Day Trading Morning Prep Gold, Crude Oil, Dollar Index, Euro, E-mini Russell Futures

Here is the Gold…

Let’s review the Gold Futures today, start with your 89range chart:
– Strong Bullish Price Channel
– Sideways Range(s) off the highs of this price channel
– Bullish Price Wedge in bleu trend lines now that we have a lower high from last week’s higher highs
– Now with the most important price levels located on my 89range, lets plan our attack with the exact price levels on our 34range chart
o There is no dollar trend, so there is no directional bias from the DX
o We want to sell the highs and buy the lows of the price wedge.
o Notice the wedge on the gold is very narrow, almost the end of the wedge. This is very different than the wide range wedge we have on crude oil today.
o We will keep an eye on the sideways ranges, selling the highs and buying the lows of the white boxes that were drawn and carried over to the 34range chart
o We are in a bullish price channel from the 89range, so we will use as our guide throughout the morning
o We have the PHOD above us, the PLOD is below us, making this an INSIDE trading day
 Inside days = sell the highs and buy the lows (don’t expect to see the big moves outside of the range)
 This can change, but this is what we assume at first will be the best options for our trades.
o With this new information, lets plan our attack today:
 There is no dollar trend, so there is no dollar directional bias
 We have a bullish sentiment from the bullish price channel, so use that as your guide today.
 Long trades may be the higher % if taken at the correct times.
 If prices rise:
• Selling the highs of the wedge, selling the highs of the range and as prices rises im always looking to sell first, and then buy a pullback with new higher highs
• Im looking to sell the major levels of resistance which are 58.5, 61.3, 65.8, 67.8, and then all the way up to 77.4
 If prices fall:
• Im going to beware trading around the open of the day, it will be sloppy
• Im buying first as price drops at levels of support, and then with new lows we will sell retracements, never selling the lows
• Im buying at support at 47.4, 43.0, 40.3, 36.1, 32.1, and 25.0 which is the low of the lowest part of the range.

By 10am this morning we are 1 trade from our daily goal and we need to re-asses the plan on crude oil:

here's our new plan…

– Open your 89range chart and you see the following:
o Sideways Ranges: We are just above the Highs
o Price Channel: In the middle
o Price Wedge: Just above the Highs
o Using this information, we now zoom in on a fast timeframe and look for the exact price levels
o Open our 34range chart and we see the following:
 RIGHT AWAY, VERY IMPORTANT we see the dollar has NOT made a comparable move to the same move we saw on crude oil
 The dollar will move the markets, not the other way around
 Dollar stays flat and crude oil jumps, we have to assume, without any major fear in the market, this price will come back to the pre-move levels
 We need to use this to our advantage
 We aren’t going to sell short NOW, we will wait to sell at resistance, selling retracements.
 We want to sell the highs of the same price wedge we bought the lows of earlier this morning, we expect to take profit at the LOWS of this wedge, looking fro support levels on the way down for easy profit targets.
 PHOD is below us, as well as the major trading range, so we assume this will act like a price magnet.
 We want to buy the PHOD as support when price comes back down.
 We expect will try to come back down, but at the same time we NEVER ignore any direction on crude oil
 If price rises:
 Im selling resistance first, and then buying pullbacks
 Im selling the major levels of resistance which are the highs of the channel at 115.00 (great target)
 If we break above 115.00 we will have no choice but to keep buying pullbacks, but make sure momentum Is confirming with increasing speed.
 If prices fall:
• im buying at support levels firs,t then selling retracements with new lower lows
• im buying major support at the PHOD 114.14, 114.00, beware trading around the OPEN 113.89
• buying support 113.73, .50 is the low of the new minor channel, and 113.00 is the low of the major channel
• beware trading around the 112.80 and around the BMT 112.49, both of those levels are in the middle of the ranges and will be assumable very sloppy