- in Uncategorized by schooloftrade
Our first look at the markets today
Euro Futures: Bull Channel, above the PHOD, we are bullish and looking to buy pullbacks with wave patterns. Target at 1.3180 resistance overhead.
Russell E-Mini Futures: Trading at the PHOD, if we make new higher highs we buy pullbacks with wave patterns, and if the buyers fail we sell below the PHOD. We can also see a trend line drawn which will help us with overhead resistance at the highs of a price wedge.
Crude Oil Futures: We are trading in a bull price channel, inside the range from Tuesday, which means we are range-bound. We are sharing volume with the 12-12 contract ahead of Inventory news at 1030am. All signs point to a sloppy market personality until we see something change. As price falls im buying the support at channel lows, and then selling when we break that support, target down at PLOD. If price rises im selling the highs of the range, and have a major AB=CD Bearish Reversal Zone overhead that will make it very difficult to buy at these highs.
Gold Futures: Trading in a bullish price channel we are buying at support with pullbacks. as price falls to channel lows we buy, and we can also buy the support levels just below the channel lows. If price breaks new lows below this key support we can then sell it short as support is broken, target at the PLOD.