Wednesday, April 16, 2014

Major Futures Markets Day Trading Strategies

Crude 60-Minute
Crude Oil has caught a nice block of buying to push price up to break the previous highs but we have now ran into the wedge highs from the previous swings. We appear to be respecting these highs so I will be looking to hop on the sell side to drop price lower back to the wedge lows and the demand area from 103.59 - 103.43. If we do break higher we would need to get above the wedge highs before looking to buy with conviction.

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Euro 60-Minute
The Euro has now pushed back above the BMT back at 1.3814 which is also near the wedge lows. I am looking to buy this market higher back to the previous high first at 1.3862 as well as higher above that to the wedge highs sitting in supply around 1.3890 - 1.3903. We can also consider short term selling opportunities to sell back to test the BMT back at 1.3814 before looking back long.

Gold 60-Minute
Gold caught that big block of selling to form a new wedge low where the buyers came in strongly to push price back up. I am looking to buy this market higher to test the previous high first at 1304.8 as well as higher to the BMT above that sitting at 1310.4. As we are in the middle of the range we can also consider short trades back to the previous low at 1293.5 as well as lower to the wedge lows around 1287's.

Russell 60-Minute
The Russell caught a nice bit of buying to push price higher into the wedge highs which we have slightly broken above. I am looking long farther up to test the BMT sitting at 1133.0 as well as the possibility to fail right back into the wedge range back to demanded lows from 1098.7 - 1090.6. If we do fall back down, there is a nice chance to catch a solid move on the way down with all of the open space below us.

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