Tuesday’s Futures Setups
The June U.S. dollar
(
DXM2 |
Quote |
Chart |
News |
PowerRating) took
another hit to the downside against other foreign currencies, creating another
20-day low. This sets the dollar up for a possible Turtle Soup Plus One buy
setup. For more information
about how to use this indicator,
click here.
June gold broke out of an ascending triangle,
to hit a 3 year high. June gold closed up
5.06 or 1.64%Â to end at $316.00 an ounce. The yellow metal got a lift from
a weaker dollar against the foreign currencies.
Â
Possible Turtle Soup Plus One Sell Setup
Contract |
Setup |
Direction |
Trigger |
| July cocoa ( CCN2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 1550 |
| July frozen OJ ( JON2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 90 |
Pullback From The High
Contract |
Setup |
Direction |
Trigger |
| July crude oil ( CLN2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
Break above 29.00 |
| July heating oil ( HON2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
Break above 70.00 |
July unleaded gasoline ( HUN2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
Break above 82 |
Please note that
while there are strong trends in some commodities, one bar or a series of bars
forming a setup can sometimes indicate a contra move for the next day. This
contra move may not be long-lasting — maybe only for a day or two. Trading
with the main trend is always the highest probability trade.
Use stops on all your
trades.