January 28, 2011
Biggest Profit 2011 Day Trading Gold, Crude Oil and Euro Futures
815am est
– We check the volume on the gold contract and we see the volume is higher on the 04-11 contract than the 02-11 on the gold.
– We trade the higher volume contract, so lets look at rollover on the gold today.
825am est
– The dollar index is trading in a narrow wedge pattern ahead of the news @ 830am
– The GDP news is expected to push the dollar around, and we NEED the dollar to be moving for us to feel confident trading on this Friday morning.
– The narrow wedge is a dangerous spot on the dollar, so if the news does NOT move the dollar we have some more concerns.
830am est
– The reaction to the news is sluggish
– The news came out as expected, so the markets have already priced this into the charts.
930am est
– Its 930am time for the us open
– We’ve made 100 ticks this morning, so now its all about protecting capital and taking the best trades.
– Its up to us to keep this cash
– Friday mornings can be hit or miss, we may see lots of moves, we may not.
– Consumer confidence @ 955am est, this will likely be a big mover.
– GDP gave us NOTHING at 830am, almost no reaction to the expected news.
– Now we need to wait and see if the personality will change after the US open.
1015AM EST
– We’ve had amazing success with crude oil buy ing pullbacks as the price tested new highs
– Now crude oil at the HOD an d the dollar is pushing new highs
– Dollar rises = crude falls
– Looking to sell the highs on the crude oil
1110am est
– The dollar, the gold, the crude are all rising right now
– Its late in the morning on a Friday
– What in the heck is going?
– Riots in Egypt this morning
– Euro fears sending more money to the USD and the Gold
– And then there’s no real reason for the crude oil to be doing this other than a low volume late morning stop run,.
1130am est
– We had a late morning rise on the gold futures and it took me 10 minutes to figure out WHY
– 1130 is the euro close, and the fears of the situation in europe have traders dumping the euro, and other European indexes and moving that money into a safer spot like the USD and more importantly the GOLD.
– GOLD rises at 1130am based on the EURO fears and the EURO close of the day.
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FYI:
– New auto trader I am testing and will release this weekend.
– New Momentum indicator is done, and will be added this weekend as well
– Do training on this next Wednesday @ 1130am
