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Crude Oil News earns easy profit with Dollar Correlation and Gold Futures

Crude Oil News earns easy profit with Dollar Correlation and Gold Futures

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Published by Joseph James
We started the new month with a bang! We earned over 150 ticks on crude oil futures and most of it was earned BEFORE 930am EST!
At 830am we were seeing slow and sluggish price action, until 835am and news regarding crude oil gave us plenty of opportunity to earn our profits today.
You don’t want to miss this recap because we review exactly what goes through our minds when we see crude oil jump…do we sell the highs? Yes! but the first trade short gave us more than just a winning result, it gave us a CLUE on what to do NEXT.
We started the new month with a bang! We earned over 150 ticks on crude oil futures and most of it was earned BEFORE 930am EST!
At 830am we were seeing slow and sluggish price action, until 835am and news regarding crude oil gave us plenty of opportunity to earn our profits today.
You don’t want to miss this recap because we review exactly what goes through our minds when we see crude oil jump…do we sell the highs? Yes! but the first trade short gave us more than just a winning result, it gave us a CLUE on what to do NEXT.

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Published by: Joseph James on Nov 01, 2010
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11/01/2010

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Schooloftrade.com Market Commentary 11.1.

10
We have an expectedly-slow Monday morning for a few main reasons Halloween last night here in the US Super Tuesday elections tomorrow Monday s are always a little slower at the open The dollar index futures are confirming the concerns over trading this morning o Inside day o Narrow trading range o Slow speed of the tape o Low average true range

900am est Gold futures are trading sideways at the highs of the wedge pattern o We want to sell the highs of the wedge o Be careful about the support trend lines that are keeping us from dropping back down o We look at the 21-range chart and see the price is in the middle of the range from 64.2 down to 54.7  We need to focus on avoiding the middle and selling the highs and buying the lows.

930am We took 4 trades on crude oil this morning before the US open when the news chatter came out about the prices on crude oil 3 winners and 1 loss and we have our day pretty well made so far Now we follow our rules to make sure we don t get overconfident Crude oil futures have made a HUGE move up Dollar index futures have remained the same sideways trading range We re looking closely for an opportunity to sell these new highs on crude oil as it comes back down b/c the dollar has NOT moved to support the new highs.

1045am est Crude oil futures struggling to tell us where they want to go next The big jump above 83.00 and trying to hold and the sellers are looking to pull it back down We have two opportunities for trading: o To buy the break back into the range above 52 o To sell the highs with a 2-step pattern entry below 20

1115am est The Russell futures fell from the highs of the wedge pattern and our members know to always look to sell those highs Now we are at the lows of the trading range (704.0) and im looking to buy the lows. Entry long for this reversal pattern will be above 704.8 and the final target is the trend line overhead. For more information please visit: www.schooloftrade.com and www.sidewaysmarkets.com

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