Traders look for Consumer Sentiment to finish up an exciting week

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– dollar index trading in the bear price channel lows, and we use our trigger zone to tell us where this dollar index is likely to move this morning.  Expect the dollar index to rise off these lows up into the zone above us at that time we will expect price to then fall off the highs of the price channel.  Remember to use the dollar index correlation today.

 We see the average true range on the dollar is lower today, giving us a BIG CLUE to stay patient and wait for some market personality.

I can see narrow ranges on the faster chart of the dollar, and this is a big concern.  I want to wait for the price to move higher or lower to give me a clue to when the best times to trade will be.  Ive added a price alert indicator to remind me of WHEN to start looking for trading opportunities.

euro futures are trading at the highs of the bull price channel, we want to sell these highs bringing price down to the trigger zone.  we then want to buy above the zone (wave long) or sell below the zone for a wave pattern failure.  sell below the zone with the target at the channel lows around 1.3820

 we can also see the narrow range showing up on the euro chart as well.  this looks very similar to the dollar index 13range chart, so remember when the dollar is narrow, so is the markets such as the euro.  wait for the dollar to move higher/lower for the best moves on the euro.  Keep selling at resistance as price drops lower.

Crude Oil trading in the bull channel, inside day, and price wedge.  this is an easy structure to predict what is likely to happen, we just need to see some more personality this morning.  Sell the highs, buy the lows, and FADE the breakouts today is our plan.

now we see a PERFECT Wedge Price Structure on the same 89range chart.  again, easy clues, but we need to wait for better price action as of 930am

Looking to sell short off these highs on the russell

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– European shares continued to rally on the back of the positive sentiment provided by the Eurozone agreement to the Greek crisis on Wednesday

– Following the comprehensive agreement on the European Financial Stability Fund (EFSF) in Europe, the British press reported that China could play a hand by contributing approx €70.5 billion ($100 billion) towards the EFSF

– French President Sarkozy said that it was a mistake to have allowed Greece into the euro zone. The financial press reported that he thought Greece was not ready for membership when it joined in 2001, and used false economic figures to gain entry. He was, however, confident Greece can emerge from its debt crisis, thanks to the deal reached by EU leaders

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Fridays are always an interesting day for traders.  This morning we have the completion of a week all about the dollar index after the EU Summit on Wednesday, and the so-called plan to help Europe avoid a double-dip recession.  We will be watching for continued to reaction to this event this morning.

Friday’s are all about getting in early, staying patient for those perfect patterns, and then getting out of the markets before price action slows down ahead of the weekend. 

We begin the day with 830am Personal Income, followed by the 930am US Open, and then our big news of the day will be Consumer Sentiment at 955am.  A positive reading for consumer sentiment will send us into the weekend riding on the highs of the week and an optimistic outlook moving forward, so this will be an exciting day.

Look for price action to slow down after 1045am EST this morning, we will be looking for clues in market personality as we go into the 11am timeframe to see when this day is over.

We will take all your questions around 11am EST today so stick around and have some fun on a Friday with us!

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