44 Ticks Live Day Trading Gold Futures & Wedge Pattern

Hi guys! we had another profitable and educational day in our live trade room!

Congrats to our members making money this week! We earned an average of 90 ticks this week on only 4 contracts! Enjoy tonight’s video recap, see you Monday @ 745am EST!

Market Gave us clues today…

830am EST

– Dollar index futures are trading sideways
o Slow chart = flat wedge pattern
o Fast chart = week of sideways trading
o Low average true range
o Slow speed of the tape

– Gold Futures also trading sideways, and very slow
o Slow chart = sideways wedge pattern
o Fast chart = 2-step short setting up, but we notice that we have support from our medium timeframe keeping the price propped up into the high of day.

 This signals that gold may be too weak right now b/c it simply cannot break that support @ 50.4

930am EST

– Crude Oil futures have broken out of their wedge pattern to the upside, breaking above 77.00 and now resting sideways just below 77.50
– Gold futures testing new highs of the day at the open

1000am EST

– The E-mini ES is also trading sideways
o Very sideways on the slow chart
o Wedge pattern on the fast and slow timeframes
o We noticed we just broke a down trend line that started on the fast chart on Monday, and now we sit trading at today’s open at 1072.25

How do we know when there is enough volume in the market?

– Count the total volume for that day
o Don’t like to use the TOTAL volume very much because it doesn’t identify the market RIGHT NOW.

– Look at the volume coming into the market at this time (right now)
o Use a basic volume indicator on any of my charts, use a medium timeframe for the best results

– Speed of which the orders are coming into the market
o My favorite because it’s the most responsive
o Use my ‘pace of tape indicator’ to identify the SPEED of the orders coming into the market
o This is the best way to define if the market is moving fast enough, or if there is enough volume.

o Good speed confirms 2 things for me:
 I have enough volume to trade
 I know the market’s sentiment (increasing speed confirms sentiment)