Day Trading Morning Prep Gold, Crude Oil, Dollar Index, Euro, E-mini Russell Futures
we always look to buy at support and sell at resistance, so the 34 range chart on the 03-11 Euro currency futures shows support at three locations:
– 1.3502, the low just below the price channel
– the low of the price channel, pink trend line around 1.3550
– 1.3588 is the low of the recent sideways range
on the opposite side, we want to sell at levels of resistance…very simple idea…but look closely for the three important levels
– sell the higsh of the channel, the pink trend line around 1.3750
– sell the highs of the sideways range at 1.3683
– sell the highs of the wedge pattern, using the yellow trend line running throough the middle.
The Dollar Index Futures Correlation tells us to watch the dollar for the future of the EURO today.
Sideways dollar = sideways euro futures market as well.
E-mini Russell Futures
The mini russell has broken the wide price wedge pattern and now trading sideways at the new highs.
We can see the swing high from Jan 18th is th 809.9 level, and we broke above that to the 811.4 level and came back down.
Trading sideways markets are easy, buy at support, sell at resistance, buy the lows, and sell the highs for the best price moves.
We let our emotions play into the trades which makes this SIMPLE rule sometimes hard to follow.
You can see lots of places to buy at support, including If price breaks new highs I will Buy a Pullback at support