High Probability Day Trading Builds Confidence We Lost Yesterday

– New Auto Trader Beta is posted this morning

o VERY EXCITED!
o 90 days , 1 contract, $3,000

 20 tick stop / 50-70 tick target
 Max drawdown 1.5%

– The new NT 7.0 indicators are also posted in the download section

830am EST

Jobless claims came in higher than expected, but the markets this morning appear to be still sleeping from yesterday

The gold is sideways and choppy, and we’re waiting for the crude oil to push off the highs so we can either sell the highs or buy the next level of support.

925am est

– The dollar index has pushed new higher highs, which gave us two trading opportunities on gold
– The first trade was short when the dollar made new highs
– The second trade was long when the dollar dropped off those highs (dollar falls, we buy gold)

– The dollar index chart shows us above the recent bearish price channel, and we are now in the middle of the wedge pattern on the 13-range chart

o Avoid the middle
o Look for the dollar at the highs or the lows for the most high % opportunities

– The dollar in the middle tells us even more reasons why this price action is so sluggish
– Having the dollar at the highs or the lows is all you really need to see good patterns.