May 22, 2014
- in Uncategorized by schooloftrade
Must-See Price Levels for Friday | SchoolOfTrade Newsletter 05-22-14
“It’s not the events of our lives that shape our future, but our beliefs and reactions as to what those events mean.”
Today’s Newsletter:
· Markets Today: Profit-taking on Crude Oil, Mini-Russell pushes higher, range-bound market on Gold
· News for Tomorrow: Home Sales, Early Close for Memorial Day Weekend
· Trading Opportunities: Buying Mini-Russell, Selling Crude Oil, range-bound market on Gold
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The Markets Today:
Crude Oil:
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Crude Oil Futures VIP Chart |
Traders took their profit on Crude Oil Futures in today’s session, which resulted in a very low volume pullback below the $104 big-round-number.
We had expected this to happen today, as traders wait for the next development from Ukraine and China.
Our plan for Friday is to keep selling short on the way down to Wednesday’s lows at 103.00 unless something comes out overnight and gets the buyers back involved tomorrow.
Most Important thing I see on this chart:
I see two important clues on the Crude Oil VIP chart…
First, the volume today was NOT at the highs, it was below the $104 big-round-number, suggesting that interest in new higher-highs has likely passed.
Second, the GAP up that occurred on Tuesday night (103.01 down to 102.44) is begging this price-action to tumble back to fill that GAP. That may not occur until we get back to our desks next week, but that will be a definite price-magnets for the sellers.
Important Levels to Watch for Crude Oil tomorrow:
· HOD/LOD: 104.22 / 103.55
· PHOD/PLOD: 104.29 / 103.01
· PW-H/L: 102.29
· PW-O/C: 101.56
Make sure you register for our Nightly-Newsletter on our website so you don’t miss these winning trading opportunities next time!
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Gold:
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Gold Futures VIP Chart |
Gold continues to trade sideways inside the range from the last 2 weeks of trading.
We have been watching gold closely this week and nothing knew has developed to push this price-action outside of this range so we expect to see much of the same until something changes this market-personality.
Most Important thing I see on this chart:
The most important clue on the VIP chart for Gold is the prior week OPEN (1296.1) and CLOSE (1293.3) prices almost the exact same.
This tells us that this market-personality has been balanced for almost 2 full weeks, and with the current price right in the MIDDLE of these two levels we can confirm that Gold futures are balanced.
Important Levels to Watch for Gold tomorrow:
· HOD/LOD: 1304.1 / 1293.7
· PHOD/PLOD: 1293.2 / 1286.3
· PW-H/L: 1309.2 / 1287.7
· PW-O/C: 1296.1 / 1293.3
Trade Called Last Night:
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Day Trading Gold Futures |
Last night’s trade was called short at the highs of the range at 1303.2. This trade SHORT earned over $800 per contract, and was just another trading opportunity on Gold in a very profitable week on our Nightly-Newsletter!
Don’t forget to register for our Nightly-Newsletter so you never miss another trading opportunity again!
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Mini-Russell:
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Mini-Russell Futures VIP Chart |
Manufacturing news from China just before midnight last night, combined with Home Sales news in the US morning session provided the fuel needed to push the Mini-Russell higher today.
Last night we were trading right in the middle of the range, completely balanced, but now we have an interesting scenario developing for Friday.
If you look closely you can see the Mini-Russell is back at the highs of the short-term trading-range and right on top of the prior-week’s opening price at 1111.5, which tells us that sellers will be trying to sell these highs, while the buyers will be shooting for the prior-week highs up around 1135.1.
Most Important thing I see on this chart:
I can see 2 important clues on the VIP chart of the Mini-Russell.
First, the volume today was all at the HIGHS of today’s trading-range, which tells us there were plenty of buyers to keep this price elevated near the highs of the weekly range.
Second, the big-round-number of $1100 is also the middle of this weekly range, along with the prior-week closing price at 1099.2. These price levels will act like ‘price-magnets’ so the sellers will be looking for the buyers to fail at these highs for easy selling opportunities on Friday morning.
Important Levels to Watch for Mini-Russell tomorrow:
· HOD/LOD: 1115.4 / 1100.9
· PHOD/PLOD: 1106.1 / 1090.0
· PW-H/L: 1135.1 / 1078.7
· PW-O/C: 1111.4 / 1099.2
Trade Called Last Night:
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Day Trading Mini-Russell Futures |
Last night we called the trade SHORT at the highs of the range using the sell-zone at 1109.6. We had 2 easy selling opportunities at this zone before the price-action pushed its way higher. Both of these trades earned over $900 per contract!
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News Tomorrow:
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Economic news for Friday |
Tomorrow (Friday) morning we have major Red-Star News at 10:00am EST in the US session, and an early close (2:00pm EST) ahead of the Memorial Day Weekend holiday in the US.
Look for the best price-action to be early on Friday morning. The London trading session and the US morning-session will be where you see the best price-action on Friday.
We have news at 10:00am EST, and we can then assume the price-action will slow down dramatically after 10:30am EST tomorrow, so we need to watch the time and market-personality very closely as we get closer to 11:00am EST.
We’ve made some great profit this week, so we will be trading carefully tomorrow with the long-weekend ahead of us.
· 10:00am EST: New Home Sales
· 2:00pm EST: Markets Close Early
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Day Trading Opportunities for Tomorrow:
Crude Oil:
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Crude Oil Futures Anchor Chart |
Crude Oil is trading lower this evening on profit-taking from the new highs at $104.29 made on Wednesday afternoon.
Our day trading plan for Crude Oil is to sell short with this move lower, using the lows of this bullish price channel as our profit-target on the way down.
We are also keeping an eye on a possible sideways-trading-range on Friday, and if we see a narrow trading-range we will begin buying the lows and selling the highs.
We will also keep an open-mind for more buying opportunities, but we need to see this price come down to the support levels to buy at 102.99, 102.68, 102.25 and 101.99.
Short-Term Trading & Scalping: Please join us tomorrow in our Live Trade Room for short-term trades called with exact entry and exit information.
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Gold:
Gold Futures Anchor Chart |
Gold has the same market-personality today as it did earlier this week, so our day trading plan on Gold hasn’t changed.
We have up-dated the price levels to use for the trading opportunities on Friday, but this range-bound market is still the same as it was earlier in the week.
Our day trading plan on Gold is to buy-the-lows at 1287.4, 1285.3, 1281.4 and 1278.5. We will also sell the highs of the range at 1300.8, 1303.1, 1303.6, 1306.2, and 1308.8. Remember to stay away from the middle of this range!
Short-Term Trading & Scalping: Please join us tomorrow in our Live Trade Room for short-term trades called with exact entry and exit information.
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Mini-Russell :
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Mini-Russell Futures Anchor Chart |
Mini-Russell pushed higher today, all the way to the highs of the range at 1115.4 and now we are going to wait for a pullback before we start buying or a new higher-high so we can return to buying pullbacks up to the next level of resistance above us at 1123.0.
Our day trading plan for the Mini-Russell is to wait for buying opportunities down at 1102.7, 1099.7, and 1097.4.
We have the opportunity to sell short here at these highs, using the support level down at 1102.7 as our profit-target.
If we do push higher, we will look for new buying opportunities above the 1115.4 resistance and then grab a wave-pattern long up to a profit-target at 1123.0
Short-Term Trading & Scalping: Please join us tomorrow in our Live Trade Room for short-term trades called with exact entry and exit information.
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