375 ticks day trading fomc day & crude oil inventories

Schooloftrade.com Market Commentary 6.23.11 We begin with the 3 phases of crude oil : 1. 8:00-10:00am Pre-news 2. 10:00-10:35am During News 3. 10:35-12:30am Post-News It¶s quite simple, we need to be sitting on hands a fter 10am (10:15 is the latest we can trade) and then watch the release at 10:30am and look for clues for WHO¶s in CONTROL. Trade the reaction, not the n ews event itself . And then keep a n eye on volume and know when to call it quits. How do we trade FOMC? Very similar to Quad Wi tching, to a F riday«.g et in, be selective, and get out early before the volume drops. 845am est We review the dollar index first this morning and we see the price wedge on the 89range chart. We are in the middle of the wedge, in the transitional area (trigger zone) and this will be sloppy on the dollar and sloppy on the markets we trade most. The 89range chart is a little too slow for day traders. We need to know the US Dollar Index short term trend. 13Range chart will show me this. Our 13range chart shows us the following: - Medium term bear price channel - Short term trend = sideways - Price wedge and narrow price action - Middle of the recent trading range How do you profit from this information? - Sideways dollar = no bias for direction - We can trade long or short on the markets we trade today. - Keep an eye on the short term trend. - If the dollar makes n ew lower lows (downtrend) we then will buy support levels on crude/gold/euro/R ussell/etc - If the dollar makes n ew highs (uptrend) we will sell resistance levels on the markets we trade.

375 ticks day trading fomc day & crude oil inventories

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