Biggest Day of 2010 Day Trading Crude Oil, Gold, Euro and Russell Futures

Click Here To Review Our Auto Trader Results From This Morning

930am est

– We’ve had a great day so far

– We executed our plan of attack and earned over 100 ticks in the first hour of the day today

– We gave back 20 ticks with a small loss using a wave failure pattern on crude oil, but we’re still looking good

– The big concern is the dollar index
– Nothing is moving, very slow speed
– DX average true range is rising off the lowest levels in weeks, so we need to see this price action improve

940am EST

– The dollar now speeding up
– Rises off the lows, we have overhead resistance at the highs of the wedge
– Dollar rising = lets get short
– Looking for a 2-step reversal on crude oil 13 range
– Looking for a wave short on the gold 21 range
– Euro futures dropping, look to sell the next break of support on the dollar rising.
– Sell the highs on the rusell with 2-step reversal pattern on 13-range chart

1100am est

– The markets are in the dead zone right now
– After the 10am news and before the 1130am euro close
– We see less volume, and sideways chop during these times of the day

– Its almost like the market has people leaving for lunch, while some traders are entering the market for the euro close

– The personality of these markets have been slow and sluggish ever since 1045, so use caution, now is the best time to give back money to the market

– Full of confidence, lots of cash in the account, feel invincible, so take a moment to identify the emotions you have, stick them in your pocket and use them when you’re not trading

Click Here To Review Our Auto Trader Results From This Morning