Easy Day Trading Opportunity on Gold and Crude Oil Futures for sideways markets

The first thing I want to do is check my news this morning, and avoid trading around the news and looking for opportunities to trade after the reaction to the news.

800am est

– Check the dollar index futures to see where we are

o New overnight highs breaking the previous highs from FOMC Day last Wednesday

o Inside day after reversing off those highs

o Wide trading range (good)

o Moving market, new highs and new lows

o Speed is slow (Pace of tape < 100)

o Average true range is falling, however, its not at the lowest point, but close to it.

o Tells me that the dollar has the opportunity to be a mover for us today, we just need to wait for a little more speed and rising ATR.

o We also see the DX market in the middle of the wedge on the 21range chart, so this could be a sign of a difficult day, we’ll have to wait and see

o Mixed signals from the dollar

 Wide range
 Moving market
 But we’re in the middle of the wedge
 And that can be sloppy
 Sloppy dollar = sloppy crude oil / gold / euro / Russell / ES

815am est

– I want to introduce a new timeframe for us, the 89Range chart

o Slower timeframe
o Load the template = traderoom_fast
o 90 days of data

 I still want to use the levels off the 34-range chart, auto levels indicator will use these levels on the faster timeframe templates.

o Looking for the BIG BIG Picture

 Similar to a 60-minute chart
 I don’t like time charts, I LOVE the range charts
 144Range = Daily chart
 89Range = 60-min/120-min

1000am est

– We took 4 winning trades to start our day, nice and easy selling the highs on the gold futures contract

– Now the dollar is at the lows of the wedge, chopping around 77.000 and the rest of the markets are sitting sideways as well.

– The personality has changed significantly from when we began to the moment here now.