May 6, 2011
- in Uncategorized by schooloftrade
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
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
11:00 Transition into Lunch
11:30 European Close / Live Webinar in our Trade Room
Looking at the news this morning we can see this BIG news event at 830am which most traders will be watching. Friday’s are always a little bit of a variable when it comes to volume. We expect to see lots of volume at 830am with the news, but will be watching to see when the action slows down going into the weekend.
As always, I’m watching the speed or the orders coming into the market along with average true range (ATR) to find the best times to trade the markets today.
My trading method will work on ANY liquid market, here is what I’m focused on day trading today:
Crude Oil Futures
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| Crude Oil 89Range |
We had a HUGE drop on crude oil over the past three days, so I need to keep up with these new price ranges on my 89range chart. Open this slower timeframe and lets find the most important levels first.
I can see we have a horseshoe pattern developing, which means we have plenty of trading opportunities. Notice the levels we’ve marked below us, in anticipation of falling prices, we will be ready with the most important levels of support for buying opportunities.
The most important thing I see on this 89Range chart are the multiple wedge patterns that are formed from the blue trend lines. Think of each of these blue trend lines as the bottom of a price wedge we are entering from below, so look to buy above them.
