Trading Triangles Tuesday | SchoolOfTrade Newsletter 05/02/16

Crude Oil is bearish with a wedge and measured-move to work with this evening which tells the sellers to be looking for traps at overhead resistance levels for the most reliable selling opportunities tomorrow. E-mini S&P is bullish and trading at the highs of a bull channel this evening which means sellers will be looking for reversal opportunities with an overshoot and buyers will stay patient for seller-failures back at channel lows. Gold is bearish with a triangle pattern on the chart this evening which tells the sellers to look for 'bull traps' at the resistance levels overhead on the way down to target at the end of the triangle and possibly a full measured-move completion. Euro is bullish and trying to complete rotation from the low up to the high of the channel evening which means buyers are looking for pullbacks on the way to the triple measured-move or they can wait for seller-failure below the lows if we get an overnight correction. Read less