99 Ticks Day Trading Gold and Crude Oil Futures

We had a challenging day today in the markets we trade, but we followed our rules, we looked for a little more confirmation, and we made some great profits!

We saw some great signals from the market early this morning that told us what to look for, so watch today’s video and be ready for this type of trading day in the future!

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830am EST

– Gold futures are still trying to find direction above or below 1200

o Slow chart = sideways range from 14.3 down to 85.3
o Fast chart = down trend, breaking the up-trend line, testing its lows, heading towards the precious’s day’s open

 Remember we need to be cautious trading around the open of the day

o 21-range 2-step reversal setting up above 1200.3, looking to go back into the center of the trading range to the upside.
o 8-range 2step long setting up, but we have overhead resistance, so I need to wait for another opportunity

905am EST

– Euro futures are trying to move to the upside, but moving very slowly, and chopping around the trend line on the slow chart.

o Fast chart = tight and narrow up-trending channel
o The market looks like it wants to rise, but its lack of speed, lack of apparent conviction are keeping this market almost side.

915am EST

– We took our 21-range trade on the gold futures and the market was so slow that we had to flatten at entry to avoid a big loss

o Speed < 80 so we had to worry about that
o < 15 mins to the US Open, that is another concern for a reversal
o Around 1200.0 which is like a magnet, so we had that also to be concerned about.
o As I watch the price action, we notice the filtered time & sales window does not have any BIG MONEY

 Missing the big money on gold, this explains why the price won’t move anywhere!

1030am est

– We have news at 1030 for natural gas, and we grabbed a 2-step reversal on the crude oil just before the news, but the trade didn’t go very far, still seeing very little conviction and/or follow-through.

o Slow speed of the tape
o ATR has been OK, so the fundamentals are there
o Wedge pattern on gold futures
o Crude oil still trying to decide if it wants to stay above or below the 75.50 level
o Russell going sideways just below the high of day
o Euro chopping around sideways at the open
o Right now we have no reason to be trading, so lets look for some slower timeframe patterns.

1050am EST

– We wait for the crude oil inventories to be released
– We are up 70 ticks on the day, but we know the most volume has been showing up late, so lets keep patient and wait for the best pattern.
– 21-range on gold shows a 2-step long

o We just broke new lows, and now we look for a reversal
o Enter long @ 90.7, but I need to wait to get above the trend line which is acting as resistance.
o Ill look for BIG BUYERS, increasing speed, and momentum confirming as soon as I get above the trend line.
o Ill take ½ of my trade off @ 92.2

 Then move stop to entry point

o Ill take ¼ off at 93.5
o Ill take ¼ off to flatten my trade @ 94.4, which takes us into the OPEN of the previous day.

 The OPEN of the day, today or previous day will always act like a magnet, attracting price upwards, so ill look to take all the profit at that previous day’s open

– We also see a Euro 2-step reversal on the 13 range chart

1120am EST

– Everything really slow at this point in the morning
– We took that 21 range 2step on the gold for a nice winner
– And now we see the Crude Oil setting up for the same reversal pattern
– 21-range chart on crude oil, we have a 2-step short pattern

o Im looking to take advantage of the break below the previous day’s high of day
o When we break below the Previous HOD, we then see the OPEN making a very attractive profit target.
o Entry will be below 95.92 for this short trade

 ½ off @ 75, which is the day’s open (act like a magnet for price)
 ¼ off @ 45, which is today’s LOD
 Final ¼ off @ 74.05, which is 5 ticks above the big round number

• If we break below today’s LOD, the big round number of 74.00 will be a very easy target to see obtained.

Way your charts work:

– Processor tells the RAM what to do
– The RAM then makes your computer work
– Then your video card tells your monitor to show
– You see the monitor