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81 Ticks Live Day Trading Euro Futures and Mini Russell Futures Scalping Swing Trading
The first thing we noticed today was that the Euro was in a sideways trading range, so the easiest thing was to sell the highs on the Euro, and that made us 50 ticks with our first trade of the day.
After making our first big winner we then waited for the Russell to test its high of day around 11am EST and we sold the highs on the Mini Russell to pad the account.
Today was a GREAT example of how easy it is to formulate a plan of attack, and then simple execute your plan for profits!
-We’re finally trading in the bottom of the price channel we found last week
-We’ve been bouncing around below this channel trading sideways for over a week, and now gold makes new highs and pokes its head into this channel
So we have 2 options now:
1. Buy the lows of this channel using our 13-range trades and looking to hold this position for a relatively long period.
2. Scalp selling the highs of the sideways range inside the bottom of this channel
-Gold making new highs on red pace of tape, slow speed of the tape, and relatively low volume means this move up on gold can easily reverse and make its move back down.
-So we can’t chase, we need to wait now for a decent entry, and DON’T commit to the long side only, be open to wherever our entries take us.
-Out fast timeframe shows a 2-step short pattern, but without any overhead resistance to use for a short trade, and without any strong volume for the long trade, we are going to sit on hands and wait for the market to give us some more information.
-We can see are trading at the bottom of the sideways trading range on the euro.
-At the lows I’m looking to buy above 2932 on my 34-range chart, and looking to sell below 2700
-Lots of consolidation from 2900 down to 2700 so the best opportunities will be outside of this tight trading range.
With that said, scalpers and day traders can trade inside this range, but we need to be aware the big picture tells us to wait patiently for the extremes.
915am EST
– Euro is testing the highs of the bullish channel, and we are now looking for a short to sell the highs at 2866
– We entered short from 2860 and earned over 50 ticks ($600usd) on a scalp trade with that short entry.
1000am EST
– We have housing index news at 10am EST
– We also watch as crude oil futures are battling for control of price at 75.00
– Euro continues to trade sideways in the exact same location we took profit and covered our short on the euro at 930amEST, so the euro still having trouble moving lower.
– Gold is still trading on low volume at its all time highs, and we continue to see a frustrating spot on gold because we cant short this market without resistance, and we cant buy this market because of low volume.
1040am EST
– We can see crude oil now trading in another bearish channel, and we could not break below 75.00
– We’re going to look to sell the highs of the bracket below us on crude looking for shorts below 74.70, and then looking to get back into the channel above us and looking for long above 76.74 for our day traders or swing traders
1100am EST
– Russell has tested its HOD, and now we are looking for a short from the highs
– Scalpers will enter short on the 4-range, and day traders will have to wait for the pattern.
– We also see a 2-step short entry on the 13-range but we need to wait for that to trigger.
– We took 2 trades on the Russell
o Scalp short for 15 ticks
o Day trade short on the 13-=range for 18 ticks.
