May 20, 2010

Lets take a look at our levels for tomorrow; day trade futures contracts

We’ve had another great week so far congrats to our members who made money with us today!

Lets look at our levels for tomorrow…
Im going to start with the Dollar Index first…
I can see the dollar trading at its lows, so im looking for a break ABOVE 86.785 to confirm a SHORT entry on my other markets.
I want to be carefull if the dollar rises into the range of 86.975 thru 87.075, we have previous levels of resistance at those levels.
My target will be above the 785 but below the 975.
Now lets look at the Euro…
Im looking SHORT on the Euro with the Dollar at its lows.
If we can break the trend line and get below 2323, we can take profit at 2291 and 2258.
Look to hold this to 2145 because we have multiple levels of Support at those lows, which will attract price to the downside.
a good idea would be to place my stop a few ticks above 2323 if you get below 2258 and let it ride down to 2145.
Now lets look at the Aussie Dollar…
The Aussie Dollar is trading at its middle, so I will stay away. 
You can clearly see we are not at the extremes, we are in the chop zone.
My money is on the Euro short to those double-bottom lows.
We will review more in the live trade room tomorrow @ 745am EST!

    schooloftrade

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