March 3, 2011
- in Uncategorized by schooloftrade
Wait for Price to come to YOU, Day Trading Strategy Crude Oil, Gold, Russell and Euro Futures
825am EST
– The dollar index is trading up and down and sideways this morning
– This is causing the rest of the markets to follow as well
– Narrow trading ranges on the dollar = the same for other markets
830am est
– Jobless and continuing claims come out lower than expected
– Productivity and costs come out higher than expected
– Lets see how the DOLLAR reacts to the BULLISH news
835am est
– We avoided the loss on gold by following our rules and not trading short with oversold momentum
– This avoiding the loss is as good as a winner for us as the first trade of the day
855AM est
– We hear that the ECB will be raising its rates next meeting they have
– The markets now slow WAY down
– The personality changes on the gold and crude oil, and now it feels like a slow sluggish day after some great price action for the past 30 minutes.
– We took three trades today so far
– 1 scratch
– 1 winner
– 1 loss
– Everyone is about breakeven at this point
945am est
– We took 2 fast track winners in a row
– We’re up 20 ticks on the Fast Track, only 1 more winner for our daily goal
– We see crude oil rising, but with overbought momentum we wait for selling opportunities at resistance
950am est
– We got EXACTLY what we wanted!
– Sold the highs on crude oil, using the BIG picture to tell me WHERE
– Using the 4range chart to tell me WHEN
– Taking profit at the correct location, with support below us.
– We hit our daily goal on the fast track method @ 945am est today!
1015am
– We’ve had a great day on our trades so far
– Lets stay patient ahead of 1030am news
– And remember that once we hit our goal, now we have to move to a demo and wait for the PERFECT patterns.
– We don’t want to give back Money to the market, and we don’t want to lose CONFIDENCE we’ve built today
– Looking at the gold chart we want to buy @ 1417.8 support, which is the lows of the channel
– I can sell 1431.4 resistance on gold, but its in the middle of the channel, so beware.
– We draw a new trend line from the highs as the gold price has dropped and we see additional overhead resistance around 1430.0
1100am est
– The dollar index average true range is all the way down to the levels we began our day with today
– We need to be careful trading into the lunch session, with lower volume, less BIG MONEY, and narrow ranges.
– 1130am EST we will see the Euro close, which will bring more volume, so stay patient and lets see where we go from here.
– Find the highs and the lows, and wait for price to come to YOU.
