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209 Ticks Tape Reading Gold Futures Saved Profits Day Trading Russell Futures made us profit SchoolofTrade.com
We finished a great week in the live trade room with another day of summertime trading.
Today we had NonFarm Payroll news @ 830am EST that was expected to shake up the markets, and it certainly did.
The most challenging price action came early in the morning; we took 2 early losses and then stuck to our rules and made the money back.
– We’re preparing for a summertime Friday, we have Non Farm Payroll jobs report at 830am EST, and we expect that will be a strong catalyst to move these markets around.
– (US) Preview: July change in Nonfarm payrolls and change in manufacturing payrolls due at 08:30ET (12:30 GMT)
– Slower timeframe shows us in a sideways market
– If the news breaks us below the lows, don’t get fooled, wait for the bounce back above and buy the lows of this bracket.
– Gold quietly trading in a wedge pattern
– We will look for the break out above or below this wedge pattern for trade entry.
– Russell trading at the highs of the sideways range from earlier this week
– We are looking for a breakout to the down side and then look for a short entry below the low of the sideways trading range.
– Don’t get fooled by the move down if we DON’T see any BIG MONEY on the tape.
– Dollar Index is dropping, so im looking for a short on the Euro
– The problem is that with the dollar at its lows of the day, it may bounce at any moment, so trying to buy the euro currency futures with the dollar at the low of day is challenging.
– The best option is to wait for the dollar to bounce off the lows, look for a 2-step LONG entry pattern on the DOLLAR INDEX FUTURES to give me the trigger I need on the Euro 2-step short.
