January 21, 2016
- in Uncategorized by schooloftrade
Watching for Failure Patterns | Crude Oil, Gold, E-mini & Euro Futures 01/20/16
Click
here to download today’s charts (upload isnt working tonight)
here to download today’s charts (upload isnt working tonight)
“Don’t set
your goals too low. If you don’t want much, you won’t become much.”
your goals too low. If you don’t want much, you won’t become much.”
Notes for Tonight’s Newsletter:
Crude
Oil is bearish in the long-term but a late-session bullish correction has
the buyers back in the game ahead of tomorrow’s inventory
report and the most recent pullback gives us BIG CLUES for where we go
tomorrow. Sellers took control early in
the session and completed their targets
before the buyers grabbed control after lunch and pushed higher three times
before the 4:30pm EST API# was released and we now have a DEEP pullback off the
highs which tells us that the buyers need to hold this pullback
for them to have a chance at hitting targets up at 29.60, 29.78, and 30.00
ahead of news at 11:00am EST tomorrow morning.
Oil is bearish in the long-term but a late-session bullish correction has
the buyers back in the game ahead of tomorrow’s inventory
report and the most recent pullback gives us BIG CLUES for where we go
tomorrow. Sellers took control early in
the session and completed their targets
before the buyers grabbed control after lunch and pushed higher three times
before the 4:30pm EST API# was released and we now have a DEEP pullback off the
highs which tells us that the buyers need to hold this pullback
for them to have a chance at hitting targets up at 29.60, 29.78, and 30.00
ahead of news at 11:00am EST tomorrow morning.
If the bulls can’t hold this pullback the
sellers are going to attack this market and try to push down to targets
at 27.89, 27.56, and 26.93. The big
variable is the news tomorrow, so we will sit-on-hands from 10:45am through
11:15 to let the news volatility pass and then look to finish the session
afterwards.
sellers are going to attack this market and try to push down to targets
at 27.89, 27.56, and 26.93. The big
variable is the news tomorrow, so we will sit-on-hands from 10:45am through
11:15 to let the news volatility pass and then look to finish the session
afterwards.
E-mini
S&P is on a wild ride today with a parabolic
wedge lower that was immediately bought up with the pushes higher before
finally pulling-back and giving us an excellent opportunity to go lower
tomorrow morning with the proper trigger.
S&P is on a wild ride today with a parabolic
wedge lower that was immediately bought up with the pushes higher before
finally pulling-back and giving us an excellent opportunity to go lower
tomorrow morning with the proper trigger.
The sellers took control early in the
session and gave us three
legs down into a parabolic
wedge before a beautiful breakout
pullback to get long with three pushes higher from the buyers before
overshooting the channel highs and overcorrecting back at the lows.
session and gave us three
legs down into a parabolic
wedge before a beautiful breakout
pullback to get long with three pushes higher from the buyers before
overshooting the channel highs and overcorrecting back at the lows.
The buyers are in a tough spot right here
with 3
pushes higher into a climactic overshoot
so you KNOW the sellers are waiting for them to fail so they can continue this
bloodbath back down to the targets at 1840.0, 1818.0, and 1800.00. If the bulls can hold this pullback
we will look for a 3rd measured-leg
back to the high of today’s session.
with 3
pushes higher into a climactic overshoot
so you KNOW the sellers are waiting for them to fail so they can continue this
bloodbath back down to the targets at 1840.0, 1818.0, and 1800.00. If the bulls can hold this pullback
we will look for a 3rd measured-leg
back to the high of today’s session.
Gold
is bullish, however today’s spike
& channel ended just shy of the channel-highs after three climactic
pushes higher which tells us the buyers are likely sitting on the sidelines until we see a
correction early tomorrow morning and sellers will be drooling over a
successful hold of the next pullback.
is bullish, however today’s spike
& channel ended just shy of the channel-highs after three climactic
pushes higher which tells us the buyers are likely sitting on the sidelines until we see a
correction early tomorrow morning and sellers will be drooling over a
successful hold of the next pullback.
The bulls had control with three
pushes into a major measured-move
this morning but we can see it fell short of completing the channel-rotation
which tells us the sellers will be looking to send this price back to the
channel-lows but the bulls will see this as unfinished business and will be
looking for the sellers to fail at the moving-average
for a shot to send this back to finish the job!
pushes into a major measured-move
this morning but we can see it fell short of completing the channel-rotation
which tells us the sellers will be looking to send this price back to the
channel-lows but the bulls will see this as unfinished business and will be
looking for the sellers to fail at the moving-average
for a shot to send this back to finish the job!
Euro
is bearish with a spike
& channel and possible trading-range
this evening which means we will be planning for multiple scenarios tomorrow
focused around the sellers holding the next pullback after testing the
range lows at the end of the session today.
I think a lot of traders will have different opinions about this chart
tonight, which is why PATIENCE and PROOF will be the key to PROFITS
tomorrow.
is bearish with a spike
& channel and possible trading-range
this evening which means we will be planning for multiple scenarios tomorrow
focused around the sellers holding the next pullback after testing the
range lows at the end of the session today.
I think a lot of traders will have different opinions about this chart
tonight, which is why PATIENCE and PROOF will be the key to PROFITS
tomorrow.
Sellers have the bias, but the test of the
range lows tells us that if the bears fail to hold the next pullback
this will trigger a 2-try-rule
failure and we will see price run back to the highs of the range. If the sellers can hold the next pullback,
then the odds increase for a push down to the measured-move
and a test of the range expansion support below.
range lows tells us that if the bears fail to hold the next pullback
this will trigger a 2-try-rule
failure and we will see price run back to the highs of the range. If the sellers can hold the next pullback,
then the odds increase for a push down to the measured-move
and a test of the range expansion support below.
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