We began this morning with a day trading strategy that used economic news, the dollar index, and simple price structures to plan our trades ahead of time and then we sat back and waited for price to come to us and we traded that plan perfectly. We didn’t have ALL winning trades today, that’s not our goal, we executed the plan and we made 245 ticks of profit trading all four of our favorite markets, Euro, Crude oil , E-Mini-Russell and Gold futures.
|Dollar Index Day Trading Strategy|
The dollar index gave us some easy clues this morning regarding the short term trend and market personality. First, we knew about the GDP news @ 830am EST today so we expected things to be a little sloppy at first, and we know that 2pm EST today was Beige Book so we knew our time was limited, get in and get out. Second, the dollar index was trading in a narrow sideways range with a price wedge right above it. These two clues told us that we needed to look for both buying and selling opportunities along with to expect fake-out breakouts this morning on the markets we are trading.
|Crude Oil Day Trading Strategy|
Crude oil futures day trading strategy was quite simple, and very similar to the strategy we have already used this week to earn over 300 ticks of profit on Monday and Tuesday. This morning we have a price wedge and inside trading day, big clues, telling us to fade-the-breakouts selling as price rises and buying as price falls. We saw price move outside of the price wedge and we bought it going back up for some easy profits.
|Euro Fast Track Trade|
The euro was another great trade today, and we had the euro nailed when it broke new lower-lows below the PLOD. Remember, when I'm inside the range from yesterday I am going to buy the PLOD and sell the PHOD but when price moves above PHOD I need to buy pullbacks and when it moves below PLOD I need to sell retracements. Our last trade of the morning today was a retracement short when we broke below the PLOD and we called the trade with exact entries, stops, and targets over 10 minutes ahead of the entry so EVERYONE could trade along. This trade was an example of the fast track method.
|Gold Day Trading Strategy|
Gold futures was our big winner today earning +75 ticks, and we really never saw it coming other than our usual day trading strategy which used a price wedge. When gold futures tested the lows of the price wedge we quickly looked to BUY the lows, and when those buyers failed, and we made new lower-lows below the PLOD and below the price wedge the dollar index also moved higher which told us to get out of the long position and into a short position, which we did. 30 second after we got into the short position on gold the market fell quickly, filling all of our profit targets for +5/+10 and +50 ticks on the way down, netting us $750usd on a single trade live in our trade room.
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