2 Losses and 100 Ticks on Gold, Crude Oil and E-mini Russell Futures

830am est

– Jobless claims are out and higher than expected
– The dollar index futures is giving us mixed signals

o Slow speed
o Low ATR
o Wide trading range
o Lots of upside and downside potential

– The crude oil futures have broken their overhead resistance and broken out above the wedge

o We defined the bullish channel and we are waiting for crude to finish this jump up, looking to sell the highs on the way up.

915am est

– We’ve made it through the pre-market news events, jobless claims and ECB announcement on rates

– We executed our plan on the crude oil futures and took three short entries when the crude oil made new highs

o Rather than buying the highs, im looking to sell the new higher highs
o 3 trades, 3 winners on that concept so far

– Now we’re looking to buy a pullback on the gold futures and we notice that our concerns over buying the highs are indeed valid

o Slowing speed going into new highs
o Lack of BIG MONEY on the buy side

 Tells us the SMART money is standing on the sidelines waiting to for a lower price.
 Tells us that we should be looking to sell the highs, rather than buy them.