Thursday, February 6, 2014

Major Futures Markets Day Trading Strategies

Crude 60-Minute
Crude Oil bounced off of the BMT yesterday around 97.00 or so. This bounce pushed the market right up to the wedge highs as well as the large supply zone from 98.24 - 98.59. This supply area has been VERY well defended by the sellers so I am looking to take this market right back down to 97.54 first but overall targeting the wedge lows and the BMT around 97.10.

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Euro 60-Minute
The Euro caught a huge amount of buying on news this morning pushing it firmly above the BMT sitting back at 1.3557 as well as breaking above the wedge highs strongly. I am looking to buy this continued higher up targeting supply starting at 1.3643 and up to the wedge highs. We may see a bit of a pullback to retest the wedge highs before continuing higher which would be an even better setup!

Gold 60-Minute
Gold caught a quick snap of selling on news this morning which pushed price straight into the wedge lows where buyers came in VERY strongly and pushed the market significantly higher from those lows. I am looking to buy along with this upside strength targeting the supply highs starting at 1272.6 which also has the wedge highs inside of it. We may also see a break higher above that to the previous swing at 1274.5.

Russell 60-Minute
The Russell pushed quick new lows yesterday morning which was reacted to with immediate buying to push price right back up again. Even though we broke previous demand, this strong rejection shows the buyers are still in the game. I am looking to buy this market higher up to supply at 1103.3 - 1104.9 as well as higher above that to the wedge highs as well as to the BMT above that at 1117.8.

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