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219 Ticks Scalping Day Trading Russell Futures Crude Oil Futures Schooloftrade.com
The Russell gave us a nice wedge pattern today, did you see it? We used this simple pattern to earn almost all of this profit today!
We also saw a very interesting situation on Crude Oil Futures…transition between 2 price brackets…what do we do then?
Crude Oil Futures are trading at the highs after the big monster move up from yesterday
– Slower timeframe shows chop and slop around the 82.00 big round number as the buyers and sellers try and determine where the current ‘value’
o We also see crude oil trading above the highs of the old trading range below us, and at the bottom of the new trading range above us
o In this ‘transitional area’ between these trading ranges we are going to see very challenging price action as the bulls and bears compete for control.
o We identify that the current price level of 82.00 is a little too high risk for us at this time, so we identify two specific price levels for us to watch
I want to be buyer above 82.38
I want to be a seller below 80.64
In between these two, I can scalp for small trades, but the larger moves are going to be contained until we break out of this tight range.
945am EST
– The US Markets open with a very quiet open today, very slow and not much volume at the open
– We made our money on the crude oil today breaking out above the 82.38, and now the market trades down and pushes below the High of Day from yesterday
o With crude below the Prev HOD we think to the short side, so looking to sell the highs.
1015am EST
– We notice the gold futures have now shown us enough information for our auto levels indicator to get to work!
o Its amazing me how the big money comes back, and the market comes to LIFE as soon as we see some identifiable levels of support and resistance
o Earlier this week we didn’t have any levels, so everyone sat on the sidelines…not anymore!
– We took the Russell 2step short when we saw it setting up on the 130range chart
o Took profit at 16 ticks, 30 ticks, and then final target never got filled and we flatted for 35 ticks profit on the runner for a total day trading profit of 97 ticks or $970usd on only 4 contracts.
1100am EST
– Crude Oil now testing its high of day, looks like the buyers are in control on the time and sales window as speed increases with price increasing.
– Looking for an entry long above 82.11 for a scalp trade before we get above 82.38 where we want to be for our 13-range trade.
o This scalp trade was not much of a move, and we took two trades to earn 20 ticks on this move to the upside.
1115am EST
– The mini Russell futures is now trading at the HIGH of the wedge, so now im looking for a 2-step short
o 2step short was disqualified because we see new highs in price,
o So now im looking for the breaker long above 660.0
o I lost my connection, and when I got my market data back we were above the entry so I entered long @ 661.3, and just as planned, I took my first target at 61.9, 63.7, and then got stopped out for an additional 9 ticks on the runner for a total profit on this Russell short of 45 ticks.
o We earned over 135 ticks on the Russell today, that’s over $1,300usd on 4 contracts.
