May 12, 2011

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 Producer
Price Index
8:30 Retail
Sales
8:30 Jobless
Claims

9:00 Crude
Oil OPEN
9:30 US Market OPEN
10:00 Ben Bernanke Speaks
10:00 Business
Inventories

10:30 EIA
Natural Gas Report

10:30
E-mini Reversal
11:00 Transition into Lunch
11:30 European Close / Live
Webinar in our Trade Room
Looking at the news this morning we have early morning 830 news that ‘should’ get the market moving for us early today, so we will be on our toes for 830am.  We then see news at 10am along with Ben Bernanke speaking this morning.  Its hard to predict how the market will react to what Big Ben is saying at 10am est, so we will wait to see.  I would expect to see the market slow down around 10-1030 and then look for a late morning move after the markets settle down after Ben’s speach.  Natural Gas is a very small event in our day, so I do not expect this to be a player in our price action today. 
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 89 Range

Crude Oil
Futures

Open your 89-range chart to begin the process of locating the most important information to watch today.  I can see right away we have a price wedge in yellow trend lines, sideways ranges above price and some major levels of support and resistance to watch if price keeps rising or falling this morning.  The price wedge on this makes for an easy target for our trading today.
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
Related Posts

Grind-Break Trading Strategy | Crude Oil, Emini, Nasdaq, Gold & Euro

Momentum Channel & Range Strategy | Crude Oil, Emini, Nasdaq, Gold & Euro

Fractal Trading Strategy | Crude Oil, Emini, Nasdaq, Gold & Euro

Head-Fake Trading Strategy | Crude Oil, Emini, Nasdaq, Gold & Euro

Trading with “Context” | Crude Oil, Emini, Nasdaq, Gold & Euro

Stop Missing the Best Trades | Crude Oil, Emini, Nasdaq, Gold & Euro

Earn More with Confirmation | Crude Oil, Emini, Nasdaq, Gold & Euro

4 Ways to Profit from Reversals | Crude Oil, Emini, Nasdaq, Gold & Euro

    schooloftrade

    Click Here to Leave a Comment Below

    Joseph James - May 12, 2011 Reply

    If price rises:
    – Im buying pullbacks, trying to buy the lows of the wedge, the lows of the range
    – Im selling the high of the bear channel and the PLOD at 97.50
    – If we make new highs above the channel highs and above the PLOD we take that as a bullish sign and we want to buy pullbacks
    – We don’t buy the highs, we buy pullbacks.
    – Im going to avoid trading around the BMT 98.57, and I will avoid the OPEN 99.58 and the big round number of 100.00
    If price falls:
    – We are selling retracements as price falls, but keeping a close eye on the lows of the sideways range.
    – Buying first as price falls, buying the support, the lows at 94.63
    – If we make new lows below .63 we then see this as a strong bearish clue, and we sell retracements.
    – We need to get below the 94.63 to really get the best moves down, and beware selling the lows, wait for new lows and then sell a retracement.

    Leave a Reply: