Watch these levels for tomorrow Day Trading Euro Futures & Dollar Index Futures

Let’s review the DX-Patterns for tomorrow…

In last night’s review I talked about a long trade on the Euro Futures.

I took last night’s trade in our live trade room today, so watch the video for tonights recap to see the specifics on that nice bounce off the low of day on the Euro.

Im seeing sideways ranges on the Dollar right now,
this should give us something to look at for tomorrows day trading futures contracts.

For tomorrow, lets look at the dollar..

I see the high of day overhead,
 and the market is sideways,
so the high of day is a nice level of resistance to protect my position.

Following my rules…
 i check my medium timeframes to see if there is additional support i need to consider in my decision.

Notice the 84.725 is the LOWEST support level on this chart,
that is now my target for the dollar index futures.

Im now looking for the dollar to break below the 84.725 because its the lowest of all my important support levels.

Now lets look at the Euro Futures…

Now that im done finding my level on the Dollar Index Futures, now i need to locate my exact point of entry on the euro futures.

Remember, i use the dollar to find a breaking-point so that I can then enter a trade on the euro/pound/yen, etc.

Notice that 2679 on the Euro is the highest level of resistance overhead.

I can try to trade within the 67 to 79 area,
but that is a very narrow margin of error, so ill wait for the market to clear the Previous day’s LOD.

Remember, we took the Euro trade today in the room (see below) with the Previous LOD as our key level of support,

tonight’s market looks like somethinig we’ve seen and profited with before…

Our entry level for tonight is @ 2679 for a long position on Euro.

please remember…

there is a likelihood this market will continue to test its lows this evening.

if this continues to drop, watch those important levels,
follow your rules (members) and focus on the Dollar breaking to the downside as the most important confirmation for a trade.

I will review this trade in the trade room tomorrow, see you there!

Learn to day trade futures contracts with schooloftrade.com