77 Ticks Live Today, Gold Futures are a Trader’s BEST Friend!

We opened up our charts today & the market Gave us clues …

– 820am EST

o Dollar Index Futures (DX) moving in an up-trend on both fast and slow timeframes

o Good news!! The dollar moves the rest of the markets!

– 845am EST

o Gold is dropping, the dollar is rising

o Crude Oil Futures are sideways, but remember, we have a Crude Oil Inventories report @ 1030am EST today, so that’s the reason why…

– 850am EST

o First trade of the day on Gold Futures

 Big buyers got us into the trade

 Lack of follow thru kicked us out of the trade

 Price slowed down once we entered, and came back to our entry to stop us out

– 915AM est

o Dollar Index Futures still trading at High of Day, 82.000 (be careful of sideways chop on other markets)

o Crude Oil Futures breaking their lows, breaking the double-bottoms

o Gold Futures level off, sideways trading below a major double-bottom

– 940am EST

o Dollar Index Futures (DX) continues to stall at the highs, 82.000, flat and slow price action at these highs

o This will cause the rest of the markets to have to wait before they start to move

o Dollar Index Flat = Flat on everything else

o Dollar is the denomination currency (everything settles in dollars) which is WHY the dollar is the catalyst, the dollar moves the markets, not the other way around

– 1015am EST, after the New Home Sales New Report

o Dollar Index Futures pulls off the highs, still very slow, but at least its moving now, the rest of the market should follow.

o Crude Oil Futures range-bound ahead of the 1030 news, Crude Oil Inventories Report

o Gold Futures sideways trading below a major double-bottom

– 1100am EST, Looking for transition into lunch

o Stop trading when we see…

 Slow price action

• RED Pace of Tape (RED = Slow Speed)

 Sideways Markets

• Average True Range (ATR)

• Slope of my trigger lines (steeper the better)(flat = sideways market)

• Pay attention to the slow timeframe for the bigger picture.

 Less BIG MONEY in the market

• Time & sales Window

o One is filtered for 10 contracts or greater

o Watch the FILTERED time & sales to see when there are fewer big money traders in the market.

As always, our patience pays well. The biggest trades of the day were taken towards the end of the morning, which means more importance on limiting losses early in our trading session today.