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

‘We are what we repeatedly do. Excellence, therefore, is not an act, but a habit’ – Aristotle

Live Trade Room is open, come join us!

Click here for helping logging into the Trade Room

Let’s begin our morning routine with the economic news for today’s trading session.

8:20 Gold & Currencies OPEN

8:30 Non Farm Payrolls

9:00 Crude Oil OPEN

9:30 US Market OPEN

10:00 Factory Orders

10:30 E-mini Reversal

11:00 Transition into Lunch

11:30 European Close / Live Webinar in our Trade Room

Looking at the news today, everyone’s focused on the jobs report at 830am. Non Farm Payrolls are the biggest report this week, so we will look for the reaction from the market to be our guide for trading this morning.

We also have factory orders at 10am est today, so expect to see volume through 1030am, but also look for volume dropping from there and ending our week a litle earlier because its a Friday.

We will do our best to prepare for the news by reviewing our charts, looking for the best locations to trade.

Lets take a look at the futures markets we will be trading today.

Crude Oil Futures

Crude Oil futures are right back to the same direction we left off from Wednesday and Thursday.

We see three things to consider on crude oil:

Price channel in green trend lines
Sideways trading range in white box
Previous HOD/LOD

The first thing I notice is that we are inside the trading range from Thursday, most likely waiting for NFP News @ 830am today.

Inside days mean we want to use the Previous highs and lows as support and resistance, which means the PHOD and PLOD will be great buying and selling opportunities today.

Then we have the price channel, which you can see we have now gone back into from the lows. Im looking to buy the lows of this price channel and take profit at the highs of the channel around 105.0, looking for targets on the way up at 103.41, 104, 105.

Dont forget about the sideways trading range, this will be another key to our success. We can see a double top at the highs, and double bottom at the lows, so im looking to sell the highs first,

If price breaks new highs I will Buy a Pullback at support.

If price drops im looking to buy the lows first, and If price breaks new lows I will Sell a Retracement at resistance

Gold Futures

we’re tucked in between the lows of the price channel and the major support of 1410.6

We want to buy the lows on gold if it breaks back up into the price channel in green trend lines, im still trading inside the minor bearish channel in blue trend lines.

We want to buy at support, sell at resistance, and avoid the middle area of this sideways range.

We Love Your Feedback! Read and Post it here J

Live Trade Room is open, come join us!

Click here for helping logging into the Trade Room