Emini Russell finishes profitable day trading strategy and gold futures tests all time highs

Going through our morning routine…
1. Check your news for the day ahead
2. Look at your charts, slow timeframe first, faster timeframe second
3. Start with the dollar index
4. Then move to other markets that are moving this morning

a. Crude oil
b. Gold
c. Russell @ 930am
d. Euro
e. Aussie
f. British pound

830am EST

– Dollar index futures are trading at the lows of the weekly range and we see the following:

o At the weekly lows of the range
o Very narrow trading range
o Sideways trading (flat trigger line)
o Outside day, that is sitting on the lows from yesterday, so it may become an inside day
o At the top of the price channel, so looking for the dollar to drop down into the channel from the top

835am est

– News is out at 830am est and did very little to jump start the market this morning.

– The dollar told us to be a little patient this morning while the dollar heats up and the rest of the markets decide where to go from here.

– Crude oil futures spiked last night on global comments that affected the dollar

845am est

– Crude oil futures are trading in a sideways range with a wedge pattern

– We are trading at the highs of the wedge, so looking for a short trade opportunity selling the highs

– We can see the best trades will come above 83.00 because there is nice wide open space for trades to run.

– Beware trading into trend lines, we have trend lines above and below us, so check the slower timeframes before you enter your trades today.

– 21 range chart shows a much cleaner wedge pattern with a clear entry short below 82.58 with targets down to the lows of the wedge.

– We also can trade the breakout long above 83.02 with profit targets all the way up to 84.00

915am est

– The markets are surprisingly quiet considering the dollar just broke the highs of its trading range, sending the crude oil moving down for our first winner of the day.

– We’re waiting to see where crude oil goes next, and finishing our morning prep on gold.

– Gold futures are trading sideways and appear to be exhausted after a big move UP from last night.

– Sideways trading at the highs gives us two options:

o I can sell the highs on a slower timeframe looking for the bigger move down

o I can scalp buying the lows of the range and selling the highs of the range while this market goes sideways.

1030am est

– Gold futures are back at new all-time highs, which means the breakout trade long will be higher risk (we don’t buy the highs, we sell the highs)

– Looking for a reversal trade short I have two options

o More aggressive entry below 67.5 will take your entry as close to the highs as possible, which is good

o The more conservative entry short below 65.6 is going to have more potential because it clears the messy chop at these highs and get into a trade with plenty of room to run for me.

o Targets will be 63.5, 62.3, 60.5 soft, and final hard target of 57.8 at the lows of the day’s trading range.

– Crude oil futures are trading sideways at the highs from last night and we have two options for our day trades

o Buy the breakout above 83.10 with targets of 25, 345, and 95

o I can sell the highs with a reversal short below 82.42 with targets 35, 15 (trend line), and then 65 for the final ¼ target.

– E-mini Russell broke out above the highs from last night
– You can see this trade call here:
– We took the breakout above the 700.00, took our profit and now looking for new opportunities.

o We can continue to the upside with a breakout trade entry long above 703.5 with targets of 705.0 (AB=CD Pattern) and final target is the top of the channel at around 709.0 for the final ½ of your position

o We can also look to take advantage of this sluggish market at the highs and sell short below 700.0 with targets of 98.3, 97.0, soft 93.2, and final hard 688.0 which is the trend line support.

– Euro futures broke below the sideways range and now looking to buy the lows of this range above 42.

– Profit should be taken at the trend line for the first target, 65, and final hard target of 90 all the way to the highs of the range.