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

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

8:20 Gold & Currencies OPEN

8:30 Personal Income & Outlays

9:00 Crude Oil OPEN

9:30 US Market OPEN

9:45 Chicago PMI

10:00 Pending Home Sales

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 this is a Monday, the last day of the month, which means large funds will be closing out the month and possibly entering new positions end of the day today.

We also have some Fed speakers today in the 8am hour, so we may see sluggish early morning, but we will have to wait and see how speed looks in our markets.

With a little bit of news throughout each hour of the day, we should see some decent trading opportunities in today’s session.

lets look at the charts we’re watching today…

Dollar Index Futures

The dollar index shows us right in the middle of the price Wedge Pattern.

We can see major support at 77.000 which will be the line in the sand for most of the overall direction this morning.

Remember the Dollar Index Futures Correlation when you’re watching the dollar index.

Crude Oil Futures

Crude oil is trading at the lows of a price wedge, so this chart gives us some easy trading opportunities this morning.

Buy the lows, sell the highs, and avoid the middle so im looking at buying opportunities at the 98.00 level of crude oil today.

be careful around the middle area of 98.65 (previous days’ open as well) and then look to sell the highs of 99.54, top of the wedge.

Gold Futures

Gold looks a little messy this morning, testing the highs again from middle of last week’s trading.

We can see three things to consider today:

Price channel in pink trend lines
Wedge pattern in yellow trend lines
Previous High of Day

I want to keep the price channel in my mind first, so look to buy at support as price pulls back from this very clear bullish trend.

I also need to watch out for the price Wedge Pattern in the yellow trend lines overhead resistance around 1417.0. I dont want to buy into these highs.

When trading at new highs, If price breaks new highs I will Buy a Pullback at support rather than trading into the highs.

and dont forget about the PHOD also around 1417.0. Remember that if price stays below the PHOD the sellers are in control. If price breaks above the PHOD the buyers are now in control again.

Euro Currency Futures

three things we notice right away on the euro

price wedge pattern in yellow trend lines
Sideways market in the white box
Previous HOD

we want to sell the highs and buy the lows of the wedge, making sure to avoid the area in the middle. Buy support if prices drops, so buying at 3710, 3642, 3600 is the low of the wedge.

the sideways market is also something to use for trading opportunities. Buy the lows, sell the highs, and avoid the middle of a sideways range, the same as other patterns.

Sell the highs of 3834, buy the lows of 3710, but if price breaks this sideways range…

to avoid a Fake-out breakout trading the highs or the lows of the range, lets buy pullbacks and sell retracements.

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

If price breaks new lows I will Sell a Retracement at resistance

dont forget the PHOD of 3834, if we break above the PHOD the buyers are clearly in control, and if we break below the PHOD, or in this case stay below, the sellers are in the contol.

I want to sell the PHOD as resistance, and buy the PHOD as support.

E-mini Russell Futures

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