Gold Futures Candlestick Pattern 95 Ticks Day Trading Today

Congrats to everyone who made money with us today in the trade room!

We did a special training on the Fast Track Trading Method yesterday and our members are doing great, so keep up the hard work, and don’t forget to spend some of those profits on the kids this weekend!

We opened the day today with Gold Futures in a wedge pattern, and we used that to make our first winning trade…

Click below and watch how this trade played out!

830am EST

– Crude Oil futures are trading sideways in the same narrow trading range from Wednesday

o We see a clear head and shoulders pattern on the slow timeframe which tells us two things:

 We may continue to trade sideways today within this range
 If we break the neckline below 76.50 we then will look for a reversal going back down into the much-wider range below us.
 Fast timeframe showed us test the highs, and now we’re slowly dropping back down to the open of the day

• The market looks weak, like nothing is there to move it anywhere.

 Sideways markets cause us to think a little differently today

• Buy the lows of the range
• Sell the highs of the range
• Look for slower timeframes to avoid the chop and slow
• Be aggressive with taking profit, lock up the profit and hold on tight b/c the market will reverse more often in a sideways range

– Gold Futures are trading sideways in a tight trading range from yesterday

o Double-tops and bottoms containing price above 1200
o Slow timeframe shows a tight trading compared to the previous days
o Fast timeframe shows a wedge pattern and trading at the open, both of these are big concerns for us, we need to wait for a better opportunity to trade this morning.

– Euro Futures have been trading to the long side for the better part of the day, continue its move off its yearly lows early this spring

o Fast timeframe shows us trading at the high of day, so we are looking for a 2-step short reversal day trade.

– The Russell futures are trading sideways

o The slow timeframe shows double-tops and bottoms above 635.0
o The fast timeframe shows a wedge pattern and trading at the open of the day

 Wedge pattern @ OPEN of the day = caution!

1000am EST

– Lots of action, lots of pattern, lots of movement
– We took trades on Euro, Crude oil, gold, and Russell futures

1045am EST

– No more news for today
– Now we see the ‘dead zone’ (slow speed) settle in
– Dead zone will last from 1030-1130 in most cases

o After the news, and before the Euro close.

Lets Look for Patterns:

Crude Oil:

Crude Oil is trading in the middle of its wide trading range. We already missed the break of the head and shoulders pattern, which triggered over the news, oh well!

Now we need to wait for crude to set up for our next pattern…

We can’t trade the middle, so the breaker short @ 75.33 is too risky, let’s wait patiently for the extremes to be tested again, and then look to buy the lows or sell the highs

– Enter short using a 2step reversal when we re-test the high of this range @ 76.50
– Enter long using the 2-step reversal when we test the lows of this range, which is all the way down to 74.25

– Gold Futures:

We notice gold trying to dig itself off the lows from earlier this month

– Looking to enter long to continue this trend to the upside above 18.2

o I will take half my profit at my first target of 25.0
o I will then take ¼ of my profit @ my second target of 27.5, and then my final target will get us all the way up into the sideways chop (middle) of the bracket above us.

-Russell Futures:

Russell traded off the highs from earlier in the week, and now we’re looking at 2 trading opportunities setting up as we speak:

– Entry long for a reversal off the new low of day @ 629.5

o Look for profit targets @ 32.5 (1/2), 36.0 (1/4), and 39.0 for our final ¼ of profit

– Enter short going with the downward trend using a breaker pattern below 24.5

o Look for our first target @ 21.0 (1/2), and then our next two targets of 14.5 (1/4) and 09.7 for a final ¼ of our profits.

– Keep an eye on this trade, this has some potential to start to move on low volume at the close of the trading session just like we saw last night,.

-Euro Futures:

The euro is trending up today thanks to the down-trend on the Dollar Index futures

– I don’t feel very confident in the long trade on the euro because we don’t have any levels to work with above us, so ill look for the sellers to run out of gas, and begin to roll over to the downside after this big move up.

o Entry will be short for a 2-step reversal @ 2854, and I will take my first profit target @ 2815, take half my profit at the first target and move my stop loss to my point of entry

 Moving my stop accomplishes two things

• Protects my profit, locks in profit
• Removes the risk, no risk on the trade now.
• I never let a winner turn into a loser.

o I will then take ¼ of my profit off at each of the next 2 profit targets, 2785 and 2745.

– Very important!

o I think the major reversal below 2682 has the most long term potential because if we break below 2682 we have the ENTIRE trading range below us to fill, lots of profit potential.

Questions:

What are the signs of a tough trading day ahead? (or that we should we wait a little longer for trading)

– Wedge pattern on your chart
– Trading @ open of the day, or the previous day’s open of trading