Day Trading Strategy for Crude Oil and Dollar Index Futures

**All of the materials in the Beg, Int and Advanced Courses all have SLIDES you can download**

**Today @ 11am EST we will do Beginner’s Training**

Canadian News = Crude Oil news (the largest exporter of Crude oil is Canada)

We remind ourselves that Friday’s can be hit or miss

– We have the election on super Tuesday, next Tuesday Nov 2 2010

– End of the month, Holiday here in the US on Sunday

– This week has be a tough week for trading early in the morning, most of the best moves have come after 1045am

– Friday’s tend to end early b/c of the weekend approaching, so this posses a small threat today

– Hope for the best, but be prepared for the worst

830am est

– We had GDP news @ 830am

– The dollar index is trading inside the range from yesterday, very slow speed, and relatively low ATR

– We’re going to wait to see if the dollar will give us some direction when it tests the highs and the lows of today’s trading range.

– Crude Oil futures are trading in a tight and consolidating range this morning

o We’ve seen these tight ranges on crude often this week, and it took some time for the price to really break free.

– Crude oil futures are in the middle of the wedge, so we need to wait for the highs/lows to be tested

o Sell the highs, buy the lows

– Gold futures are in a very similar situation to crude oil this morning

o Trading slowly in a sideways wedge pattern, and we have trend lines as support which are keeping us from selling the highs right now

930am est

– We have the US OPEN, 945 news and 1000am news, so we’re waiting until 10:05 to begin trading again

– Hopefully this news will spark some action in the markets

– While we wait its important we watch things like

o Speed

o Market personality

o Average true range

o We need to keep ourselves FOCUSED through this news event and come out the other end with a plan of attack.