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10-Ticks LIVE Today, ATR Lesson on Sideways Markets
Today’s Trade Room Notes:
800am EST
– Dollar Index Futures are trending down from yesterday’s highs, but have settled into a broad sideways range.
o Double-tops and bottoms above and below, and the market continues to show lack of direction
o Pace of tape on the dollar index is very slow
o Average true range of the dollar is dropping since 5am EST
That means the market is narrowing in its trading range, so we can expect the same from the other markets.
815am EST
– Crude Oil Futures trading sideways below the 84.00 level
o Slow pace of the tape
o Average true range is dropping
– Gold Futures trending to the upside, but gone sideways over the past few hours
o Pace of tape is slow
o Average true range is dangerously low on the gold futures, lower than yesterdays low
830am EST
– British Pound Futures trading sideways, tucked under the 1.5400 Big round number
o Slow Pace of tape
o Average true range is at its weekly lows
Means the trading range is dangerously narrow
845am EST
– Euro Currency Futures are trading up in the short term, but on the long term we are in the dead center of a wide sideways bracket
o Looks to be a tough spot on the euro today
o Pace of the tape is slow
o Average true range is at its weekly lows
Means the trading range is dangerously narrow
910am EST
– Dollar Index futures broke to the upside above the sideways range, and the ATR fell
o Now the dollar index drops back into the range, and the ATR begins to climb again
Tells us the market is looking for answers, doesn’t know where it wants to go, and the contracting ATR confirms this.
1100am EST
– Average true range is now dropping off its weekly highs across most of our markets.
– Gold Futures doing nothing at all, VERY slow.
– Crude Oil continues to trade sideways, trying to break to the up-side, but having a hard time
– Pound futures also very slow and sideways
– Euro trading sideways, at the bottom of its range
– Russell is VERY slow and sideways as well
1 trade today, 1 winner
+10 ticks, $100usd
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
