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

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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 144range chart shows me the different zones, which are the potential reversal points we need at support and resitance.

Dollar index 89range chart shows a short term bear price channel, and we use the highs and the lows of this channel as the turning we are looking for.

Dollar Index 13range we use the price alert indicator and we find a short term bull channel that we can use in the future.

Dollar Index Average True Range gives us a big RED FLAG, it is lower than the previous 2 day’s of last week and this tells us to be patient this morning.

Euro currency futures day trading strategy will be to buy the channel and wedge lows, using the PHOD and the trigger zone as my guide.

Gold Futures are trading in a bull price channel above the highs from friday, so use the DX Index correlation to buy the lows and sell the highs of this channel.

Crude Oil futures are trading outside above the range from friday, buy channel lows and sell channel highs,. be careful not to buy into the channel highs above the PHOD.

Crude Oil, zoom in on the same 89range chart and you can see the AB=CD Pattern as well as the levels of support and resistance we need to be buying and selling with.

Crude Oil 13-range chart shows me a new bull channel so buy at support. if price breaks below PHOD sell down to the PLOD

Russell Futures, buy wedge lows as price falls, and sell wedge highs as price rises. avoid the middle and remember to use the DX Correlation.

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Around the Globe this morning:

– Political concerns pressured European shares in today’s session. However it was not Greece that worried markets but the next domino: Italy. Italian PM Berlusconi faces a parliamentary test on Tuesday November 9th on a 2010 austerity cuts budget.

– Greece’s PM Papandreou’s resignation and Greece’s struggles to form a unity government had been priced in the markets. But political landscape in Italy is especially fractured and confidence in its public finances is frail. The situation has raised fresh concerns over the fate of the Eurozone in itself and the danger of contagion. Banks led the decline.

– Europe Finance Ministers meet in a regularly scheduled event

– ECB’s Mersch commented that ECB has considered discontinuing purchases of Italian bonds if Italy gov’t did not provide ample evidence it can meet its fiscal targets

– Italian outright yield and spread blow out in session despite renewed ECB bond buying in peripherals

– Germany’s Bundesbank sais to be unwilling to support plan that would see its gold and forex reserves pledged to the EFSF

– Greece PM Papandreou: Opposition has reach an initial deal to form a coalition Govt in principal; To meet again on Monday

– Swiss Oct CPI data shows deflationary forces taking effect..EUR/CHF floor to be raised from 1.2000???

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Today’s Economic News:

Our day trading strategies today will depend on the news, or lack thereof today. Monday’s without major US news should be traded carefully early in the morning, looking for clues for market personality. Take it slowly this morning, get into the rhythm of the week and remember that without any news this morning we will be at the mercy of bits and pieces coming out of Europe and the Fed this morning to give us reactions from the market to work with. Be patient.