Don’t make this mistake Day Trading Crude Oil and Gold Futures

845am est

– The dollar index is trading at the highs of the price channel, so we expect the price to drop off these highs
– Look to buy at support on the gold, euro, Russell, crude oil when the dollar is dropping off resistance
– We have slow speed going into the US OPEN @ 930am est
– We have news @ 900am est which will hopefully give us some more action on these charts.
– Crude oil futures are trading sideways from support at 84.81 and overhead resistance at 85.00

o We want to sell below 84.81, but we’ve since identified some key support on the 21 range chart that may hold us up.

900am est

– Home price news came out at 900am lower than expected
– This is the 2nd week in a row with lower than expected home prices
– How does this affect our markets?

o Bad for the USD
o Good for Gold, Crude, Euro
o Now lets see what the consumer confidence comes out at 10am est

 If confidence is lower too, look for gold to test those highs of the wedge at 1400.0

1040am est

– The dollar bounces off the previous HOD
– This tells us that the buyers are still in control, so possibly expect the highs to be tested once again
– If the dollar rises to the highs again, we want to be short on the markets we’re trading.