270 ticks Day Trading Gold Russell and Crude Oil Futures

We broke our daily profit record today with 270 ticks on only 4 contracts and it only took 4 trades to achieve these results.

This WEEK has been amazing, lots of learning opportunities, and today’s trading was the best example of trade management we have seen in a while.

830am EST

– Crude Oil futures are trading sideways around the big round number of 77.00
– We had news @ 830am EST jobless claims that didn’t do much to add any volume to the market, so we are waiting for more people to enter the market.

o Slow timeframe chart shows a sideways wedge pattern, which confirms the lack of direction in the market right now

o Fast timeframe shows us trading sideways right in the middle of our trading range
o We need to wait for crude to get away from this area and find more volume in the market

– We heard the National Weather Center released information about a hurricane in the Bahamas, and that sparked crude oil to start moving to the upside.

o At the same time we had already prepped for a breaker long pattern @ 900am
o 845am est the hurricane is announced
o 859am we are entering our crude oil trade
o 915am we took 90 ticks out of the market for the first trade of the day.

930am EST

– Gold breaks out of wedge pattern to the long side, we need to get above 91.

o Look for entry on your 4-range chart if we don’t get a clear entry on the 13-range chart

– We entered long on Gold after 935am alarm got us back into the market after the US open.
– WOW. Big winner, first two targets filled, no managing the runner
– We moved our stop up to 10 ticks back, and my final target to 1200

o Im trying to protect my trade ahead of news @ 1000am

o My final target of 1200 will be a good spot to grab a few more ticks if this market jumps ahead of the news.

Day Trading Patterns:

Crude Oil Futures:

Our first trade of the morning triggered a lot faster than we expected, and we found ourselves in our breaker long entry on the 21-range chart.

– 900am EST long from 77.16 we took the breakout to the upside and held the entire move.

-Now we see the market slowing down at these new highs, so we look for a reversal

-This time on a 13-range chart, little faster timeframe, but we can see a better pattern then the 21-range chart.

-Entry short below 86, and then look at your 34-range trigger line for your first profit target.

– Trigger lines are dynamic indicators, so they are going to change so keep a close eye on that first target, it will be moving!

– My second target will be at 25, and my final target all the way at the lows of 77.05, just above the big round number.

Gold Futures:

We already took 140 ticks out of the large move up on gold today.

We bought the gold futures contract @ 1191.6, and held all the way up to 1200.1 for a nice winning trade.

Now, just like with crude oil, we look for the reversal

We notice on gold that we are now at the extremes, the high of day for the passed 2 days, so lets look short for the reversal below 97.0, which is my trigger line on the 13-range chart

– Entry short below 97.0, looking for entry on the 4-range chart if you need it.
– My first target will be at 95.5, which is the most recent high of day from yesterday
– My second target will be 93.7, and my final target will take me all the way down to the open @ 85.0