November 14, 2011
- in Uncategorized by schooloftrade
day trading strategies for crude oil, gold, euro and russell futures
The Dollar Index is trading inside the range from Monday with a price wedge and the trigger zone above us. We need to use this dollar index to find the best turning points in the market.
Crude Oil futures are trading in a bullish price channel inside the range from Monday, after re-testing the 100.00 psychological big round number over the weekend.
move a little faster to the 89range on crude oil to define the more agressive short term price channel and more support and resistance to work with.
Crude Oil 34range chart shows me more specifics to help us trade today. Make sure we trade the price wedge first, and the remember if price moves below the PLOD its all about WHEN that move occurs to be able to sell the PLOD or buy it, as it relates to the lows of the bear price channel.
Euro currency futures trading in a very clear price wedge, inside the range from monday, and inside the ‘trigger zone’ from the major swing lows up to the major swing highs. this is clearly a transitional area for the euro and therefor the WEDGE is the most important aspect. Buy the lows and sell the highs, this has been our trading strategy for many months on the euro, and nothing has changed.
Russell Fuutres day trading strategy is quite simple, the price wedge and the inside day make this easy to stay patient and buy the lows, sell the highs of this range. beware trading in the middle of this wedge.
Now look at this bearish price wedge on the 89range chart, what an excellent example of how well these patterns work!
We can see the Dollar Index Average True Range can be used as a day trading strategy in the sense that as we get LOWER ATR we then have narrower price action, which means we need to be careful as average true range gets lower.
Gold Futures has been in the middle of the ranges on the 89range chart, so today we have concerns, however we identified the high percetnage day trading strategy for the bull price wedge.
