November 2, 2010

E-mini Russell, Crude Oil, Euro Futures Day Trading Strategy selling highs of wedge pattern

We have our news events under control, alarm is set for 915 ahead of the US open, so we have almost an hour of time to look for patterns.

We look at the dollar index futures and we see some conflicting information from the market

– Narrow trading range compared to previous day’s this week/month (bad)
– Inside trading from the range yesterday (bad)
– Rising Average true range (good)
– Decent speed (good)

845am est

– Crude oil futures trading lightly this morning on lack of volume due to the election

– Crude tested new highs when the dollar tested the lows from last week, and that was almost the ONLY movement we’ve seen on the CL this morning.

– We’re at the highs of the wedge pattern and looking to sell these highs

– If we break out to the upside im looking to continue to sell overhead resistance levels, such as 84.51 and so on all the way up.

    schooloftrade

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