day trading strategies using futures markets

Our morning routine and day trading strategies start with the dollar index, which shows us a bull price channel and 2 major support levels.  We will use these levels to make educated decisions today using the negative dollar correlation.

Now move to a faster dollar chart and we see a short term downtrend, with some very clear instructions as to where and when the highest percentage trades will be.  We want to wait for the dollar index to test the highs of this channel for the highest percentage trades today.

Crude Oil futures 89range chart shows us a bull price channel, above the range from MOnday, with an AB=CD Pattern.  This tells us, along with the dollar index that price is expected to keep rising up above the previous 103.73 and a potential target of 104-105.  The main focus will be how the market personality reacts around the 103.73.  If we stall at the highs we will sell short at the highs.  If we blow right through the resistance we buy a pullback using the downtrend on the dollar as our guide.

Crude Oil 34range chart shows us the short term trend and helps us define our day trading strategy.  We see an outside day, above the range from Monday, we see the major AB=CD pattern that tells us overall direction and the major turning point at 103.73 where we expect the highest percentage trade today.  We see a 34range wave pattern setting up, and look to buy at the 102.60 area for high percentage trade.  Also, if price breaks below 102.50 we can expect price to re-test the 102.00 area, the PHOD.

The Euro Currency Futures are trading in a strong downtrend and we’ve used our trend channel tool and trigger zone tool to define the highest percentage locations for our trading strategy this morning.  We need to be patient for these areas of resistance where we look to sell.  This is the long term strategy using the 89range chart.  We also see an INSIDE DAY trading strategy which we will use a faster, 34range chart to define our short term intra-day trading strategy.

Euro 34range chart shows us the short term day trading strategy we want to use this morning.  We need to wait for new highs to buy a pullback with the Dollar Index confirming, or we need to wait for new lows and sell below the PHOD and take price back down to the PLOD with the buyers failing.