Sold highs on Gold, buy the lows Euro and Crude Oil Goes Crazy

815am EST

– Crude Oil futures have broken the lows of the bullish channel on the 34 range chart, and now we have multiple trading opportunities:

o Swing traders need to see a new pattern short below 73.84
o Day Traders can sell short using a faster timeframe anywhere they see a pattern below 84
o Scalpers can also sell short anytime they have a pattern below 84

o We can also look for the reversal of these lows, 73.90, with the goal of buying the lows and possibly getting us back into the channel pattern above us on the 34-range chart.

o Ahead of the news @ 830am EST we also seeing a buying opportunity entering the sideways trading range above 73.90

830am EST

o Jobless claims came out higher than expected at 830am EST

o The faster timeframe 4 range chart shows us in the middle of both the bearish channel and the sideways trading range

o Our best bet for the scalpers on crude oil is to sell the highs of 74.32, or buy the lows of 73.58, and avoid the middle, which is around 74.00

o Crude oil speed of the tape is slow right now, less than 150
o Average true range on crude oil is rising at 830am EST

– Gold futures trading sideways at the top of the bullish channel

o We’re looking for the following entries

o Swing traders will wait for the market to break below 87.5 for a short trade, looking to sell the highs and hold all the way down to the low of the channel at 1272.0

o Day traders and scalpers can buy the lows of 87.5 and then sell the highs of 95.1

o We will continue to avoid buying the highs because we are at the all-time highs and the riskier trades will be trying to predict where the new highs will go.

o Gold fast timeframe 4 range chart shows a sideways trading range and a narrowing wedge pattern

 We are going to stay patient and sell the highs, buy the lows, and avoid the middle of this trading range.

930am EST

– We took our first 2 trades on the crude oil and the gold, first trade on crude was a 14 tick winner, and then we tried to grab the short off the highs on gold, but had to exit early for a small loss when the alarm went off at 915am and we saw the 3 signs of a price reversal

o 3 signs of price reversal:

 Slowing speed of the tape
 Momentum turns against you
 Big buyers/sellers against your position

– Euro Futures are trading in a sideways range at the highs of the quarter.

o I moved to a faster timeframe for my slower chart to get more levels for us to use today
o Don’t forget to update your medium timeframe with the correct charts with this change.
o Swing traders will need to wait for a breakout below 3300

o Day traders and scalpers can buy the lows of 3309, or sell the highs at 88, 12, and 37’s as we move our way up.

o We also draw trend lines from the recent lows and recent highs to form a sideways wedge pattern

 Buy the lows of the wedge
 Sell the highs of the wedge
 Avoid the middle of the wedge

1030am EST

– The markets have slowing speed across the board today for unknown reasons.

– Russell futures are trading at the lows of the bullish channel pattern so we are looking for an entry long above 653.8 buying these lows on the 21-range chart, and breaking out of the wedge on the 13-range chart.

1045am EST

– E-mini Russell futures are trading sideways, but we can see some nice open space above this sideways range so im looking for a breakout trade opportunity at the highs

– Long above 659.3 with profit targets of 61.5, 65.0 and 67.5 (prev hod)

1100am EST

– Crude oil futures are trading right in the middle of the sideways trading range, and in the middle of the bearish channel pattern.

– The best thing to do is wait for price to test the highs/lows and look to play at the edges, avoid the middle!

– We also see a new high risk entry with a 2step reversal off the lows on the 13 range chart on crude oil.

– Entry long above 74.49, with targets of 60, 65, and then up to the big round number of 74.95 for the final ¼

o Beware, this is going to be higher risk because we are in the middle of the larger range, at the lows on the shorter timeframe range.