Day Trading Gold Crude Oil and Russell on Jobless Claims and GDP News

– Dollar index futures are showing a lot of movement this morning ahead of the 830am news

– The dollar broke the highs and the lows from the trading range yesterday, making this an ‘outside trading day’

– This type of price action on the dollar is usually going to mean decent trading ranges and plenty of opportunity on the markets we trade.

– Keep an eye on the market returning to a flat sideways range to avoid the market, and keep looking for opportunities while the dollar is moving.

– Crude oil futures are trading exactly where we called them last night on the blog, trading at the highs of the channel and the highs of the sideways range above us from yesterday,.

– At the highs im looking to sell these highs, and I will buy the breakout above us if the market continues to rise.

– If we continue to see the crude oil buyers in control, look to buy above 78.86 and then take profit at the new highs of 79.60

– We have a 2-step reversal pattern on the crude oil 13-range chart which was also called on the blog last night

830am EST

– Gold futures trading sideways at the highs of the day and the highs of the channel so we’re looking for the short side as the higher percentage side.

– The best option will be to sell the highs below 12.2 going back down into the sideways range

– Take profit and buy the lows of 1307.6 to stay trading inside this range.

– The 13.6 area on the 21-range chart for gold futures looks to be a choppy area that we will want to avoid or take extra caution when scalping or day trading around this area.

930am EST

– The euro is testing new highs but not making any progress which is concerning for day traders because we cant buy the breakouts until this market personality changes to a breakout market

– So the best option is to sell the highs at 77 trend line and then wait for the test of the lows to buy the lows at 32’s

950am EST

– The Russell has been making new highs for us today so we have two options

o We can buy the breakout when we see good speed and big buyers at the highs

o Or we can wait to buy the pullback at the lows 682.4 or even lower we can buy the previous lows of 678.3

o If we break the lows we need to be careful with the trend line as support, so look for a quick scalp short below 78.3 with a target of the trend line, or simply wait to break the trend line on the way down for your entry.

1015am EST

– Crude oil futures are falling asleep on us right now trading sideways after the big jump up to 79.50

– The best options on crude oil are to wait to buy the lows and sell the highs.

– Buy the trend line as support around 79.00 and I will buy the 92 if we break to the downside

– If we rise to the highs im going to sell the 40 and sell the 47 looking to take the price back down into the sideways trading range.

– We open the 13-range chart on crude oil and we can see a much bigger picture and the larger move setting up below us.

– Entry short below 92 will be a 2-step reversal price pattern off these highs, and looking to cover this short position ½ at 75, ¼ off 55, and soft target of 18 and a hard target of 60 all the way to the lows of the previous trading range.

1035AM EST

– We see a inverted head and shoulders pattern on the 13range chart, which shows signs of a price reversal

– I don’t have the pattern on my 13range, so I look for the pattern on the faster 4range chart for my entry above 680.8

– This will be a scalper entry so use the standard scalping trade management strategies.

– We also see a potential short trade below 679.7 level bouncing off the highs, but we see nothing but large BUYERS on the tape, which tells us this short move is likely only temporary and will go back to the highs.

– We have the dollar index futures now trading up back into the range from yesterday (inside day)

– Support on the dollar means resistance on everything else, so I’m concerned with the long side until this dollar moves down again below support.

– Back inside this sideways trading range means everything will likely be moving sideways for a while

– We will wait for the dollar to make new highs/lows for some more confident moves in the markets we trade.

1130am EST

– The markets are very sloppy for the past 35 minutes mostly due to the dollar going back into its sideways trading range from the day previously.

– Then the dollar tested the highs of the range, which sent all the market moving, but inside the range above kept everything very choppy.