262 Ticks Day Trading Gold Futures, Russell Futures

We also did a special breakdown of a PENANT (or) FLAG Pattern on Euro…

 
 
800am EST

Crude Oil Futures are trading sideways in a wedge pattern

– Slow timeframe shows we are at the bottom of the wedge pattern

o I set my price alert indicator to tell us when we break above the bottom of the wedge at 77.80, or if we break out below the wedge at 76.80.

– Fast timeframe shows a very narrow trading range

o We notice however that YESTURDAY we had a similar tight and narrow trading range, but that narrow range was made much wider after 10am Consumer Confidence
o This tells us just sit back, relax ,and wait for the market to start running for us.
o This is the perfect time to give some money back to the market from yesterday.
o We have 10:30am Crude Oil inventories, we have 900am Home Prices, these are both expected to give us that volume we need to see this market.

850am EST

– Crude oil breaks out of the wedge below 76.80 and we look for a short entry

– We notice the dollar is in a wedge pattern, and this pattern shows indecision in the dollar, and this means no direction for the markets we are trying to trade, so let’s be careful, and watch when that dollar breaks.

930am EST

– Gold Futures are trading at their quarterly lows, finding support at the double bottom from May 20 at 1156.9.

o Slow timeframe shows a wide open space to the downside of this move, but the lack of price action and speed make this a very tough trade to feel confident with.
o Fast chart shows us trading at the lows in a sideways range from 56.9 up to 65.0, which is the high of day
o We notice the very narrow trading range, and with the dollar trading sideways and flat this morning, this tells us we may need to wait.

1000am EST

– Trying to grab the gold to the long side after it broke its down trend line

o We entered on big buyers, but then we sat in the trade for a few moments and the price went nowhere, so I made the decision to Flatten my long trade….here’s why

 Red Pace of Tape, anytime we see this we need to be careful.

1100am EST

– Crude Oil futures break their highs and also break the previous low of day, this is our entry point!

o Watch the speed, watch momentum, and let’s wait to get the best entry when we KNOW the price is moving for us to the long side.

o Remember, we have our targets already set up, so just wait for the trigger and fire away!
o All 3 profit targets filled on crude oil breaker long entry! $890usd cha-ching!