Day Trading Profits with the Fast Track Method Gold and Crude Oil Futures

820am est

– We’re just getting started looking at the markets this morning

– Our first goal is to get to know the personality of the dollar.

– Is the DX is moving quickly? Is it rising or falling? These will give us clues for later today.

– Average true range on the dollar looks very promising, with higher lows and higher highs.

– Wider ranges on the dollar (ATR) will mean wider ranges on gold and crude oil which will make for easier trading.

825am est

– We see both the crude oil and the gold at the highs of the price wedges they formed.

– With the dollar rising, we have plenty of room up to 77.000 on the dollar, which will mean plenty of room for the markets to drop off these highs.

930am est

– We have been seeing lots of patterns, but not enough room, or not enough speed, or momentum wont confirm and we cant take the trade

– We’ve had two winners on the advanced method, but they were higher risk for FT traders so we didn’t use them for the FT Method.

– We have most traders at breakeven on the FT Method, few are in the green, but most waiting on the best patterns this morning.

– We have NO NEWS today, so lack of news = lack of catalyst = we need to stay patient.

935am est

– We see the dollar moving towards resistance of 77.00, and we expect the dollar to drop off that level

– Dollar dropping will mean rising crude oil and gold prices

– We see crude oil 34 range chart oversold momentum, expecting this support at 105.0 to hold and see prices rise again.

1025am est

– The markets are slowing down

– Both crude oil and the gold in the middle of their daily ranges

– Dollar index starting to drop off the 77.000 big round number, just as we expected

– Falling dollar = rising prices

– Gold = overbought, so we’re waiting

– Crude = stuck at the previous LOD and trying to find direction