July 29, 2011
60 Minutes earns 120 ticks day trading Crude Oil & Gold after GDP News
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Waiting on the Debt Ceiling vote today @ 10am Fed Economic Summit in Wyoming today
Euro inflation concerns dropped this morning.
Crude Oil dropping to new lows today.
Gold sloppy at the highs, looking to buy at support.
Volume will come in early with the news at 830am, but we’re watching the clock looking for the lunchtime setting in around 1030am this morning.
830am est
US Dollar in a bull channel, rising prices, so we have selling opportunities on the markets we trade.
Clue #1 = rising dollar = sell crude/gold/Russell/euro
Crude needs to fall to new lows this morning. we have a very concerning area above 98.00 on crude oil, and right now we’re trading around the BMT in slop and chop.
With the US Dollar rising we want to sell at resistance and sell retracements with new lower lows.
We can buy the lows at 96.50, however, beware that when we make new lows we then consider the sellers in charge and we need to sell retracements.
We have a major bull price channel, so buying at major support levels will also be very high % today.
Gold Futures trading sloppy around the all-time highs, traders took profit at the highs and the price sits in the middle of the range below it.
The best trades on gold today will be buying at support when price drops.
Its going to be hard to sell these highs, very whippy, sloppy, and you need to use a VERY side stop to trade around the highs…not worth it!
· GDP comes out lower, USD bearish, Gold Bullish, crude bearish
· ECI (Inflation) comes out higher, USD bearish, gold bullish
· GDP in CAD is Lower (crude bearish)
· Industrial Production CAD is Lower (crude bearish)
We need to sell retracements on crude oil, buy pullbacks on gold.
Crude Oil is in an outside day, so sell retracements.
850am est
We took the wave long on the Gold 21range and got +5/-5 for a scratch and we remind ourselves that this may be the personality on gold today b/c of the Debt Ceiling talks. We know the best trades on gold will be to buy at support when price falls off these highs.
We took the Wave short on crude oil when we got bearish news at 830am GDP/ECI, and we sold a retracement which went +5/-5 for another scratch.
Both of these trades tell me to be careful, be selective, and let’s wait to see higher highs/lower lows and better price action.
1000am est
We know that 10am might be the end our day in all reality, with news and the debt talks and the summertime Friday.
we’ve been very fortunate to get easy winning trades early in the day today, so we have the luxury of being patient.
Let’s be selective and keep your eyes on the clock. no trades after 11am today.
1010am est
We’ve hit our daily goal today and we now know the news this morning is delayed a little bit while the republicans and democrats battle it out on capital hill.
We need to be careful, the price action is changing personality and getting very slow and narrow ranges.
Let’s find our highest percentage LOCATION and wait for price to come to us.
1020am est
Where are the highest % trades on crude oil for the rest of the morning?
If prices rises im going to sell the bear channel highs, and will sell resistance at 96.50 area.
if price falls we can sell retracements with new lower lows (bear price channel) and then we can buy at major support 95.00, 94.85, 93.86 and im sure we can find some minor levels of support along the way.
Click Here To Review Our Automated Trading Results From This Morning
