Thursday, October 3, 2013

Major Futures Markets Day Trading Strategies

Crude 60-Minute
Crude Oil is at the top of its newly formed wedge high. I am initially looking to sell this market back down to the BMT at 103.14 but if we continue higher I will also consider longs as this wedge high has yet to be solidified. For long side targets I will be looking for a test of the 104.23 high.

Euro 60-Minute
The Euro is consolidating near the wedge highs. I am looking for a break down from here to test the wedge lows as well as a possible blow-off further down to the BMT at 1.3517. The first target on the short will be the initial swing low at 1.3592 first, but the overall target gives us a nice opportunity for a runner! I will also consider longs back to the 1.3626 highs as the wedge high has yet to be confirmed.

Gold 60-Minute
Gold rejected off of the BMT from yesterday VERY accurately and is now falling lower. I am looking to continue selling this short down to 1294.4 first as we enter those buy zones but overall further down to the wedge low. We may also see a blow-off of those lows to 1276.9 at the swing low. I won't be considering longs unless a VERY nice looking pattern shows up.

Russell 60-Minute
The Russell gapped down into the BMT yesterday and bounce up. This morning we have rejected it a second time without moving much higher. We are showing weakness of the BMT. I will be initially looking long here for a bounce of the BMT at 1071.3 but will also be keeping an eye on the short side if we begin to fail lower. We are too close to the wedge low to NOT get a test, big magnet down there.

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