A fair number of financial markets have breakout setups for today. The best catalyst for breakout moves may be Fed Chair Yellen’s speech at 9 AM CT as traders want to see if she gives any insight as to the Fed’s exit strategy from its asset purchase QE.
Here are a few charts that I encourage bean, corn and cotton traders to pay some attention.
By the Taylor Trading Technique today was a Sell day in the TTT cycle. However, Monday’s range contraction, doji bar and the daily down trend meant a short sale opportunity might come a day early.
Sept. Euro: Monday was an NR4 day. Today there was a downside breakout below the 2014 low of 1.3335; use that as a pivot point this morning.
Trade or Fade is an offshoot of my Swing Trader’s Insight advisory. Breakout setups are one of my favorite patterns to trade- they identify markets that are potentially set up for a strong move in one direction. I have a set of patterns I use to anticipate breakout setups for Swing Trader’s Insight however I was looking to broaden the patterns used to identify breakout setups and give additional price levels to use to trade breakouts.
Sept. eMini SP Futures: By the Taylor Trading Technique today is a Buy day although there wasn’t any sort of low violation for a regular TTT Buy day setup. Friday’s high of 1961.00 is a pivot point; next support would be 1956.75.
Gold is currently trading at $1,313.50 (Z4) per troy oz. holding above psychological support of $1,300 (Z4) per troy oz. meanwhile Silver is doing the exact opposite.
By the Taylor Trading Technique, today was the Sell Short day for the eMini SP futures, as stated in last night’s Swing Trader’s Insight update. Thursday’s narrow range was a sign to be cautious but the Sell Short day setup ended up working well.
Sept. eMini S&P Futures: By the Taylor Trading Technique we would anticipate a Sell Short day today. However, Thursday was an NR7 day so there’s also the potential for a breakout move, which could push it higher. In either case, Thursday’s high of 1955.00 is the reference price.
Crude oil futures had a breakout setup for today as Wednesday was an NR7 day. For a breakout trade I will often use the previous session high and low as breakout reference prices. However, with crude oil in a strong daily down trend I was interested in finding an early entry for a downside breakout.