Day Trading Swing Trading Review of our Trades & Day Trading Q&A

One of the easiest ways to earn income in these slower summertime months is to look at slower timeframes for your trade entries.

In today’s video we review the trades we took on Friday, most importantly, you can see the patterns on the 13 and 21-range charts that we used for Friday’s 250 ticks of profit.

830am EST

– Crude Oil futures are trading sideways at the highs from yesterday

o we took 100 ticks out of the crude market yesterday, and the market is STILL sitting where we left it
o slow timeframe shows a sideways wedge pattern, so we need break out of this wedge, or trade within the wedge

 we are going to try and sell the highs of the wedge b/c we are at the

o looking for an entry short on the 21-range 2-step short reversal pattern, but the market is slow and sluggish at these lows

915am EST

– Took our first trade on Euro futures, nice reversal off the new lows.
– Notice how the speed picked up as the market dropped
– We missed a few shorts on the way down, but the price moved so quickly it was hard to catch
– Price began to slow down, so we looked for the bounce off the lows, rather than trying to sell the lows.
– We made the correct decision, the lows are holding, we made money on the long trade,
– Now the euro is flat…sideways…good work.

930am EST

– Crude oil futures tested the level of 78.56, which we knew to be a MAJOR support level

o We’re looking to SELL below 78.56, but we’re not seeing the market drop
o We can see crude oil in a sideways range on the fast chart, just below 79.00 down to 78.50

 Buy the lows and sell the highs of this range

1000am EST

– Seeing DOJI candlesticks on the slower timeframe of crude

o These are indecision patterns, which tell us we need to use caution.

– Gold Futures are setting up for the reversal off the HOD
– 2-step short is now working for us, hit our first profit target, now looking to manage the rest of the trade.

1030am EST

– Jose called our trade on the Russell futures contract, and it was an amazing trade!
– Perfect location, lots of speed and big buyers on the tape
– Entered long on the big money, took 2 targets, and now managing the runner
– Im going to place my runner at the next overhead resistance level, which is a trend line on the 34-range chart.
– Chart Templates

o Download the template from the advanced course
o Open the file
o Drag and drop into the chart templates folder in NT

– Medium Timeframes

o Watch the trigger lines as support and resistance
o I need to avoid trading into these levels when I trade

– What is new about the chart templates:

o They are market specific for the BIG ROUND NUMBERS

– Can I trade the Dollar Index?

o No, the volume is too low
o Use the DX as a correlation market

 Trade the Euro/Yen/Swissy, CAD, Aussie, etc
 Watching the Dollar