169 Ticks LIVE Day Trading Gold Futures Crude Oil Russell Futures

We made over $1000 again in our live trade room, with our members grabbing all the high percentage trade patterns that came our way on crude oil, gold, Russell, and the Euro.

Today was Monday, so we expected the day to be slow…we were VERY wrong!

Watch today’s video on our blog and see how the day turned out!

– Crude Oil futures are trading sideways

o Slower timeframe chart shows lots of congestions around 76.00
o Faster timeframe chart shows a wedge pattern and we are trading at the open of the day from Friday

 We want to avoid trading around the open on crude oil because it gets very sloppy.

o 21-range chart has 2step setting up below 75.00, but we have some concerns

 75.00 is right around the open

 We’re trading sideways, so it may be while

 And we just took the same pattern a little higher up from Friday, so this would be a continuation of that move.

o Another option on the 21-ranege, which we like a lot more, is to wait for crude oil to re-test the double-top highs of the week, and then look for another reversal off those highs for a 2-step reversal pattern

 We took 4 of these for HUGE profits last week, so there’s no reason to be concerned about those, they always work!

845am EST

– Gold Futures are still trading sideways

o Slower timeframe shows we are still in the wide trading range from 1214 down to 1185.0
o Fast timeframe shows a sideways wedge pattern, so we know we may want to wait a little while for the market to find direction
o We’re trading at the previous day’s open which is a concern
o Pace of tape indicator < 100, so very slow speed in the market

900am EST

– We see our first trading opportunity on crude oil futures

o Step short off the highs of the bracket around 76.40

 We noticed 4 reasons to let this trade pass:

• Pace of tape < Green (red and slow)
• Trend line in our way as support
• Momentum didn’t confirm
• The entry puts us in the middle of the trading range, and we don’t want to risk trading in the middle.

930am EST

– We’re looking at crude oil moving up and down and now resting into the “no-trade-zone” around 75.50, where we have 76.00 above us as resistance, and we have tons of support below us from trend lines and double-bottoms

o If crude doesn’t find a way to move through this area we have trouble finding more opportunities today.

– We came out of the US OPEN @ 930 with the markets looking for better direction

o Crude oil is trading sideways in the ‘no trade zone’ which is around 75.50 = 75.20
o Gold is still sitting sideways, we need to get the market above 1207.8 for an trade opportunity

 Gold speed < 100 all morning, so very concerned about the condition of gold market

– The markets appear to be missing the BIG MONEY

o We can tell because we don’t see the BIG MONEY entering the market on the time & sales window

 Without the big money we don’t see the following

• Triggers to our entry
• No follow through, no BIG moves
• Harder to see consistency in our support and resistance levels (we down know when they will/won’t hold

1000am EST

– Lack of big money

– Lack of conviction

– How do we react to this?

o Sideways markets, slow and sluggish markets

 Use slower timeframes

• Move from a scalper to a day trader, or to a position trader of futures contract

 Protection our capital first

• Tight stops and quick targets, look to take that profit and hold onto it tightly!

 Look for double-confirmation on our momentum

• Look at 2 different timeframes (fast and slow) for your momentum indicator

1015am EST

– We just took our third trade of the day on gold futures, nice big winner, and called the entire move down!

1030am EST

– We notice all the trigger lines are sideways

o Gold has the same price levels for all 4 of its trigger lines
o Crude Oil has the same problem

– This tells us the market is FLAT, sideways, range-bound, and we need to use caution

Looking forward to this afternoon:

– Gold futures are finally fulfilling the mission down to 1200.5 just like we called on our blog trade from last Friday

o Now we need to wait for the price re-test of 1207.5, or all the way up to 14.0
o We can also look to buy the lows if we move all the down to 1187.0, look for the 2-step LONG at these lows.

– Crude Oil Futures is setting up for a 2-step long above the big round number of 75.00

o Entry will be above 75.05
o First target will be 75.15 because we need to watch the 34 range trigger line
o 2nd and 3rd targets will be 75.25 and 75.45
o We just saw the initial attempt to trigger this trade, so we need to pay attention.
o We entered the long @ 75.07, with an initial stop @ 87.

– Russell futures are also setting up, this time to the downside

o Our entry short for this breaker short will be below 614.5

 Take ½ off @ 12.5

 Take ¼ off @ 09.2

 And then final ¼ off @ 600.7, just above the big round number.

– Euro futures are still in the downtrend from our successful short entry < 2600

o We already took the first target @ 2560, moved the stop to entry to protect the trade
o Next target @ 2530 we take another ¼ off, and the final target @ 2490.