December 8, 2011
- in Uncategorized by schooloftrade
Price channel day trading strategy using Dollar index and crude oil futures
This morning we began our trading day with a simple strategy. The dollar index had a bull price channel, was at the lows of the range from Wednesday, and crude was in the exact opposite position, with a bear price channel and at the highs of the range from Wednesday.
We used the dollar index to plan our day trading strategy this morning trading futures markets such as crude oil futures, euro currency futures, Mini-Russell Futures, and gold futures.
At 845am EST this morning the dollar index bounced off support and headed higher above the PLOD and that was our signal to get short on markets such as crude, Euro, and gold. We sold the highs of the price wedge on crude oil futures for over 250 ticks of profit, and our members traded right along with me.
The keys to our day trading strategy success today was knowing how to trade with the dollar index correlation, how to trade a failure below the PLOD, and how to use a simple price wedge pattern.
I look forward to sharing all of these tools and resources with you as a member!
