day trading strategy for professional traders

The dollar index is trading higher this morning in a bullish price channel, and inside the range from Tuesday.  This tells us the sellers failed at the PLOD and this should test the PHOD at 78.975.  With the dollar index rising we want to sell retracements with new lower lows on the markets we trade.

Crude Oil Futures trading in a narrow price wedge, inside the range from Tuesday and with a flat trigger line, that all tell us to avoid the middle, buy the lows as support, and sell the highs as resistance.  We wont be able to sell until we are below 99.76 so look to buy the support as price falls and sell the highs as price rises.

The Russell 34 range chart shows us how to use a double top within our day trading strategy.  Buy at the ‘zone’ below us, and then buy when we break the lows of the channel support.