Tuesday, October 15, 2013

Major Futures Markets Day Trading Strategies

Crude 60-Minute
Crude Oil tested the BMT yesterday and has since fallen off quite hard. I am looking to sell this further down to the lows at 101.06 first and further to 100.60 and the wedge low. We are now inside of the overall 60-Minute buy zones so if we do start to see a push out of those zones, I will also look to buy those back to the wedge high and a possible retest of the BMT at 102.49.

Euro 60-Minute
The Euro has broken the lows around 1.3489 and made a new low for the wedge. As this wedge low is still developing, I will be looking for further short opportunities lower. We are firmly in the 60-Minute Buy Zone currently so we should start to see at least a bit of profit taking and a push higher. With the distance we are away from the BMT, it will start to act as a magnet pulling price back to it.

Gold 60-Minute
The Gold market has pushed new lows and closed firmly past the previous lows. This shows us the sentiment is STILL lower. I am looking to sell this market back down for at least a confirming test of the newly formed wedge lows around the 1250's. If we continue higher from here, I will be looking for long side targets at the 1276.2 swing high as well as the wedge high if the pattern is solid enough.

Russell 60-Minute
The Russell is creating new highs on almost a daily basis lately. As we continue to reform the wedge highs to new highs, I will be looking long until we have a firm retest AND failure from that wedge before I start to look at it as resistance. The long side targets from here will still be the wedge highs in case we do see a failure to go higher. Until we confirm a wedge high, I won't be considering shorts unless it is a VERY strong pattern setup.

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