March 8, 2012
- in Uncategorized by schooloftrade
Day trading strategy buys pullbacks Euro and E-Mini-Russell
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Our day trading
strategy this morning started with 3 easy clues, and we used those clues to
plan our trades and trade our plan for almost 100 ticks of profit in a very
challenging day in the futures markets.
We began the day with Jobless Claims news at 830am EST which we were
DYING to see how the markets would react if they went lower AGAIN, but they
didn’t, and as-expected the markets were sloppy with major traders waiting for
tomorrow’s 830am EST Non Farm Payrolls which will confirm if there are actually
JOBS being ADDED, rather than simply fewer people on unemployment benefits.
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| Trades Taken Today |
The dollar index was
another challenge this morning, giving us big red flags all morning. The first thing noticed was the dollar index
sitting on major support at 79.190 and we knew right away that if the dollar
index sits on top of this support and falls asleep the rest of our markets
would do the same. We spoke about this
today with our members, saying that if price rises higher it will test the PHOD
but if it tried to go lower it may stick on this support, and when it BREAKS
SUPPORT we need to be ready for the best opportunities. After 1030am EST the dollar index broke its
key support 79.190 and we took 2 big winning trades because of it. A great example of planning our trades, and
then trading our plan with the dollar
index correlation.
another challenge this morning, giving us big red flags all morning. The first thing noticed was the dollar index
sitting on major support at 79.190 and we knew right away that if the dollar
index sits on top of this support and falls asleep the rest of our markets
would do the same. We spoke about this
today with our members, saying that if price rises higher it will test the PHOD
but if it tried to go lower it may stick on this support, and when it BREAKS
SUPPORT we need to be ready for the best opportunities. After 1030am EST the dollar index broke its
key support 79.190 and we took 2 big winning trades because of it. A great example of planning our trades, and
then trading our plan with the dollar
index correlation.
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| Dollar Index Strategy |
The euro was easy
today, as soon as the dollar index broke its support, however that took
over 3 hours of waiting before we got a chance to take the 21-Range wave
pattern which helped us dig out of an early hole and get back into the green
for the day. We found a strong bull price
channel on the 13-Range chart of euro and we used that to buy pullbacks this
morning when the dollar index confirmed.
today, as soon as the dollar index broke its support, however that took
over 3 hours of waiting before we got a chance to take the 21-Range wave
pattern which helped us dig out of an early hole and get back into the green
for the day. We found a strong bull price
channel on the 13-Range chart of euro and we used that to buy pullbacks this
morning when the dollar index confirmed.
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| Euro Day Trading Strategy |
The E-Mini-Russell day
trading strategy was also very easy today, and we discussed this in our morning
routine at 730am EST today. The E-Mini-Russell
had broke out of its range from Wednesday, above the previous high of day (PHOD)
and then stalled and came back down.
When price re-entered the previous day’s trading range we wanted to sell
first, but then we found the trend line as support, and realized the dollar
index correlation would make it hard to sell short. If the dollar index dropped through its
support it would cause the E-Mini-Russell to rise higher, so we decided to err
on the side of caution and we waited to see the dollar index fall out of bed…which
is did within a few minutes and we got long for the 34range wave pattern or 21
range wave failure pattern.
trading strategy was also very easy today, and we discussed this in our morning
routine at 730am EST today. The E-Mini-Russell
had broke out of its range from Wednesday, above the previous high of day (PHOD)
and then stalled and came back down.
When price re-entered the previous day’s trading range we wanted to sell
first, but then we found the trend line as support, and realized the dollar
index correlation would make it hard to sell short. If the dollar index dropped through its
support it would cause the E-Mini-Russell to rise higher, so we decided to err
on the side of caution and we waited to see the dollar index fall out of bed…which
is did within a few minutes and we got long for the 34range wave pattern or 21
range wave failure pattern.
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| Mini-Russell Strategy |
Did you miss the
action in today’s live trade room?
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data, indicators, tech support, and automated trading strategies.
action in today’s live trade room?
Want to learn how to trade like this with me every day? Our advanced members have lifetime access to
our trade room, and membership includes everything you need, including charts,
data, indicators, tech support, and automated trading strategies.
Don’t miss tomorrow @
730am EST when we post our morning prep on this blog and get the day
started again for another profitable day of live trading with our members!
730am EST when we post our morning prep on this blog and get the day
started again for another profitable day of live trading with our members!
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I trade my own account in our
live trade room, My trading statements are available on request
live trade room, My trading statements are available on request
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