Thursday, October 17, 2013

Major Futures Markets Day Trading Strategies

Crude 60-Minute
Crude Oil failed to stay above the BMT and has fallen straight back lower. Crude is now sitting at the LC buy zone just above the wedge lows. I am looking to buy in this area back to the BMT at 102.19 and higher to the wedge high. I would really like to see Crude push further down to the lows at 100.78 or so for a quick blow-off of the wedge lows.

Euro 60-Minute
The Euro has pushed WAAAAY above the wedge highs that are now firmly below us and hasn't stopped moving higher or even taken a break. As we form these new highs, I will be looking to buy this market higher until we start to see some failure. With the distance we are away from everything, we will start to see this market get a bit top heavy and come back down a bit, but until we see that, I will be looking long.

Gold 60-Minute
Gold has created new highs after it broke the wedge highs from yesterday. As we are still forming these highs I will continue to look to buy this market higher until we form a swing high and confirm it. Once we have a CONFIRMED wedge high, I will switch from buy mode to looking to sell the highs of the wedge. Until that happens I am looking for an overall upside target of 1328.3 - 1330.8.

Russell 60-Minute
The Russell continues to push higher and higher not offering any resistance levels above us other than what we can project. We did see a bit of difficulty from the buyers at the highs of 1091.5 with a lot of choppy price action but overall until we confirm the wedge highs we keep making, I will continue to look to buy this market higher. At this point in time the primary target will be the swing high at 1091.5.

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