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Today’s Trade Room Notes:

Market Gave us clues today…

800am EST:

– Dollar Index Futures

o Slow timeframe shows new higher highs, and a trending UP market

o Fast timeframe has lots of movement

o Slow pace of tape indicator

o Average true range has been narrowing since 330am EST, which means the markets we trade will also most likely be very narrow as well.

– Crude Oil Futures

o Strong downtrend almost all morning

o As of 8am est went sideways into a very narrow range

o Average true range at its highest levels of the day @ 8am est

830am EST

– Gold Futures dropped earlier this morning, but have slowed down and gone into a sideways range

– Average true range is its highest of the day

900am EST

– Euro Futures also had a strong downtrend this morning, but have leveled off and trading in a sideways range

1015am EST

– Dollar Index Futures have added a double-top, and appear to be trading in a sideways range

o Average true range on the dollar index continues to climb and push its highs, even though we have a sideways market on our slow timeframe

o Resting at its double-bottom

 Tells us to be careful! Choppy price action is sure to follow on the other markets we trade

– Crude Oil Futures appear to be VERY hesitant at the big round number of 83.00

o Sitting on the round number for a while

o Slowing of the speed of the tape

o Average true range continues to rise, even though the market is trading very quietly.

– Pound futures begin to rise off their overnight lows

– Euro futures begin to rise off their overnight lows

– Gold Futures trading in a slight uptrend channel, but sideways trading on the fast timeframe

1115am EST:

– Crude Oil Futures are trading sideways

o Average true range of the crude oil is slowly dropping from its highs

 Lunchtime may be setting in for crude oil

1 trade today, 1 winner

+25 ticks, $250usd

Only 4 contracts needed to achieve this today!

See you tomorrow @ 745am EST for the live trade room session!