Crude and Dollar Correlation Works with Mini Russell Futures
We begin our day with the news, so check your news at schooloftrade.com/news
Then we notice we have crude oil contract rollover this morning from our 11-10 to the current 12-10 contract.
-We look to see when volume is greater on the 12-10 contract and today we roll forward.
-Make sure you save your workspace once you’ve completed the rollover.
-And make sure you re-set your auto levels indicator to use the correct support and resistance levels.
845am EST
– Lets begin our day with the dollar index futures to give us some direction ahead.
– We see the dollar moving up off the lows from last week and we notice the following
o Wide trading range (good)
o Outside day (good)
o Head and shoulders candlestick pattern which signals a potential reversal, so looking good for future movement from the dollar!
955am est
– The dollar rests on support trend line which is holding us the rest of this market today
– Very slow and sluggish even for a Monday morning in the markets we trade most
– Crude oil futures are trading sideways at 82.00, and we have to wait to see where the market wants to go next
– Gold futures have overhead resistance, and with dollar support it’s causing a sloppy and sluggish open to the gold this morning.
– The euro moved off its lows from last week on the dollar drop, and now we look for a breakout trade on the euro
o 13-range has a nice wave entry long 3930
