The Little Dollar the COULD; Afternoon Prep for Day Trading Crude, Russell, Euro and Gold Futures

If the dollar index keeps making new lower lows we need to be very careful not to buy the highs of the range on the crude, Russell, gold, Euro.  If you want to buy near these highs you need to wait for a deep pullback, such as a 21, 34, or 89range wave pattern.

Gold futures trading at the highs of the bull price channel and now in the ‘reversal-zone’ from our ab=cd pattern.  The dollar index is pulling the string on the gold futures, so look for a new higher-highs on the dollar index to get into a short position at these resistance levels of gold futures.  If price moves higher we sell the levels overhead 51.8, 57.9, 60.0 looking for that perfect price reversal pattern with the dollar index correlation in play.  If price drops I’m selling the failure at the highs below the ‘reversal-zone’ short below 41.0 taking profit at the PHOD 1729.8 and the price channel lows 1720.0 area.

Euro currency futures we will sell the highs of the range and the price channel at major resistance overhead.  Make sure you look for the dollar index correlation to confirm the entry short on the Euro.  Selling below the ‘reversal-zone’ < 4110 taking profit at the big round number, the PLOD, and the price channel lows around 1.4000.  Re-entry short below 1.3895 with the final target of 1.3805 price channel and PLOD.

Mini-Russell Futures have an easy AB=CD Pattern (advanced course section for members) and we know we have two options.  We can buy above 753.0 for a ‘breaker long’ long pattern and the final target will be the ‘reversal-zone’ above you around 65.0.  We then will look to sell the reversal once we break back below the 765.0 with the target on the short side at the ‘B’ level and the PHOD around 740.0  if we go lower below PHOD the sellers are now officially in charge and the entry short below PHOD will take you down to the PLOD and our final target for the move down.

On another chart of the Russell we see the highs of this new bull price channel so we know now the risks of buying above the 753.0 we will be higher risk going long at this point, so conservative traders will wait to move higher and look for selling opportunities in the ‘reversal-zone’ we defined in the chart posted above for the AB=CD Pattern.

Crude oil futures still trading inside the range from Wednesday and inside the price wedge.  As price rises I’m selling at resistance, then looking for the fake-out breakout above the 94.65 and if buyers are strong enough we buy pullback above 94.70 final target being the price channel highs, and then sell price channel highs as resistance.  If price falls I’m buying the major support 91.56 if it’s at the price wedge lows.  Buy price wedge lows, the price channel lows, and the PLOD 90.00 support.  The market personality on crude oil futures suggests a fake-out breakout type of environment.