acts as resistance which will keep the wise
buyers away from buying here and they will look for a lower price or a breakout-pullback
to new highs for the SAFE entry point.

Euro
is bullish and rotating back towards the lows of an un-tested
channel which tells us to look for buying opportunities with bear-traps
at some key support levels waiting for us below.  We have a bull channel and a measured-correction
on the chart this evening.  The bull
channel is ‘un-tested’ which means it will likely surprise people at the lows
and buyers will look for bears to try and fail around the lows for a move back
to the highs.  The measured-correction
will make for an excellent area to look for the bear-trap, and the GAP
from this weekend may be exactly the area they use to send it back higher.  Buyers want to see price pull back into these
support levels below and use seller-failure
to buy back to the highs, while the sellers want to see the buyers fail and
make sure we hold the lows of the channel as resistance overhead before trying
to send price back to the lows.