200 Total Ticks: Euro and Crude Oil Earn Big Profits

830am EST

– The dollar index futures trades at new lows continuing the downward trend in the dollar index futures we saw earlier this month

– When the dollar makes new lows we also expect the markets we like to trade to RISE, or at least attempt to test new highs.

– The euro futures are trading at the highs of their trading range, and the lows of the bullish channel

o Ill buy the lows of the range at 3422
o Ill sell the highs of the range below 3494
o Ill buy the lows of the channel, but I need to clear above the big round number of 3500.
o Swing traders will wait to get above 3500
o Day traders and scalpers can look for trades at any time.

900am EST

– Crude oil futures are trading at the highs of the sideways range and the highs of the wedge pattern

o Sell the highs of the trading range below 77.26
o Sell the highs of the wedge below 77.26
o Buy the lows of the range above 71.50
o Buy the lows of the wedge above 75.00 and 74.00

1015am EST

– Crude oil futures on the 13-range chart is setting up for a reversal pattern off these new lows.

– We call this the fast track method using the 2-step reversal pattern, and will use entry above 76.07 (big round number) with target of 10 ticks and a stop of 10 ticks

– We can also use a simple day trading strategy with this as well

– Entry long above 76.07 with profit targets of 19, 30, and then all the way up to 60 for the final target (Friday’s HOD)

1030am EST

– The emini Russell futures are trading sideways at the highs of the sideways trading range and the middle of the bullish channel

o Im going to sell the highs of 68.4 and 70.7
o I will buy the breakout above 70.7
o Will buy the lows at 64.7 and 63.3

1100am EST

– We took another 45 ticks of profit on the 2-step reversal on crude oil futures 13-range chart

– Now we have the market going sideways, and defined our new trading range, which will tell us what to do next on the crude oil futures market

o Range is from 76.35 down to 75.70

o I will sell the highs of 35 and buy the low of 75, trading with a scalp or day trade entry inside this trading range

o If we do break out of this trading range I will buy above 35 and sell short below 68 using a simple breaker pattern (trend continuation pattern)

1125am EST

– We see crude oil break those new lower lows and gives us a chance to sell with the new short term trend short.

o Entry short for the fast track method traders will be < 75.52, with a 10 tick stop and 10 tick target

o Day traders and scalpers will also enter short < 75.52 with targets of 5/10/Runner or discretionary targets for day traders of 40, 25, and then big round number of 75.05