Trend Line Break on Gold and E-mini Russell Futures

Friday morning @ 11am est here in the trade room we will be doing ‘beginner’s basics’ so everything you need to know about everything beginner.

Bring your friends and bring your questions on Friday morning

– Using indicators
– Trend lines
– Trade management strategies
– Looking for simple price patterns

815am est

– Dollar index futures are moving this morning

o Broken the up-trend line and headed back down
o Wider trading range than yesterday
o Outside day
o Decent speed on the pace of tape
o ATR is rising, not falling like it was on Wednesday

– We see downside potential on the dollar as it comes down to the 77.245 previous low of day

– Expect to see markets rising today with this downside opportunity on the dollar index.

900am est

– Gold futures trading at the highs of the bearish channel

o We can buy the breakout above this channel
o Or we can sell the highs of this channel

930am est

– The markets we’re trading continue to lack speed, follow-through and any real conviction to where the direction of the day will be

– We’ve tried 3 times this morning and all three trades have been scratches, we get a little profit, but then the momentum shifts against us, almost as if the market lacks the ‘effort’ or the ‘energy’ to push the price up or down.

– The e-mini Russell continues to trade in a very distinctive sideways range, and its been like this for almost 3 weeks now!