Price Wedge Day Trading Strategy earns profit on Euro currency futures

If I had to chose a price structure to trade for the rest of my career it would be an ‘inside day price wedge’ and we got exactly that today on the euro currency futures which made it easy to trade with confidence. 

The day began with the dollar index trading at the highs of a price wedge, and then we checked the euro and found the Euro was at the lows of its price wedge.  We used the negative dollar index correlation to anticipate that this Euro was going to rise when the dollar index dropped off the highs, and it certainly did. 

The dollar index provides a lot of great clues for our day trading strategy, and we use the dollar index at major turning points in the market to increase the odds of success on each trade we take. 

Crude oil futures gave us bullish price channel and we bought a pullback using our 34-range chart.  Price action was very sloppy on crude oil futures today, and it took me a few ‘swings’ to get the long trade to work out, but in the end, it tested the 100.00 big round number like we assumed it would. 

Price wedge day trading strategy Basics