Gold Futures reversing off the lows, crude oil futures wedge pattern, mini russell day trading patterns
Hi guys, we had another great day trading the most popular futures markets, and our day isnt over yet.
We made 270 ticks in our live trade room
We earned another 100 ticks on this crude oil futures trade called live on the blog today
And now lets look at what these futures markets are doing now..
Let me start with the crude oil futures
Crude oil is tradinig in the middle of a sideways wedge pattern on this 13 range chart. Im looking to break above this wedge, as well as overhead resistance, looking to enter long above 77.80.
I will look for profit targets at 77.95 (1/2), 78.20(1/4) and finally up to 78.60 (1/4) which is the next level of overhead resistance.
Trading the breakout of this wedge pattern is a classic example of a trade that we should wait for a decent size move above before we enter. we always see fake-out breakouts on wedge patterns, so caution, wait to get above 80.
Lets take a look at the gold futures…we made a bunch of money on gold today already ๐
Gold futures have been dropping to new lows all day, and it looks like we may have a reversal trade opportunity off the low of day.
I will look to break the down trend line and the overhead resistance at 1164.2 for this 2-step pattern day trade.
Look for profit targets at 66.5 (1/2), 69.5(1/4), and then finally up to 72.0 (1/4)
I also used the AB=CD pattern to anticipate the profit targets for this day trade of 72.0
Alright, finishing up tonight with the mini russell…
The russell looks especially promising tonight because we ar at the highs on the russell, and testing a very dramatic trend line from the lows of last week on this 21 range chart.
Looking for a 2step short pattern on this day trade, i will enter short below 58.6 and look for profit targets of 56.0 (1/2) and 52.0 (1/4) and finally 48.5 (1/4)
This trend line on the russell is a very tough level because we anticipate that price will stall and flutter around this trend line before it actually breaks.
With that said, this entry gets us very far away from the trend line, which means our entry will be much higher percentage.
It would be easy to apply the ab = cd pattern on this trade to predict your profit targets ๐ hint hint!
Hope everyone has a great evening, follow your day trading rules, and see you all in the morning at 745am EST for our live day trading room
