Day Trading Morning Prep Gold, Crude Oil, Dollar Index, Euro, E-mini Russell Futures

‘We are what we repeatedly do. Excellence, therefore, is not an act, but a habit’ – Aristotle

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Let’s begin our morning routine with the economic news for today’s trading session.

8:20 Gold & Currencies OPEN

8:30 Housing Starts

9:00 Crude Oil OPEN

9:30 US Market OPEN

10:30 E-mini Reversal

11:00 Transition into Lunch

11:30 European Close / Live Webinar in our Trade Room

“Chag Same’ach” to everyone celebrating Passover today, and looking at the economic news this morning we have 830am housing news to hopefully get some moves early today.

Considering the Holiday today, and the lack of news in the late morning, the time of the best trades this morning is a little unknown. I would expect to see some volume enter around 830am, and I’m watching the speed or the orders coming into the market along with average true range (ATR) to find the best times to trade the markets today.

Lets take a look at the market’s im trading this morning…

Crude Oil Futures

34Range Crude Oil
SchoolOfTrade.com

Crude oil continues to tumble off the highs from last week after hearing that OPEC was seeing ‘too much inventory in the marketplace’ and the dollar rising off lows from last week.

This morning open my 34range chart and I can see the following:

Price Wedge in Yellow trend lines
Major Trading Range in large white box
PHOD and PLOD range in the small white box
Candlestick Pattern: Higher Lows at support

The first thing we notice is the same price wedge that made us all the profit on Monday, and today we are trading at the lows of this wedge, having recently tried to break out to the downside.

You can also see a distinct Candlestick pattern at the 106.28 level. These ‘higher lows’ tell us an important story of what the sellers and buyers were thinking and doing at those lows. This tells me to expect rising prices to attempt to break back into the lows of the wedge.

We also need to keep in mind the 2 main trading range that appear on this chart. The larger range from 110.50 down to 105.79 is clearly the major range, and then we have the PHOD and PLOD inside that range, marked in a smaller white box.

The PHOD and PLOD are major levels for me, so im watching thos closely for trading opportunities. we are below the PLOD so today is considered an Outside Trading Day.

In review of this chart, my plan of attack on crude oil futures today will be:

Buy the lows of this wedge and try to keep buying pullbacks if price keeps rising, taking profit at the highs of the wedge around 109.70
If price rises im selling first, then buying second.
If prices rise im selling the PLOD as resistance first, and then will buy above PLOD if it breaks new higher highs.
If price keeps rising, im buying the lows of the wedge, and keeping an eye on selling the 107.64, selling 108.00, and 108.13
I will sell the PHOD first, but will keep an eye on buying above it if the bulls are moving it up
as price keeps rising I will be buying pullbacks as levels of resistance become support.
Beware trading around 108.00 you have the Big Money Trigger Line (BMT) right there
I never want to buy the highs, always wait for a pullback to enter long at support.
If price falls, im buying first, selling second
If price falls im buying support @ 106.39, 106.28, 106.00, 105.79 is the major lows of the range
As price is falling i will also consider selling retracements as these levels of support are broken and they turn into resistance.
Remember, we dont sell the lows!