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194 Ticks Day Trading Futures Breakouts and Failed Breakouts for Wedge Patterns
We finished up a HUGE month of July with another day filled with profits and lots of learning experiences.
First, Gold was in an odd spot today…did you see this issue with Volume?
Second, Crude Oil gave us $900 before 9am EST today when we sold the highs of the wedge
Third, we earned $360 on the Russell with a simple breakout strategy when we broke above the wedge.
We had members trading the Fast Track Method today, and we even discussed our new 144-tick chart method.
800am EST
Crude Oil Futures are trading sideways inside the middle of a wedge pattern
– Slow timeframe shows the highs of the wedge at 79.69, and the low of the wedge at 76.45, so that will be our targets for a breakout trade
– Our fast timeframe shows a sloppy sideways market trading just outside of its wedge pattern at the lows of the day
915am EST
– Im watching crude oil as one of the only movers this morning.
– We already made our $900usd on only 1 trade so far, so we have some freedom to be a little more pickly about our entries.
– We notice the 13-range on crude shows a breaker short, however, we then look at the 34-range chart and we see a problem
o 34-range shows we are at the bottom of the wedge, and I cant be a seller into the lows of the wedge
o So even though the 13range is telling me short, I have to use the 34 range as the more important factor
o So ill avoid the short until we breakout below the 34 range wedge, and now I look for a reversal pattern, 2step long, in the bracket using the 13-range chart.
930am EST
– Gold futures are trading on low volume and we are waiting to see what happens.
– Euro futures are trading all the way back up to the highs from last month at 1.3100, and we see a tight and narrow wedge pattern at these highs
o Im looking for a short entry below 1.2980 for our first option, or we can look for the long entry above 3069.
o Fast timeframe shows us trading around the open of the day with slow speed of the tape, so we may need to wait for a little while longer for this market to move for us.
1000am EST
– Crude oil futures break back into the bracket, now we look to buy the lows
– Entry long above 77.42
– First target filled at 60, and then stop moved to entry +1 and I got stopped out at my entry +3
– Another big winner on Crude Oil for $300usd.
