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130 Ticks Day Trading Euro Futures Mini Russell Gold Crude Oil SchoolOfTrade.com
Did you see what happened yesterday? We missed some serious profits because we were still trading in July…but here we are in August, and we need to adapt to today’s market conditions.
– We grabbed the short trade from 77.78 posted on the blog last night, and now we’re continuing to the downside on crude oil futures.
– We notice that we are at the lower portion of the trading range on our slower timeframe, which means we will be looking for buying opportunities at around 76.50 and above.
– We also notice that if we break below 76.45 we are going to be in the trading range below us and therefore we will be looking for the short side.
– We made a huge winner on the gold futures posted on the blog last night for swing traders, day traders and scalpers, and now we are at the highs of the range, so we should be looking for a short entry.
– We can clearly see that we have the bullish channel overhead at 1216.8 and inside that channel I am looking to buy the lows above the bottom of the channel, price TBD
– If we cant clear into the channel, im looking to sell the highs of the trading range below 1216.8
900am EST
– I learned two important things on our first trade on crude oil futures today
o Rather than working against the market, work with the market
We were trying to go short and the momentum was pointing to go long, so instead of forcing a short trade, we took a long trade on a faster timeframe to work WITH the market, rather than against it.
4-range chart and a 2-step reversal pattern
o Take your profit early in these quiet sloppy summertime markets
I had my final target on this trade at 50, and I also had a more conservative target at 35, and of course the 35 was tested and filled, but we never made it to the 50’s, so take the money and run!
1000am EST
– Dollar index is pushing new lows, so im looking for the euro to go long above 2840
– Dollar breaks new lows, we see buyers on euro and we get long from 1.2842 for 25 ticks of profit and a total dollar profit of $312.50usd.
1045am EST
– The mini Russell futures are breaking above the 615.0 level, so im looking for a long entry now using the 34-range candlestick patterns as my guide.
– Entry long on the Russell above the swing high of 616.4, lets wait for momentum to confirm this move.
– Entry long at 1053 and filled at 617.8 and then sold for 9 ticks of profit or $90usd for this scalp on the Russell.
1100am EST
– Crude is trading in a sideways range from 77.00 down to 76.00
– Looking to sell the highs of this sideways range on the crude oil
– Short entry on the 2nd move down off the highs entry at 76.57 and then covered this short scalp trade at 47 for a total of 23 ticks on this 4-lot scalp selling the highs on crude oil.
