- in Uncategorized by schooloftrade
Im watching the Dollar Index Futures contracts, watch these day trade set-ups
we even called a winning trade on this blog, which was an incredible 150 tick winner on gold futures!
Its been a busy week, my travels were safe, restful, and thanks to everyone’s help last week…it was also profitable. π
As always, congrats to our members who did great last week, you guys work so hard, keep it up!
Let’s get down to business and look at whats going on in the futures markets right now…
we have a lot of narrow ranges and sideways chop right now.
With the dollar sideways, the gold finally tiring slightly below its HOD, and the Euro is still setting up on the trade we called today in the live trade room.
lets start with the dollar index futures…
the dollar index futures has a lot of overhead resistance right now. its at its lows, which is good, but the trading range of the day is very narrow, which means we are going to find ourselves in the middle of the trading range very quickly, which we want to avoid.
I see resistance starting at .289 and then my medium timeframes say .368 and .326. as you can see, .368 will be the highest level of resistance, so that will be our trigger for the DX-Pattern.
with the dollar setting up, lets look at the euro futures contracts…
we called this trade already in our trade room today, and the trade is still setting up. You can see the current day’s HOD @ 1992, this is our entry level, but look to wait for confirmation from BIG buyers above the big round number just above us @ 2000.
be sure to wait for good confirmation on the entry around this big round number. 2000 is a VERY impulsive spot because its obvious added ZERO π
If you look at the big picture on this chart you will see this is a massive 2-step reveral pattern, which should give us a nice long entry opportunity above 1992.
lets take a look at the Aussie Dollar futures…
with the dollar at its lows, and you can see the aussie dollar setting up for a nice DX-Pattern because its tradign at its highs.
my goal will be to wait for entry below 8159 because you can see it will be a 2-step reversal entry for s short trade, with targets at 8130and 8115.
wait for the dollar to confirm the entry on the aussie dollar, and make sure you see strong BIG buyers on the dollar before you enter the aussie dollar.
Ill review this one in the live trade room.
The ES e-mini futures contracts just came off their lows…nothing setting up at the moment..
