We are seeing some challenging price action today on our favorite markets

Gold Futures:

Gold futures are trading inside the transitional area we call the ‘trigger zone’. Above this zone the buyers are in control, and below the zone, the sellers are in control

Most importantly, we expect the zone to be filled from one extreme to the next.

If we break above the zone, look for a breaker long above 1198.0

If we stay inside the zone, look for the 4range scalps to buy the lows of this range, looking to hold all the way up to the highs of 98.0.

If we break below the zone, look for a 2-step short entry below 1187.7

So right now we need to wait. If we stay inside the zone, be careful not to trade the middle, only trade the extremes.

The best options for us will be to wait for the break above or the break below.
 

Crude Oil Futures:

Crude oil has dropped off the highs of the day, and we’re looking to sell this contract continuing with the downward trend.

– Entry short below 81 on crude oil for a breaker short patterns

– My first target will be the trend line around 60

– My second target will be the next trend line support around 40

– My final target will the opposite extreme, low of day @ 7610
 

Euro Futures:

The euro is sitting sideways because the dollar index is also sitting sideways

Lack of direction on the DX market has caused lack of direction on the currency futures, such as the euro

Lets watch the dollar to see where it goes…

If the dollar rises, look for the Euro short below 2790, looking for first profit target @ 80 (1/2)

If the dollar falls, then look to buy the euro futures above 2838, looking for profit at 2865 (1/2)

Watch the dollar and look for the DX to break overhead resistance for the short entry on euro, or break support below for the long entry on euro.