2-Step Pattern Setting Up On Russell

Russell Futures:

-We see a 2-step pattern reversal off the high of day on the Russell futures

-Looking short below 50.4, looking for profit targets at 49.5 (1/2) because of the trigger line on the 34-range chart, and then 48.5 (1/4) and then all the way down to bounce off the trend line around 645.0 for the final target.

Euro Futures:

-We have a tough spot here on the Euro because we have a bullish channel, which requires us to sell the highs and buy the lows, and then we also have a sideways range which asks us to do the very same.

-If we break out of the wedge below 27 we will look to get short and take all the profit at the bottom of the channel, around 1.3215

-If we breakout to the upside we need to get all the way up above 1.3307 so we can above the dangerous highs of the channel (buying the highs are risky) and gets my above the big round number as well as the swing high at 3307. We will take ½ of the profit at 30, and then final target will be the top of the channel, around 3350.

Gold Futures:

– If we by the lows of the wedge on gold futures for an entry long above 1205.1, but this level may be too close to the trend line overhead, so if we don’t get into this trade with at least 10 ticks to that trend line, we need to wait for the more conservative entry

– The more conservative entry is above 1207.5 for a long and taking profit at 8.7 *(1/2) and then final target is the top of the wedge pattern

– If we break the wedge below 1201.4 we are looking for a short when we break new lows, looking for profit targets at 1200.5 (1/2), 96.5 (1/4), and then all the way to the bottom of the wedge for the final profit target around 95.0

Crude Oil:

-Looking to sell short the top of the channel, looking short below 81.32 and taking profits at 20 (1/2) and 07 (1/4) and then all the way down to the bottom of the range at 80.40

-Or we can buy the breakout into the bracket above us, looking to get long above 81.76, taking profit at the big round number of 82.00 (81.95) (1/2), and then up to the trend line above us around 82.20 (1/4)

1110am EST

-We see crude oil attempting to break the channel above 43’s and looking for profit at 70 (1/2), 95 (1/4) and then the highs of the wedge at 82.14 for the final profit target.

-If we cant breakout above, lets look for the 2-step short below 23, but we have support at 21, so lets look short below 20’s

-I will take profit at 81.05 (1/2), 75 (1/4) and then all the way down to the bottom of the wedge around 80.50.