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44 Ticks Prep for best Day Trade on Mini Russell
One of the most difficult parts of trading during August is that we need to be more selective with our trading.
Did you join us at 800am EST today to prep for today’s trading?
If you did you saw us review all of our markets, looking for only the highest percentage trades, and then all we had to do was WAIT for the market to come to us.
This is a really easy technique, and today’s video you can see how we used this technique to trade through some of the most challenging price action you will see all year.
830am EST
Looking at the slower timeframe we see that we have broken out of the bullish channel to the downside and now trying to find a way to break back up into the channel above .9000
Seeing a sideways trading range inside of this channel, we know to sell the highs and buy the lows.
Looking to buy above .9015 when we get up into the channel above.
If we fail to make the move inside the channel above 9015, lets look to sell these highs with a 2-step reversal trade entry pattern
If we cant break the highs and we head back down, we will buy the lows of the bracket at 8861 down to 8842, and if we cant see any support at 8842 we will then look to sell the highs of the bracket below 8842, which will take us down to 8700.
– We have a horseshoe pattern which leaves us with lots of trend lines that act as consistent support and resistance.
– We can see a sideways range from 76.59 down to 75.01 on the 34-range chart, so looking to buy above 76.59 with a breaker long, and then look to sell the highs below 76.26
– We are well-aware that this market is very choppy because of the trend lines above and below it, so use caution, and make sure we have enough room to let the trade run.
– The price has been bouncing off 76.26 and coming back down all morning, so trying to trade short at 26 may be tough and sloppy, so the best option for a short entry will be to wait for the price to attempt a breakout above, and then look to short the failure.
We’re still trading in the bottom portion of the bullish channel, and still holding at these all time highs on the gold futures.
We noticed a few things on gold that concern us today…
1. 21-range chart we are in the middle of the sideways range
2. 4-range chart we can see how sloppy and sluggish the speed is
3. 4-range we are in the middle as well
4. Pace of tape < 100 (red and very slow)
