Day Trading Strategies for Euro, Crude, Russell and Gold futures

The James’ Report: Professional Resources for Professional Traders

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Let’s review today’s day trading strategies together in the trade room

Dollar Index has a double top, at the highs of the bear price channel, and we have many clues telling us to wait for the dollar to break 76.850 and then look for the dollar to tumble we look for buying opportunities.

The Short term trend on the dollar index is moving lower, and this confirms that our higher percentage trades will be buying at support.

Dollar Index average true range is much higher than anything we’ve seen all week, this is very encouraging after a rough day on FOMC day Wednesday.

Gold Futures, highly dollar-correlated, are trading at the highs of the bull channel and we need to look for clues to trade this morning. If the dollar moves higher, we sell the channel highs. if the dollar moves lower we buy pullbacks above 1763.0

Gold 34range chart shows us more details, sell channel highs, buy channel lows

Gold 21range chart shows us even more details, and I begin to time my entry short when the dollar is at support.

Euro trading inside the range from wednesday, and the plan is simple. buy the channel and PLOD as support and buy above the PHOD.

Crude Oil trading inside the range from wednesday at the highs of the wedge, the channel, and the range, so looking to sell these highs and then take profit at the lows.

Russell Futures trading in a price wedge and inside the range from wednesday. sell the highs and buy the lows, avoid the middle.

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Around the Globe this morning:

– Greece PM has told the press he will RESIGN to avoid a Confidence vote.
– European shares fluctuated between gains and losses ahead of the G20 meeting in Cannes this weekend. European leaders have withheld the sixth tranche of Greek aid due to the impending referendum with an increasingly hostile tone against Papandreou’s decision. Fed’s minutes noted that the policymakers are increasingly worried about economic recovery, predicted to be frustratingly slow. Fed affirmed the prior pledges of supportive monetary policy but as expected did not announce new expansionary measures.

– Greek gov’t said to be losing its majority ahead of Friday’s confidence vote; Greece PM Papandreou to chair emergency cabinet meeting ahead of the NY morning. Greek ruling party lawmakers were calling for PM Papandreou to resign

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Today’s Economic News:

Our day trading strategies today will depend on the news.

We begin the day at 830am EST with Jobless Claims and Productivity and Costs. The ever-elusive sub-400k reading on Jobless Claims will get the markets moving for sure, so we will be paying attention. We then move through our 930am US Open, and then move to 1000am Factory Orders and ISM-Non Manufacturing Index which will also be important to watch this morning.

Late this morning is a question mark; we have NonFarm Payroll tomorrow morning, and the G20 Summit starting today, and with the fresh fear out of Europe regarding Greece this day could come to a close a little earlier than normal, so look for clues from market personality after 11am EST today to tell us when the market is headed into lunch.