Wednesday’s Futures Setups
OPEC Is planning to cut production November 1,
and possibly again in December, despite the current level of 28.19. The
Department of Energy expects crude oil prices to stay near $30 for the rest of
this winter.
If you follow Kevin Haggerty, this pattern may be familiar to you. The minis
have been up five days in a row, and six of the past seven.
Bonds are pulling back into a zone, but it looks
like a reversal may be at least a day away.
Please note that while there are strong trends, 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.
Be advised that some futures contracts are prone to gaps.
Remember, use stops on all your trades.