E-Mini Russell and Crude Oil Futures Prep

We
begin to review our favorite futures markets and the charts that we will use to
find the high-percentage trades today. 
We start with Crude Oil which is in the middle of the short term price
wedge, and our day trading strategy tells us to sit on hands in the middle of
ANY price wedge, waiting for price to rise so we can sell the highs, or fall,
so we can buy the lows.

935am EST

We
review the E-Mini-Russell 144-range chart and we can see the very wide price
wedge from the major swing-high and swing-low along with the very narrow price
wedge from the most recent trend lines we’ve drawn from the swing-highs.  We can also see we’re trading inside the
range from Monday which means just like the dollar index this market is looking
for direction and confidence.  We can
draw our trigger-zones using swing-highs and swing-lows to provide us with
major support below and resistance overhead if this price decides to move this
morning. 

Remember
the E-Mini-Russell market personality is a ‘let it run’ personality so if we
break out of the range from Monday we will buy pullbacks and take profit target
at the major resistance 784.5, and if the price makes new lower-lows below PLOD
we sell retracements down to the major support 747.5.  Also remember to keep an eye on the fake-out
breakout around the PHOD.  We always get
big winning trades when we can sell short moments after the buyers fail to push
above the PHOD, or below the PLOD.