Crude Breaks New Lows, Live Trade Calls On Crude And Euro

Crude Oil Futures:

-The crude just broke new lows, so we’re looking for 2 different trading opportunities:

– Buy the lows of the bracket for entry above 31, and look for profit targets of 40 (1/2), 50 (1/4), and then all the way up to 73.95 (1/4)

o Make sure you watch that trigger line because we need to use that as our first target.

– If we cant get ourselves back up into the bracket above 31, lets look short to continue this move down

– Entry short below 73.05 with targets of 73.05 (1/2), 85 (1/4), and then down to the lows of this trading range of 65 (1/4)

Gold Futures:

– We just broke above all this resistance which has caused the gold market to be pretty tough today, not much movement.

– We don’t have a day trade pattern right now, but we see a nice scalp entry above 27.5

– Profit targets will be standard +5/10 and then we will look to manage the runner with a final target of 29.5 which is the Previous Low of Day.

Gold Breaks out of slow

Scalp Gold Long

Russell Futures
 
– The Russell made a nice big move down from the highs of 615, but we had a hard time getting into the trade because of the location.

o once we broke below the OPEN/CLOSE of the day (which we avoid) we went right to the middle of the trading range, and now we must wait.

o Avoid the middle and wait for the Russell to test the highs or the lows, or wait for a breakout

– Entry short will be around the highs of 609.4 using a 2-step short pattern
– Entry long will be buying the lows at 600.5 and using the trend line as support

o I like the 2-step long because that trend line at 600.0 will really help as support.

– Don’t forget we can also sell short below 599.0 just make sure we get below the trend line

– And we can buy the breakout above 60.9.4 but just remember we have the OPEN/CLOSE directly above those highs, so expect the market to go back to sleep.

Russell Futures