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Schooloftrade.com day trading newsletter 04 08 14Presentation Transcript
“The quality of a person’s life is in direct proportion to their
commitment to excellence, regardless of their chosen field of
endeavor.” –Vince Lombardi
Markets Today: Volatility returns! Plenty of trading opportunities!
News Today: Another day without major news
This Day in History: Buddha is born, Picasso dies, Hank Aaron makes history
News for Tomorrow: Finally! Red-Star News!
Chart Prep for tomorrow: Crude Oil bullish, Gold bullish, Mini-Russell
Reflections from Today:
o Crude Oil:
Finally breaks out of the range!
Opened @ Highs, kept pushing higher
203 ticks of range (wide)
Closing-print @ 102.36 (+1.62%)
Pushes higher overnight, sideways in the US Session
175 ticks of range (typical)
Closing-print @ 1308.3 (+0.91%)
Wide trading-range, inside Monday’s range
203 ticks of range (wide)
Closing-print @ 1139.5 (+0.48%)
o No major news on the schedule today
o 10:00am: JOLTS Report shows more job openings
o 4:30am: API Crude Oil Inventories +7.08M (largest build since June
This Day In History:
o April 8, 563 B.C.: Buddhists celebrate the birth of Gautama Buddha,
the founder of Buddhism
o April 8, 1973: Artist, Pablo Picasso dies at age 91
o April 8, 1974: Hank Aaron hits his 715th
Career Home Run, breaking
Babe Ruth’s legendary record, which still stands today.
o Finally, Red-Star News!
o 10:30am EST: (US) Crude Oil Inventories
o 2:00pm EST: (US) FOMC Meeting Minutes
Economic News for Tomorrow:
Wednesday morning doesn’t have a lot of major news, but without any news yet
this week after Friday’s Non-Farm Payroll, we are excited to see some big news
come into play on Wednesday.
We begin with Crude Oil Inventories at 10:30am on
Wednesday, which means that Crude Oil traders will be watching the price-
action closely tomorrow morning ahead of the report because we often see
sloppy price-action on Wednesday’s before the news is released. Also, we will sit-
on-hands 15-minutes before and at least 10-minutes after the news before we
trade Crude Oil Futures.
Later in the session we have the only Red-Star News of the
day; FOMC Meeting Minutes will be reported at 2:00pm EST. We know that
these ‘minutes’ are almost a month old, so they won’t be THAT important, but we
will be watching to see how the price-action reacts to the news and we will trade
Trading opportunities for Tomorrow:
Crude Oil VIP Chart:
Crude Oil opened the session today at the highs of Monday’s trading-range,
pulled back for a few hours, and then pushed to new weekly highs above the
We can see all signs point to buyers in control at this time; closing-print at the
highs, volume at the highs, and a closing-print that was ABOVE the highs from last
Crude Oil 64 Anchor Chart:
Crude Oil is pushing higher this evening, and we have a sell-zone waiting for it at
103.07 to 103.85 so we will be looking for selling opportunities in that sell-zone
once we get these this evening or later in the week.
Crude Oil 16 Anchor Chart:
We can see a bullish price channel has developed on our 16 anchor chart of Crude
Oil Futures, which tells us to buy when price pulls back to a discounted area on
We can see 2 buy-zones at 101.32 and 100.52, which will be
the ideal location for us to look for buying opportunities;
however since we have already made new higher-highs we
can take any continuation entry pattern we find at this time.
We have profit-targets above us at the highs of the price channel, 104.23, 104.75,
Yesterday on Gold we called a trade on Gold at 1297.2, with a
profit-target at 1315.9, and this trade is up $1,700 per
contract this afternoon.
Gold VIP Chart:
The VIP chart on Gold shows us a large GAP-UP at today’s opening-bell after news
in Europe pushed prices higher in the overnight US-session. By the time the
opening-bell rang in the US this morning the big move had already happened,
which is why the GAP is on our chart, and the price-action traded sideways.
It is a very big clue that we see price-action stayed ABOVE the previous week’s
highs today, suggesting that the buyers are indeed in control over the price of
Gold 64 Anchor Chart:
Gold finally pushed out of this buy-zone at 1287.7 and ran up to test the moving-
average resistance at 1315.2 this evening. Gold has a big challenge ahead of it
this week; if it want to test the 1334.9 it will need to push through the 1315.2
resistance, or it will collapse back down to the support at 1287.7 once again.
Gold 16 Anchor Chart:
Gold is pushing higher this evening, so we are looking for buying opportunities on
our 16-anchor chart. We need to buy Gold at a discounted price, which means
the best locations for buying opportunities will be at the lows of this bullish price
channel, the 1305.3 support and the 1299.8 support.
We have 3 profit-targets to use on our buying opportunities
right now; the highs of the price channel, the 1316.6
resistance, and the 1322.4 resistance.
Mini-Russell VIP Chart:
The Mini-Russell had some very nice moves today, but they all occurred inside the
range from Monday, which tells us that we are still waiting on SOMETHING this
week to push these e-mini’s either higher or lower.
In all reality, this type of price-action is VERY easy to trade and make profit, so we
better be careful what we wish for!
Mini-Russell 64 Anchor Chart:
With the Mini-Russell trading inside the range from Monday, we don’t have any
new information to work with this evening on the 61 anchor chart. We want to
sell short to follow this trend, but we want to look for selling opportunities at the
1158.2 area, and certainly want to avoid forcing trades short into the support
zone at 1141.1 down to 1125.2.
Mini-Russell 16 Anchor Chart:
The Mini-Russell has been trading sideways for the past 24 hours, but this range is
very wide which gives us plenty of trading opportunities buying the lows and
selling the highs. The most important thing to beware is trading the middle of this
range right now.
If we do happen to breakout to new highs this evening or
tomorrow we have profit-targets overhead at 1153.2 and
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