day trading stratagies for new and experienced traders

We begin our day trading strategy this morning with the dollar index, specifically looking for major turning points, the short-term trend, and current market personality. 

We see the dollar index has failed at the lows of the range from thursday and the channel lows, so the DX should keep rising up to the 81.550 and 81.645, and if doesnt we need to look to buy at support on the markets we trade.

Crude Oil futures day trading strategy starts with the slower 89-range chart and that shows us major support in the form of a double-top ‘buy zone’ and new trend lines from the swing lows.  We can also see this has created a wedge, and with the big drop from thursday we can assume a big pop is comming this morning.  Be ready to buy pullbacks off these lows.

Our Crude Oil trading strategy is further defined with the faster 34-range chart and We are at major support. We expect 100.00 to be tested if we make new HH’s so buy PB above 99.60 target 99.95 (also the open) if we stay inside the price wedge sell the highs and buy the lows of the wedge.

Crude Oil 21 range chart shows us specifics of where we want to trade this morning.  Im looking to buy the wedge lows, and then sell retracements below the 98.50.  We want to buy the wedge lows and then buy pullbacks above the swing highs that will break above the wedge highs.  buying pullbacks above 99.56

Russell Futures showing a price wedge, so buy the lows of the wedge and buy the support below the wedge.  If the lows and the support is broken then sell retracements but remember the price wedge is the most important thing until its broken with a retracement below the 754.0 area.

Our trading plan on the russell shows the exact point of entry for buying the lows of the wedge.

Euro futures are being pushed lower by the S&P downgrade this morning, and we want to use a simple retracement day trading strategy.  As we make new lower lows we sell retracements, following our specific trade managements.  Take profit at the major support below us, and look at the AB=CD Pattern projection down at 1.2500 for an idea LONG TERM of where this market will be next week.