Day Traders look for sub-400k Jobless Claims and Optimistic about Existing Home Sales

– euro currency futures are trading in the same location from earlier this week, inside the range from Wednesday, around the BMT, inside a price wedge, and inside the reversal zone using the price channel-break structure.  The most important aspect of today on the euro currency futures is the correlation with the us dollar index.  You can see a splitting image between the two charts, so we KNOW that without a breakout on the dollar index we will not expect one on the euro currency futures. If price rises I’m selling the highs of the range and the PHOD as resistance.   I am selling all the way up to 3925 and then I will consider buying pullback only after the fake-out breakout has been disqualified.  I can buy pullback above the PHOD however it will be higher risk, I want to sell as price rises today.  If price drops I will buy the PLOD and the support at 3645, trying to not to fall victim to the fake-out breakout below the PLOD.  I will sell retracement below 3645 after making sure the sellers in control and my final target for the short will be 3573 support, 3557 and then down into the ‘trigger zone’ from this 89range swing low to swing high (marked in orange)

– Gold futures trading off the lows of the bear price channel at the PLOD inside the range from Wednesday, and just above the major price wedge lows as support.  The most important factor on the gold futures this morning will be buying the price wedge lows at support 1607.9, 1605.8 and being careful not to sell into the price channel lows.  As price keeps moving lower I am waiting for that buying opportunity and not getting frustrated trying to sell the new lower-lows at the price channel lows.  If price moves higher above the 1632.0 we think the market will test the price channel highs so we can buy above 32.0 for a higher risk scalp trade up to the price channel highs where we will be looking to sell the highs of the price channel using the ‘reversal-zone’ lows of 1643.0.  as price rises above the price channel we are looking for selling opportunities all the way up to the 1669.9.  Look for the fake-out breakout above 66.9 and then buy pullback up to 78.2, take profit, look to sell 78.2 and then with new higher-highs buy another pullback up to 1690 area and the trend line resistance overhead.  Take profit at the trend lines around 1690.0 and then look to sell it back down again.