Day Trading Futures and Forex Market OverviewIn this week’s, Day Trading Futures and ForexMarket Overview for July 19th, Gail identifies overbought and oversold markets to watch out for, where retracements will likely occur, and where to “read” the Directional Volume indicator for potential entries.

In the video, Gail identifies the following markets as either overbought or oversold:

Overbought Futures Markets:

  • Nasdaq
    • 45 Minute chart
    • 180 Minute chart
    • 720 Minute chart

Oversold Futures & Forex Markets

  • Gold
    • 180 Minute chart
  • Swiss Franc
    • 45 Minute chart
  • Canadian Dollar
    • 720 Minute chart
    • 1440 Minute chart

Potential retracements on the Nasdaq could be up to 591 ticks, on Gold the retracement could be 113 ticks, on the Swiss Franc the retracement is only about 30 ticks, and on the Canadian Dollar it could be up to almost 200 ticks.  Since the Swiss Franc only has a potential retracement of about 30 ticks, the best trade would be to wait for price to retrace to the Average True Range Stop, and then analyze price and volume using the Directional Volume indicator for a short entry.

On most of the other markets, day trading futures and forex entries could be executed when price retraces to an area of support or resistance going into the direction of the higher timeframes (in other words, trades are with the higher timeframes, aka trend trades).

Day Trading Futures and Forex – Market Overview July 19th