day trading strategies gold, euro, russell, dollar index futures

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The Dollar Index trading strategy uses a negative correlation to give us clues to the best times to execute trades today.  We’re looking for the short term trend (if any) along with the major turning points.

The 13range of the dollar index shows us the short term trend does NOT exist, there is no direction bias, and the price wedge highs and lows gives us excellent ‘turning points’ in the market for us to use as clues.

We want to trade when the dollar index is as major support or resistance, and we want to sit on hands when the dollar is in the middle of the wedge.

Crude Oil 89range chart shows me the big picture, and the day trading strategy this morning for crude oil will be to use the price wedge and the inside day as our guide.  As price drops im buying the lows of the wedge around the 100.00, if price sits in the middle of the wedge we dont trade, and if price rises im selling the highs of the wedge 101.40-101.94

Crude Oil 34range chart shows me exactly where this day trading strategy will have us buying at support and selling at resistance.  Avoid the middle, buy the lows and sell the highs.

The euro currency futures are going to use the same trading strategy as crude oil, except we have the bear price channel as our guide.  Remember the euro is highly-correlated to the dollar index, so use that as your guide.  Buy the lows as price falls, and then sell retracements below the 1.3333.

The Euro 34 range chart shows us the double-top along with the price wedge and the specific locatiosn for this day trading strategy.  We want to sell below 1.3333 and take profit at the major support levels below courtesy of the double-top.  You can sell short down to the support, and then buy at the support, or you can wait and only buy at the support once price has dropped.

Mini-Russell Futures trading in a narrow trading range, inside the range from Wednesday, so sell the highs and buy the lows of the current trading range.  If price falls im buying the russell lows at 730.0 and then selling a retracement below the 29.4 major support.  Swing traders can hold this all the way down to 661.5 and the day traders will take profit using support levels below us on the faster timeframes.