270 Ticks Day Trading Futures Contracts LIVE Crude Oil Gold Euro Russell E-mini
Today we used slower charts, faster charts, and the Dollar Index to make the best-educated trading decisions, and our results speak for themselves!
830am EST
Crude Oil Futures are trading sideways in the same trading range from yesterday
– Slow timeframe chart shows a dramatic sideways range, showing a very tough area below 79 to 78.50
– Fast timeframe chart shows that we have just recently broken the trend line as resistance and now we sit on top of the trend line, at the top portion of the trading range, and we’re looking for a short entry to sell the highs.
– We see a nice 2-step reversal pattern setting up on the 13-range chart and the faster 4-range chart
o 13-range momentum is pointing UP, and we need to see Momentum pointing down, so we may not get the trigger on this entry
o Look for the scalp entry on the 4-range chart if we don’t see the 13-range chart confirm.
– We need to wait for price to break out of this sideways consolidation either above 79.60 or below the 78.50
Gold Futures are stuck trading in a very tight wedge pattern that is significantly sloped to the downside
– Slow timeframe shows a strong downtrend with this wedge pattern, and lots of support @ 1180, which will make it more difficult for us to enter short.
– Fast timeframe trading at the lows, and speed is picking up
930am EST
– Crude Oil futures have now RETURNED to their original Wedge Pattern on the fast timeframe
o Tells us we may have to wait now for crude oil to find some direction for the rest of the day.
1045AM EST
– We’ve made a killing shorting the gold futures on the 13-range and 21-range charts
– One thing the market has done to us is ALMOST fill our 2nd target, and then go right up and stop us out, and then head right back down to our targets, but we are flat.
– On the trade @ 1045am I took my 2nd target ahead of schedule because of three reasons
o Momentum on the 21-range curl up against my short trade
o Slower speed of the tape (Red, decreasing Pace of Tape)
o Ive already seen this 3 times already today! Not going to fool me a fourth time!
