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Our day trading strategy this morning was simple; Friday’s are all about getting in early, being selective, and waiting for those ‘windows of opportunity’ to present themselves. This morning we never really got any decent price action so we followed our plan and barely got out alive this morning! ‘mama said there’d be days like this’ luckily we had a great week already and this is only a speed bump.
Our day trading strategy this morning was simple; Friday’s are all about getting in early, being selective, and waiting for those ‘windows of opportunity’ to present themselves. This morning we never really got any decent price action so we followed our plan and barely got out alive this morning! ‘mama said there’d be days like this’ luckily we had a great week already and this is only a speed bump.
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| Joe's Trades Today |
Our day trading
strategy began with the dollar index and this morning we had a falling dollar
index which meant we were looking for buying opportunities. At the same time, the dollar index was about
to test some MAJOR support using the AB=CD Pattern
off the 13 range chart posted below. This
major support level gave us reason to believe that the dollar index would
reverse and go higher, giving us the opportunity to sell the highs on euro, crude
oil, E-Mini-Russell and others.
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| Dollar Index Day Trading Strategy |
We used another
simple day trading strategy for crude oil this morning, very similar to the
trading strategy we used earlier this week. When crude oil broke new highs above the PHOD
we waited to see if the dollar index would break its support and when it did
NOT we sold the highs on crude oil. You
can see by the chart posted below the move went in our direction but SLOPPY on
the lowest volume we’ve seen in weeks and I personally wasn’t able to make any
profit on it. Today was a great example
of how all we can do is follow our day trading plan, and in the end the market’s
going to do what it wants to do. Yes,
there will be times when every trade we take is a winner, but days like today
will be here once in a while and we can’t let this knock us off our game. We’ll be
making easy money again on Monday…its Friday!
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| Crude Oil Day Trading Strategy |
If it wasn’t for the
end of the morning today on crude oil I would have had a loss on the day,
but as we said at 730am EST today ‘you need to have a good reason to trade
after 1100am EST on a Friday’ and when price moved by 100 ticks in 30 seconds
above the PHOD and testing the HOD at lunchtime today it was too easy not to
fade the breakouts on this easy-to-predict crude oil market and sell the
highs. I was able to take an easy sell
off the HOD and net +30ticks on the way down, getting me out of the small hole
I was in and back on track for Monday. Kids…take note…fade the highs and lows on crude
oil!
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| Sell the Highs on Crude Finally!! |
Don’t miss Monday @
730am EST when we post our morning prep on this blog and get the day started
again for another profitable day of live trading with our members!
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Everyone loves transparency, My trading statements are available
on request=====================================================================
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