52 Ticks LIVE Today! New Patterns Coming Later week!

Market Gave us clues today…

800am EST:

– Dollar Index trading sideways range above 80.500. it returned to the same sideways range from early last week.

– Pace of tape on the dollar index is very slow

– Dollar Index fast timeframe is very choppy, sideways, no short term trend. Fast time frame, we watch the short term trend most importantly.

– If Dollar Index is flat = everything else is flat

– Crude Oil Futures trading sideways below a very choppy area of 84.10 – 84.00.

– We need to be careful around the 84.00 from yesterday’s choppy price action around that area.

– Crude Oil Futures wave indicator we have no new highs or lows, trading sideways inside a tight trading range.

– Look for new highs/lows to enter on the wave

830am EST

– Gold Futures trading within a wide sideways range. Gold futures have pulled back from their highs, but we need to wait to see some conviction for future direction.

– We noticed that Crude Oil futures are sharing volume between the 06-10 and 05-10 contract. This will expect to roll forward to the 06-10 contract later this week, if not later today.

– Euro Futures trading in a tight sideways range, just tucked below the 1.3600 big round number.

– We are trading sideways after the big move UP from the weekend news about the Greek Bailout

845AM est

– Euro futures all the TRIGGER LINES on different timeframes are the SAME

o This means no matter what timeframe you chose, there is NO TREND

o This tells us to beware! NO TREND = no trades!

900AM EST

– Crude Oil Futures are opening right now, so we wait and watch

– Gold Futures we saw the first move of the morning, a 2-step pattern short, and NO BIG MONEY showed up to the market.

o Lack of BIG MONEY @ 9am EST tells us there may be something out there to be concerned with, so watch carefully and wait for the BIG MONEY to show up on the tape.

930AM EST

– Took the Euro Futures 20 minutes for its last 2-step short to complete its move. This is WAY TOO SLOW!

o Tells us to watch the speed on the euro, this need to change before we continue trading.

1015AM EST

– Average True Range (ATR) continues to rise, except recently has been dropping in the last few minutes.

– The speed of the markets continues to be an issue, not fast enough!

1030am est

– Seeing lots of issues with consistency on price action

– It appears that NOBODY knows where this market is headed

– Sit on those hands until you feel confident we see some steady price action

1100am EST

– Dollar Index still inside its sideways trading range, at its high of day

o After 1030am est today the atr on the dollar index began to drop.

– Crude Oil Futures average true range has been dropping since 1030am

o Also trading sideways since 1030am est

– Gold Futures trading at its low of day, trading sideways, and very inconsistent today

o Average true range has been dropping since 1030am est

– Pound Futures average true range continues to drop

o WAVE short setting up, but the speed of the pattern setting up is VERY SLOW, so be careful.

– Euro Futures continue to drop average true range

o Trading sideways since 1030am est

1145AM EST

– We saw the best moves of the day in the last 30 minutes of the day

– A little deceiving b/c the ATR was dropping, the speed was dropping, and then all of a sudden, after 1130am EST the price action gave us some key moves.

– This turns a lack-luster day into a profitable day!

– Very good example of how well PATIENCE PAYS!

 
 
 
 
 
 
5 trades today, 1 Scratch. 1 loss

+52 ticks, $520usd

Only 4 contracts needed to achieve this today!

See you tomorrow @ 745am EST for the live trade room session!