Multiple Timeframes help me locate easy Futures Trading Patterns

830am EST

– Dollar Index Futures trading at their highs, and trading sideways, looking for more information on what to do next

o Average true range is VERY low, but the strange part is that it was VERY high early this morning

 As day traders, we can take hours to find out WHY, but we really don’t care WHY the ATR spiked like this, we just react to it.

o WE notice the dollar is trading at the OPEN of the day, which causes us concern b/c we know the OPEN means there is not very much pressure moving the price around.

 If the market is at the open, we need to wait to see where we go next

– Euro futures are very similar to the dollar, they are at the lows and trading sideways

o Average true range is very low as well, giving us concern about trading at this time.

o The speed of the tape, pace of tape indicator is very slow, and usually the euro has decent speed, but today we do not.

o The euro also trading at its OPEN of the day, which tells us to be careful as well.

900am EST

– Crude oil futures made a $4.00 drop this morning, and now trading sideways

o We noticed how slow the speed of the market is this morning

o We also notice the drop in crude was around the red line on our trigger zones, which tells us this is a very important potential place for a reversal, so lets waits for a little more info from the crude market

1030am EST

– Watching gold futures as they break their high of day, and this now disqualifies our 2-step short on the 60-minute chart we’ve been watching all morning

o Now lets look at our 13 range and our 21 range charts for a long term breaker LONG pattern to take us up to the next overhead resistance level.

1045am est

– Crude oil futures are trading in the middle of a sideways range, and we need to wait to get out of the chop zone

o We also notice that right below is the open of the day, so we need to stay away from that level as well.

o The overall trend is flat, while the short term trend is also flat.

5 trades today, 5 Winners

+55 ticks, $550usd

Only 4 contracts needed to achieve this today!

See you tomorrow @ 745am EST for the live trade room session!