October 12, 2011
- in Uncategorized by schooloftrade
3 Clues for Day Trading Crude Oil & Mini-Russell Futures
800am EST
Market personality appears to be our best friend this morning, we need some today!
Very slow, not much going on at 800am EST as of this morning.
900am EST
We haven’t seen much improvement in market personality in the past hour, still quite slow and the dollar index has now moved into a sideways range which is causing most of our markets to trade sideways as well.
We need more speed, more personality, new higher-highs or lower-lows … something to get this day moving.
We have no major news here in the US this morning, not until 2pm EST this afternoon do we have anything on your notes.
915am EST
We prep for the US market open at 930am EST.
Gold futures trading around the PHOD we want to sell below the PHOD and take profit at the red line on my trade management chart, which is the 55range trigger line at 1681.7
955am EST
Russell is trading sloppy just above the PHOD so we know the buyers and sellers are trying to take control in one direction or the other. We need to get higher-highs or lower-lows from this point to get a new look at this market personality.
1030am EST
Crude oil is trading up to the highs of this range, we are looking for selling opportunities at the PHOD. If price breaks new higher-highs above PHOD than we need to look for the fake-out breakout first, and if buyers are strong enough we can buy pullback with new higher-highs.
1100am EST
Markets are back to sleep again this morning. We know WHY, traders are waiting for the Fed Meeting Minutes out at 2pm EST today, so we need to be patient and wait for the volume and speed to come back into these markets.
1130am EST
Nothing moving, so let’s take your questions, and we will move to members-only training today after 1145am EST.
Topics for today’s training will be:
– Advanced Price Structures
Questions from our live trade room
What is the SIGNAL for a long or short trade?
· Identify the Patterns Set-Ups at IMPORTANT PRICE LEVELS
Entry Rules Identify the Highest-Percentage Patterns
Look for Confirmation of the Move
Entry Rules Identify the Highest-Percentage Patterns
Look for Confirmation of the Move
Why do I only trade 4 contracts? Why run a trade room if I can trade on my own?
Watch this lesson our blog about why I do this the way I do.
If FOREX doesn’t have time and sales, what is the ECN market?
– As close to a real exchange that FOREX offers.
– It’s a link to all the big banks
– Watch this lesson on Futures vs. Forex
