120 Ticks Live Day Trading & Swing Trading Futures

Hey guys, we profited another 120 ticks today in the Live Trade Room while we look for day trading and swing trading opportunities on different futures markets.

Here is the recap of how today’s trading looked..

830am EST

– Dollar index futures are trending UP today

o We noticed on our slow chart that the dollar bounced off its trigger zone and is now rising off that support
o Speed is slow
o Average true range is still very low from last week
o Fast timeframe is trending up, testing its highs, so we should see some good oppoprtunity in other markets today.

– Euro Futures are trending down today
o We are just above the trigger zone, so we expect for price to fall a little more today
o Fast timeframe showed a 2-step reversal off the lows for a nice winner @ 820am EST today
o We expect those lows to be tested again, and we will look for more opportunities when they are re-tested.
o Average true range is ok, not too low, but not that high either.

– Gold Futures are trading sideways off their lows of the day
o Speed is still very slow
o Average true range looks decent
o Fast chart shows sideways market
o Slow chart shows the same sideways market
o We notice we are trading below the trigger zone on the slow chart, which means the sellers are in control.

 Higher percentage trades will be short today

– Crude Oil futures are trading in a very wide sideways range.
o We took our first trade on crude oil this morning @ 900am EST for a small loss
o We took that trade not knowing about a major support level in our way, which we now can see is the reason for the loss

 Reminds us to make sure we have our charts set up and completed BEFORE we trade every day.

1015am EST

– After the 10am Home Sales Index number was released we begin to see the dollar go sideways
– We had a nice uptrend on the dollar earlier today
– We saw some nice easy moves on the markets we trade
– But now we have tim geithner speaking in congress, we have slower speed, and we don’t have any more news today.
– Expect to see the rest of the markets we trade to slow down, and potential go sideways
– Lets check our ATR to confirm the fundamentals of the markets:

o Gold = atr is rising
o Crude Oil = atr is rising
o Euro = sideways, no drop = good
o E-mini ES = atr is rising
o All of these look good!
o So what does this tell me?

 Even though the dollar is slow and sluggish, we still have wide trading ranges, which gives us hope to see higher % patterns today.