Wednesday, August 21, 2013

Major Futures Markets Day Trading Strategies

Crude 60-Minute
Crude Oil is getting hung up at the wedge lows right now. We broke through them a little bit and popped back up and keep chopping from side to side. I am looking to take this long up to the BMT at 106.12 and higher to the wedge highs above that. If we push lower, I will begin looking short below the current lows.



Euro 60-Minute
The Euro is pushing lower into the minor wedge low a bit further below us. We have yet to test it so I am looking to sell this back down to test that level FIRST before looking to switch directions and buy this market back up to the 1.3429 - 1.3464 highs. If we do push lower, I would like to see at least a close below the minor wedge low for confirmation.


Gold 60-Minute
Gold is beginning to wedge VERY tightly. We usually break out of a wedge around the 70% of completion and we are directly on top of that. I am looking to buy this up to the wedge high and hold it for a possible blow-off higher to the wedge higher. If we continue lower, I will also be looking short back to the wedge low for a blow-off to the bottom side.



Russell 60-Minute
The Russell created a newly formed wedge high but it was also a near double top. I am looking to sell this back down for double top completion before looking long from the lows around 1008.2 back to the wedge highs. We are nearing 70% of this wedge so we may see a blow-off in one of the directions and both are appealing. One has the BMT above it and the other has the swing low below. Keeping my eyes open for both!


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