July 16, 2012
- in Uncategorized by schooloftrade
Morning Routine for Day Traders starts with News and The Dollar Index
745am EST
We begin with the news, and overnight in Europe appears tohave come out bullish and as-expected, so we’ll be looking for clues to see if
the market personality is also bullish as we watch the day develop.
Today we begin early with 830am EST news retail sales, empire
statement manufacturing both are big news and both MAY get us started before
930am EST.
statement manufacturing both are big news and both MAY get us started before
930am EST.
815am EST
The dollar index heat map is reading +0.2% so we’re justabout to see a positive dollar index to give us the correlation we need. Once we get above the 0.2% then we know the dollar
index is moving and we want to trade accordingly.
The dollar index is trading inside the range from Friday and
trading just outside the price wedge marked in the red triangle. We can see the dollar index tried to break
new higher-highs above the ‘B’ point at 83.955 and the buyers failed when the
sellers pushed the price back lower to the range below it.
trading just outside the price wedge marked in the red triangle. We can see the dollar index tried to break
new higher-highs above the ‘B’ point at 83.955 and the buyers failed when the
sellers pushed the price back lower to the range below it.
The 21-range chart of the dollar index shows us the most
important clues this morning in the INSIDE DAY (below PHOD) and the bullish
channel.
important clues this morning in the INSIDE DAY (below PHOD) and the bullish
channel.
