Looking For Day Trading and Swing Trading Patterns

Gold Futures:

– We have gold trading at its lows of the day, and lows of the week after breaking through and below 1200, and now we look for price to return to its previous location earlier today

o Entry long above 1194.5, and this will be a set of tight targets because we have some well-defined overhead resistance

o We have a trend line overhead @ 94.0, and we need to make sure we can break above that level first.

• First target @ 95.5 (1/2)
•  Second profit target @ 97.5 (1/4)
• Third target @ 1195.5 just below the big round number, which will act like a magnet for our trade!

Crude Oil Futures:

– We have the crude oil market in the middle of a sideways wedge candlestick pattern, and this means consolidating, sideways and choppy price action, we need to wait!

o Our best option is to capitalize on the open space below 75.33 going down to 74.25
o Entry short below 33’s
o First target @ 75.05 (1/2) just above the big round number
o Second target @ 74.75
o Third and final target @74.30

– Many of our members are still short the Russell from 24.5 which we called on the blog and in the room yesterday, this is a nice big winning day trade

– If you’re not short, lets look for the failure of this move down and take the reversal off these new lows

o Entry long above 20.7
o First target @ 24.0 (1/2)
o Second target at 28.0 (1/4) back into the consolidation around the open of the day
o Third and final target @ 33.0 (1/4) as we test the high of day from today’s trading range.

We’ve been waiting for this short entry for over a week now, the aussie has been sitting on the double-bottom for some time, and we are about to test that double-bottom, which should act like a magnet for price!

– Entry short below 8640 and look for the first target 5 ticks above that double-bottom

o First target @ 8624 (1/2)
o Second target @ 8565 (1/4)
o Third target @ 8505 (1/4) just above the big round number will take us all the way back down.

•  You can also read the tape around 8510 and look for the following:
• Greater speed on the pace of tape indicator
• Big money sellers @ 8505
• Momentum confirming pointing down on the 13-range or 21-range charts
• HOLD THIS TRADE!!!!!

o My next target @ 8420, the next big round number and the OPEN of the day from 2 weeks ago.