Day trading strategy for Jobless Claims and Durable Good Orders

Our day trading strategy begins with the dollar index, and we use this to locate the short term trend and major turning points in the market.  We can see an Outside Day which tells us we have a moving dollar, always good sign to see!  We have a bear price channel with a short term DOWN trend. 

The biggest clue we get from the dollar index is this bearish trend, and if it continues we know to buy pullbacks on crude oil, gold, euro, russell, etc.  Keep an eye on this trend because it can flatten out quickly and we want to avoid trading if it does.

Dollar Index Trading Strategy

We begin our day trading strategy on crude oil with the 89-range chart so we can find the most important levels of support and resistance as well as the price structure we will use today.  We know we have a price wedge so sell the highs, avoid the middle, and buy the lows.  We know we are above the PHOD so its an outside day, and if it keeps going higher we will have trouble buying the highs of the wedge, but if it goes lower we will sell below the PHOD as a signal the buyers have failed.  We also have a double bottom which is telling us exactly where price is likely to go and we are looking to find selling opportunities at the double-bottom resistance levels we have defined overhead.

Crude Oil Day Trading Strategy

using our 34-range chart our day trading strategy on crude oil is well-defined.  We want to sell the highs of this wedge and the highs of the new bull price channel.  if price rises i am selling at resistance as it rises.  If price falls im selling retracements getting into the drop off the highs, and selling below the PHOD as the buyers fail.  Beware selling below PHOD if its too close to the channel lows.  We want to buy the lows of the channel, and keep looking to buy at support if price falls to new lows below the channel.  I wont start looking for selling opportunities until we get below 99.44 and this is because of our price channel day trading strategy.

Crude Oil 21-Range chart shows us the specific price points where we want to trade this morning.  The key is using the price wedge, the channel, double-bottom resistance and this possible FAILURE at the highs in our day trading strategy.

Our day trading strategy for the euro uses the 89-range chart to find the price structure, the long term trend, and the most important levels of support and resistance.  We have a new bull price channel, and we are at the highs.  We are above the PHOD so this is a bullish outside day.  We have the dollar correlation which will be very strong with the euro, and any other currency.

We can see the double trigger zones above us, along with the top of the price channel telling us to beware trying to buy at these highs.  The best trades here are going to be selling opportunities, and if the buyers keep pushing it higher I will try to wait for them to fail and then give me the chance to sell the overhead resistance at channel highs, 1.3210 and then again at 1.3350.  I can buy above 1.3254 but we need more clues for market personality, so we will decide when we get there.

Euro 55-range chart shows us 2 different price structures, the channel break and the channel continuation structures.  We have a hard buying with new highs, so looking for selling opportunities at the resistance levels overhead.  Follow the green and red cirlces for our specific day trading strategy.

The mini-russell day trading strategy is quite simple using the 89-range chart.  We need beware buying into the highs of this price channel, so look to sell at the channel highs and use the AB=CD Reversal Zone as another level to wait for a selling opportunity as the highest percentage.  If the buyers fail and we drop below the PHOD we will sell below PHOD down to the trigger line support 785.2 and then down to the channel lows.  We will then buy the channel lows.



Russell Day Trading Strategy