November 10, 2016
- in Uncategorized by schooloftrade
Veteran’s Day Trading Strategy | SchoolOfTrade Newsletter 11/10/16 | CL, ES, GC, 6E, DAX
“Nobody can go back and start a new beginning, but anyone can start today and make a new ending.”
Notes for Tonight’s Newsletter:
Crude Oil is bearish and trying to finish off the rotation back to the low of the channel, E-Mini S&P is range-bound and trading at the high of a triangle, Gold is bearish and trading at the low of a spike & channel, the Euro is bearish and trading in the middle of a range, and the FDAX is bullish after a double-overshoot of the channel is now correcting higher.
We have a holiday-shortened session on the horizon tomorrow, but that won’t stop us from finding some reliable trading opportunities on tonight’s newsletter.
Crude Oil is bearish and trying to finish off the rotation back to the low of the channel and possibly the measured-move and prior week low before rotating back up to the highs again tomorrow. The sellers have control and will be looking for selling-opportunities at resistance levels on the way down to the lows of the channel, then we will wait and see how they react to the lows, if they breakout below or it they rotate back to the highs. Buyers will be looking for that rotation going back to channel highs, but they will need to wait for proof first.
E-Mini S&P is range-bound and trading at the high of a triangle this evening which means sellers will be looking for buyer-failures to sell the highs with the target going back to the lows. Triangles are trading like any other trading-range; buy the low, sell the high, avoid the middle and focus on failures. The key is to wait for price to move outside of the range and then snap back towards the middle of the range. The buyers may try to make a run at new all-time highs, and we need to see a strong break higher to gain the confidence to follow that move higher as well.
Gold is bearish and trading at the measured-move and the low of a spike & channel this evening which means the sellers will be waiting for a rotation back to the highs of the channel for the most reliable selling-opportunities going back to re-test the measured-move and possibly the prior month low at 43.2. The buyers need to be careful right now because the last push lower was quite strong which tells us that sellers will likely see any move higher as a selling-opportunity tomorrow.
Euro is bearish and trading in the middle of a range this evening which tells us the bears will be looking for selling-opportunities at the highs and the bulls will be looking for buying opportunities at the lows of the range. If price moves higher, sellers will be looking for buyer-failures to sell the highs and the bulls will be looking for a strong breakout-pullback for a move back to where the day started. If price moves lower, the buyers will be looking for seller-failures at the lows and the sellers will be looking for a strong breakout-pullback, but they won’t want to sell too low because the prior month low and measured-move targets are waiting just below the range.
FDAX is bullish after a double-overshoot of the channel low and is correcting higher and giving the bulls a window of opportunity to run price back to re-test the highs tomorrow. Buyers need to get and hold above the high of the channel for a move up to the overshoot resistance and then a move to the highs if they can hold from there. The sellers aren’t out of the game yet; they will be wise to wait for the buyers to try twice above the channel highs for an opportunity to sell back down to re-test the lows.
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