Sell the Highs Day Trading and Scalping Crude Oil Futures

Gold going sideways at the all time highs of 1245.0

Crude Oil has popped back up above 73.00 and trading sideways

Russell has been back and forth above and below the big round number of 600.0

Euro continues its week-long sideways trading range as it chops around the big round number of 1.2700.

Pace of tape indicator is all red across all the markets, so we can see that speed is lower, so lets be careful to wait for that speed to improve today.

Crude Oil Futures:

We are trading in the bracket above us from yesterday, the highs of 74.00 we will sell, and then buy the lows of 72.54.

If we break into the bracket below we will sell the highs of 72.54 and buy the lows of 70.76.

The biggest concern I have with crude oil is that we are trading right in the middle of the range and we have this trend line that correlates to the horse shoe pattern.

We see our first trade of the morning setting up for a 2-step reversal day trade on crude oil.

We skipped this first trade because we had concerns it would be a fake-out breakout!

Price reversals (click to learn more about price reversals) happen all the time when you have overbought or oversold momentum, and that’s what told us to stay away.

Good idea! It would have stopped us out.