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Market Gave us clues today…

800am EST

– Dollar Index Futures trending up, but somewhat sideways. Still seeing double-tops and bottoms on the slower timeframe

– No short term trend on the FAST timeframe, which is more important when looking for a trend.

– Look at the first move of the day. Wave entry short on the crude oil. We see stutter steps, flat trigger line, and slow red pot, with momentum possibly oversold already.

– This lack of price movement tells us…wait for better speed, we now know what the market LOOKS like and FEELS like today on crude oil futures.

830AM EST

– Crude Oil Futures trading to the downside, slight downtrend, but overall, the market looks very weak, lack of conviction, and could go anywhere right now.

– Beware, double-tops and bottoms on crude oil above and below at the 81.50, 80.50 (halves)

845am EST

– Took our first trade on crude oil futures for 14 ticks

– See dollar index futures resting on support @ 81.876. Dollar support = overhead resistance on other markets b/c of the negative correlation

900am EST

– Pound Futures are right in the middle of a wide sideways range. Converging trend lines that create a wedge pattern, so be careful!

945am est

– Dollar Index Futures, still sideways, in the middle of its range

– Crude Oil Futures, trading sideways at its LOWS, trading @ its double-bottom from earlier this week

1100am EST

– Looking for clues that lunch time is here

o Slow Price Action

 RED Pace of Tape

o Sideways Markets

 Low ATR Reading

 Flat Trigger Lines

o No BIG MONEY $$$

 Filtered Time & Sales Window

What made us so successful today was our ability to AVOID the bad trades, which allowed us to preserve the CONFIDENCE we needed to keep focused on the best patterns.