February 1, 2011
- in Uncategorized by schooloftrade
Sold the Highs on Crude Oil and Bought the Lows on Gold as they drop
845am est
– The dollar index shows us a narrow wedge pattern on the 34range chart
– Dollar speed is dropping, less than desirable for the speed, but this can quickly change
– HIGHER LOWS on the dollar atr which tells us to be ready for a move sometime today, might not be now, but it will be today!
–
1000am est
– We have the dollar has dropped to the lows and then bounced back up
– Slow speed
– Sluggish average true range
1030am est
– We’ve been busy trading all morning today
– We began on crude oil and now trading the gold
– Earned over 230 ticks today, now its our job to keep this money
– Looking for a 2step long off the lows on the 13r gold futures
1035am est
– We buy the lows on gold with a 2step Fast Track winner and take our profit at the 21range trigger which is the next level of overhead resistance
– Now we see gold in the middle of the wedge on the 34range chart, and looking for a wave pattern short
– The wave pattern on the 34range chart will be VERY powerful, but remember to keep an eye on the 21r and 13r support levels if we do trade short with this wave.
– The gold market appears to be slow and sluggish, and we can see 34range trigger line is still very far above us, so this price can indeed jump back up to test the 34range trigger and THEN come down for the 21range trigger wave short.
1105am est
– We see a ton of overhead resistance on crude oil, and trend lines as support, which keep this market trading sideways
– Its 11am, so we’re looking for the next high % pattern
– Where do we see WIDE OPEN SPACES?
– Above 92.07 for the long on crude
