February 10, 2011
- in Uncategorized by schooloftrade
Buy at Support and Sell at Resistance Day Trading Strategy Crude Oil and Gold Futures
830am EST
– The dollar moves up off lower than expected jobless claims, the lowest since 2008, so the market is reacting with rising DX prices
– Selling opportunities on the markets we trade with the dollar rising.
835am est
– The dollar is rising, we’re waiting for a wave short on the gold 13range
– The euro is dropping, this confirms the correlation is working (dx up, euro down)
845am est
– Everything comes to a stop
– We had good speed after the news
– Waiting for the gold market to trigger the wave short
– The dollar slows down
– The gold and crude oil slows down
– Crude sitting on the PLOD
– Gold sitting just above major support of 1350 ands just below the broken support of 1355.5
– We need to wait for better speed
910am est
– We’re still waiting for speed to enter the market
– We’re now concerned this morning traders may be waiting for the news at 2pm regarding the budget.
– We have a dollar wave long setting up on the 13range chart
– My instincts tell me the dollar wave may be a great tool for seeing a wave on other markets (euro, gold, crude, etc)
1000am
– We spent most of the pre-market waiting for the speed to increase
– We took a loss on crude, and a scratch, and managed to miss a final profit target, which sums up a very challenging 2 hours of the market so far this morning.
– Its been very challenging seeing speed with any consistency.
– The gold market is very concerning, sitting sideways in the middle of the 21range wave pattern.
– Crude oil just made new highs, but we see the price is in the middle of the larger sideways range.
– Remember, we want to avoid the middle, sell the highs and buy the lows.
– Best trades will be to buy support on crude at 87.00, or wait to sell the overhead resistance up at 88.00.
– Notice there are NO LEVELS from 87.00 up to 88.00
– We need to look for more S/R levels to use them for our trades.
1045am est
– We have had a very challenging day
– No consistency in the speed of the markets making it hard to get IN and even harder to know how long to hold the trade.
1100AM est
– We’re still having very slow speed
– We still cant see any consistency in the control over the price
– No big money AFTER we enter our trades makes it hard to see the moves very profitable today.
– Today has been a difficult, but this is only 1 day out of many that have been very easy.
– Very clear that the markets are waiting for SOMETHING, and we assume it’s the important 2pm budget report.
1130AM est
– We hear on the news that Egypts head is stepping down, so we expect the gold to rise, the dollar to rise, and the euro to fall.
– The speed wasn’t fast enough to trigger an entry, so we waited for better opportunities.
– We finished our day exhausted from chasing aster patterns trying to find the best ways to enter this market.
– The lack of speed
– Lack of big money
– Lack of confidence showed everywhere today
– On days like today we stay patient, we never let our emotions trade for us, and we take responsibility for our trading decisions.
