Wednesday, October 30, 2013

Major Futures Markets Day Trading Strategies

Crude 60- Minute
Crude Oil has rejected off of the wedge highs and has started to push lower. We are also expanding the wedge lows as we push further and further lower. I am looking to take this market short down to 97 even first but lower to 96.6 and the previous swing all the way down at 96 even. If we do push higher, we have yet to physically test the BMT at 98.63 so I will consider longs up to the BMT.

Euro 60-Minute
The Euro has formed a pretty solid looking bearish channel and we did test the BMT at 1.3739 and have since bounced higher. I am looking for a move back lower for a retest of the BMT to solidify those lows as well as a possible wick blow-off to the wedge lows underneath it around 1.3730's. We do a failure pattern setting up in the cloud at the moment as well on the 60-Minute for a bit more fuel for the bears.

Gold 60-Minute
Gold has gone up to test the wedge highs around 1357.3's and we have pushed off of those highs since. I am looking to take this market lower and sell down to the wedge lows but we do have some buy zones starting from 1348.3 all the way down to 1309.5. The primary target on the short will be the BMT down at 1336.0.

Russell 60-Minute
The Russell is currently expanding the highs after we closed above the previous swing high. After that close higher we quickly snapped back down again showing quite a bit of weakness to the top side. I am looking to take this market short to the wedge low as well as to the second wedge low as we are nearing the time completion of the smaller wedge. The BMT will be the overall target down at 1109.4.

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