Sideways Markets Reveal Trade Set-Ups On Gold and Crude

Gold & Crude Oil Futures:

-We have news @ 1030 crude oil inventories and im watching gold futures on a 13-range chart which is perfect for day traders, scalpers, and swing traders

– We have the gold trading sideways just below the highs, so we have 2 options:

o If the buyers take control we can buy the lows with a 2-step reversal pattern above 1310, with profit targets of 11, the trend line above, and then soft target of 13.5, and final hard target of 14.5

o If the sellers are in control we look short below 1306.1 with profit targets much wider to the downside (much better trade than the long) at 5.0, trend line, soft target of 1300.5, and hard final target of 1295.0 (1/4)



Day Trading Gold Futures

  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Russell Futures:

– We saw a drop in crude oil inventories which sends the markets swinging around up and down while we wait for a few minutes to enter the market after the news.

– The Russell is trading in a sideways range at the highs, so we have 2 options:

o We can wait for the Russell to rise and test the highs of this range around 674.6 looking for a 2-step reversal pattern at the highs, but we have to wait for that to set up first.

o Right now our best option is to sell short below 68.8, with targets of 67.4, 66.4, soft target at 64.5 (trend line) and final hard target of 56.5 all the way to the lows from yesterday.



Day Trading Russell Futures



o I don’t have much of an option of buying the lows of this trading range b/c I have overhead resistance and support below at 71.5, which keeps me from buying the lows of 670.0, there wont be enough room for the trade room run for me.

Scalp Mini Russell Futures

Euro Futures:

1045am EST

– The dollar breaks new highs after seeing the ‘token print’ (new lower low after the consistent higher highs)

– Im watching the Euro currency futures trading sideways at the highs and we have three options

o Fast Track method short below 53, with a 10 tick stop and 10 tick target, make sure momentum and speed confirm your entry.

o We have a 2step short below 64 with targets of 55, 40, soft target of 15, and hard final target of the big round number and trend line at 1.3505 (1/4)

o The third option is to buy the lows of this range, and we need to wait to get above 3613 so we can clear this chop and slop around 1.3600 and get us back to the highs of the day with the final target of 35.



Day Trading Euro Futures