19 Ticks Live Today! Another Winning WEEK in the Live Trade Room!
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830am EST
- Dollar Index trading at its lows, looking for the DX Pattern SHORT on the EURO
- The Euro futures are trading at their highs, waiting for the Dollar Index to break its overhead resistance
o The euro has quite a bit of overhead resistance on the price action right now, double-tops and a big round number to push through, this may be another good reason to look closely the DX SHORT entry
900am EST
- Crude Oil trading sideways, and we’re waiting for the double-top to form for more feedback from the market to make better decisions today.
- Gold Futures trading its monthly highs and trying to continue to the upside
o The concern is if we break the new highs we will see very difficult price action
915am EST
- Noticed the average true across all markets is at its lowest levels of the week
o Most important is the dollar index, b/c the dollar is the denomination currency
o Gold & Crude, Euro are all looking very tough, with very low ATR reading
This was most likely a reaction to the wait for the GDP report @ 830am EST
1000am EST
- Almost through the news
- Crude Oil futures are now trading below a triple-top (overhead res), and the ATR has now risen to acceptable levels
o May want to wait a little longer, but we should see something soon.
3 trades today, 3 Winners
+19 ticks, $190 usd on scalps
+20 and +15 on the two DX Demo trades…we will go live on those next week
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
April 29, 2010
I Almost Gave it All Back! But Wait, Another Winning Day?
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The Market Gives us clues today…
815am EST
- Dollar Index futures trading sideways above big round number of 82.000
o Average true range is low, lower than it has been in the previous week (use caution)
o Pace of tape is also very slow
o Market appears to be very quiet right now
o The dollar moving slowly is a concern that the rest of the market will also be moving slowly.
- Pound Futures are in a very tough spot, we need to be careful trading the Pound
o Lots of trend lines and resistance levels overhead
o Its trying to push through these levels, so we need to let it succeed and wait for the best times above resistance.
o Average true range is in the middle of its range from earlier this week.
o Pace of tape < 100 (slow speed, so be careful)
- Euro Futures trading sideways below the 3300 level
o Average true range is at its lower end of the week, this means we might want to for a better time in the market.
900AM est
- Crude Oil Futures trading thru its highs, trying to wait for it to get above overhead resistance
o Average true has dropped to its lowest point in a week, and now begins to rise off that low
Low ATR reading tells us to wait to trade the crude oil this morning until the price action improves.
930AM EST
- Gold Futures are very slow, trading sideways in the same trading range from yesterday.
o Watch the speed and watch the atr to know when to look for the best time to trade.
15-tick Rule:
- Looking for the Dollar to have enough room to move, so I can trade the euro/pound/yen
- Look for the most recent swing level to identify your potential level
o Dollar Example: 82.130 (.005 tick movement)
5 x 15ticks = 75
130 + 75 = 205
82.130 – 82.205 (15-ticks of room)
82.175 (175+75) = 82.250
82.175 – 82.250
Target = above 175 on the dollar
Certain levels we want to avoid:
- Open/Close of the Day
- Double-tops/bottoms
- Big Round Numbers
- Market Profile VAH/VAL (intermediate course)
- The reason is b/c CRAZY things happen around these levels
o Lots of important decisions being made around these levels.
1000am
- Euro futures
o Short the Euro from 1.3224 on the DX Pattern
o Entry was chasing, we got in late
o We had to enter at the US Open, so higher risk entry
o The better entry was there, I simply missed it b/c I was taking a trade on crude oil
o 1000am we saw +10ticks of profit, and we could easily take profit b/c we saw the overhead resistance on the dollar
If you were trading more than 2 lots, you would take profit @ 3210
1015AM EST
- Watching the euro bounce around its point of entry on the DX Long
- We’re waiting for our final target to get filled @ 1.3200 (big round number + just above the LOD)
1030am EST
- Nat Gas inventories came in higher than expected
o Higher inventories can means 2 things:
People are consuming Nat Gas at a very fast rate, causing the producers of Nat Gas to stock up and hold more inventory
If nobody at all is consuming nat gas, the product never leaves the warehouse, and it piles up as extra inventory
This is one reason I don’t trade the news!
Its too difficult to tell what the reaction with be to that news release.
6 trades today, 4 Winners
+27 ticks, $270 usd
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
April 28, 2010
66 Ticks LIVE Today! Don’t Miss the Webinar Tomorrow
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SchoolofTrade.com Daily Commentary 04-28-10
The Market will give us clues today…
820am EST
- Dollar Index Futures trading sideways just below the big round number of 82.00
- Looking for a DX-Pattern Long on Euro, but the highs on the dollar have broken, so we wait for the price to reverse to enter the long euro trade
- Pace of tape indicator < 100 (be careful)
- Average true range on the dollar index trading at its lows for the past week
o Tells us the range is very narrow, which means it will be more difficult to earn profits.
o The dollar leads the markets, so we wait for the dollar to move FIRST.
900am EST
- We took our first losing trade on the new DX-Pattern
o Learned that we need to get in LATE, rather than early
o We moved to a slower chart, 6-range on the Dollar to make sure we’re not getting in before the move occurs
930am EST
- Dollar Index Futures still trading at their highs, waiting for a break to the downside to get back in on the euro DX long set-up.
- ATR keeps rising on the dollar
- Crude Oil Futures are trading sideways, lots of overhead resistance, and support below
o We need to wait to see a little more movement from the crude oil
- Gold Futures continue to trade inside their tight range
o ATR on gold futures is 5 trades today, 1 Scratch
5 Trades, 5 Winners, and more coming on the new DX Pattern later this week!
+66 ticks, $660usd
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
April 27, 2010
84 Ticks LIVE Today! More Dollar Index Trading Tomorrow
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The Market will give us clues today…
820am EST
- Dollar Index Futures trading sideways just below the big round number of 82.00
- Looking for a DX-Pattern Long on Euro, but the highs on the dollar have broken, so we wait for the price to reverse to enter the long euro trade
- Pace of tape indicator < 100 (be careful)
- Average true range on the dollar index trading at its lows for the past week
o Tells us the range is very narrow, which means it will be more difficult to earn profits.
o The dollar leads the markets, so we wait for the dollar to move FIRST.
900am EST
- We took our first losing trade on the new DX-Pattern
o Learned that we need to get in LATE, rather than early
o We moved to a slower chart, 6-range on the Dollar to make sure we’re not getting in before the move occurs
930am EST
- Dollar Index Futures still trading at their highs, waiting for a break to the downside to get back in on the euro DX long set-up.
- ATR keeps rising on the dollar
- Crude Oil Futures are trading sideways, lots of overhead resistance, and support below
o We need to wait to see a little more movement from the crude oil
- Gold Futures continue to trade inside their tight range
o ATR on gold futures is
4 trades today, 4 Winners
+84 ticks, $840 usd
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
April 26, 2010
12 Ticks LIVE Today. NEW DX-Pattern Tomorrow!
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Market Give us Clues today…
8am EST
- Dollar Index Futures trading in a range from 82.000 down to 81.400
- Speed of the tape (pace of tape) is very slow (<100)
- Average true range is at its weekly lows
o Trading right now may be very narrow, slow and potentially dangerous.
o Average true range = volatility/ range of the market
820am EST
- Crude Oil Futures trading sideways from 85.60 to 84.75
- Pace of Tape Indicator < 100 (speed = slow)
- Average true range is very low
o Most narrow price action we will see
830am EST
- Gold Futures trading sideways after its large jump up from last Friday.
o Wait for price to make an attempt to break out of this range, and play from there.
o Average true range is at its lowest weekly levels
- Pound futures trading sideways from 1.5500 to 1.5400
o Speed is still pretty slow
o Average true range is at its center over the past week
900am EST
- Crude Oil opens and looks very indecisive, resting on trend lines, not much speed, and overall tight trading range
- Gold futures still very slow
- Pound futures appear to be VERY weak right now, we watched for a breaker with large buyers, and saw nothing, so wait for the better price action
1000am EST
- Dollar Index futures continue to trade flat, which is keeping the rest of our markets from going anywhere as well
- Crude Oil futures are seeing Momentum go from over-bought to over-sold from one pattern to the next
o Very weak price action, nobody knows where it wants to go (blame the dollar for that)
- Gold Futures are still trading sideways
o Very slow, so we must wait for an improvement
1045am EST
- Crude Oil futures trading in its sideways range from last Friday after it dropped from its range today
- Gold futures are still very quiet, very sideways, clearly we need to wait for the breakout to show up
- Dollar Index is to blame for this slow market today, its going nowhere fast, sitting sideways as well
1100am EST
- Looking for the transition into Lunch
o Lunchtime = 12-noon – 2pm EST
We don’t get a lunch bell!
o Slower Price Action
Slower Speed on your time & sales window
Use the Pace of Tape = RED (Slow)
o Sideways Markets
Flat Trigger Line
Double-tops/bottoms (fast)
Average True Range (ATR = Dropping)
o Lack of BIG MONEY
Watch your FILTERED time & sales window
• Do you see a lack of big money
• Is it taking more time between the big money orders?
3 trades today, 1 Loss, 2 Winners
+12 ticks, $120usd
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
April 23, 2010
67 Ticks LIVE Today! Another BIG Week Re-Open Monday 745am EST
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Market Gave us clues today…
800am EST:
- Dollar Index Futures, still within its wide sideways range from earlier this month
o Pace of tape indicator is rising in speed
o Average true range = dropping
830am EST
- Crude Oil Futures trading in a tight sideways range, half way between the big round numbers
o SPEED < 100 = be careful! Very slow out there
o Average true range = lowest its been all week
This is the worst price action you are going to see! Use this to make educated decision!
- Gold futures are trading sideways in a VERY tight range
o Multiple tops and bottoms, making a breakout appear to be impossible
o Speed of the tape is not bad, avg 150
o Average true range on gold futures is rising, its about in the middle of its ATR from this week
Its not the worst we’ve seen, but its not the best either.
845am EST
- Crude Oil ATR begins to rise off its lowest levels of the week
- We skipped a wave entry short b/c it occurred around the double-bottom
- Waiting for Crude Oil to show some improvement on speed and ATR
900am EST
- Had to wait and watch a wave entry short on crude oil b/c it occurred at its open (900am est)
- Still not seeing the perfect patterns yet, lets stay patient and look for them.
930am EST
- Euro futures trading at 1.3300, and its double-bottom
- Pound sitting on its lows @ 1.5300
1130am EST
- Watching for the transition into lunch
o Today’s Friday, so expect lunch to show up earlier than other days
o We look for the following:
Slower Speed of the Market
• Pace of Tape Indicator
• RED = Slow Speed = Beware!
Sideways Markets
• Double-tops/bottoms
• Average True Range
o ATR = Dropping
Less BIG MONEY in the market
• Filtered Time & Sales Window
o Filter = 10 contracts
o TF/6B = 5 contracts
3 trades today, 3 Winners
+67 ticks, $755usd
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
April 22, 2010
28 Ticks LIVE Today! Market Sentiment Lesson, Re-open 745am EST
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Market Gave us clues today…
815am EST:
- Dollar Index Futures have broken to the upside out of its sideways range, but threatening to pullback into the previous trading range below.
o Average true range has been dropping since 6am EST, we are at the lower end of the ATR over the entire week
o Wait for the ATR to increase, this will tell you when there’s more opportunity in OTHER markets.
o Pace of tape indicator shows a VERY slow speed of the market
- Crude Oil Futures are trading at its lows for the week, but sitting in a sideways range from 82.60 to 83.00
o Average true range has been flat, we will wait for some reaction from the market to make a further decision.
o Pace of tape indicator is all RED = Slow price action, so be careful!
830am EST
- Gold Futures are at their lows and double bottoms from multiple days this week
o Be careful around these lows, wait for the market to PROVE to us that it wants to break those lows and STAY THERE.
o Average true range has been increasing for the past 15 minutes, ATR is at its weekly highs
This is the best environment we’ve seen on Gold all week
- First move of the day @ 905am EST
- Gold Futures, testing the lows, we looked for the reversal
o Breaker short @ the LOD if I have
Green POT
BIG SELLERS
Momentum Pointing Down
o 2-step Reversal Pattern is used if we don’t see the breaker short
We usually look for the 2-step before the breaker, especially if there’s anything but green POT.
1000am EST
- Russell Futures are trading sideways in the dead center of their weekly trading range
o We call this: Chop Zone
o Be careful, not much support/resistance are affecting price, so it may sit there.
- Gold Futures we have a trend line overhead as resistance, and the same as support
o Lets wait a little longer to see where the price goes next and wait for a better opportunity to trade.
1115am EST:
- Dead-Zone: after the morning news (1030) and before the Euro session ends.
o Look for more volume, more speed, more opportunity at around 1130am EST.
- After 11am, we look for the market to transition into lunch
o What do we look for?
Slower Speed of the Price Action
• Pace of Tape Indicator = RED and <100
Sideways Markets
• Average True Range: New lower lows on the ATR
• Flat Trigger Line on different charts
• Double-tops/bottoms on the Fast timeframe
No BIG MONEY
• Filtered time & sales window
2 trades today, 2 Winners
+28 ticks, $280usd
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
April 21, 2010
Confidence is vital to our success, try this technique! Webinar 1130am Tomorrow!
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Today’s Trade Room Notes:
815am EST:
- Dollar Index Futures trading sideways at the high of its sideways range
o Fast timeframe shows no short term trend
o Average true range (atr) has been dropping since 745am EST
Narrowing ATR shows signs of concern b/c the rest of the market will follow
- Crude Oil Futures trading sideways from 83.60 to 84.50
o Average true range is at its DAILY high, but only half of the ATR we saw yesterday
Things are more narrow than they were yesterday
830am EST:
- Gold Futures trading sideways from yesterday’s price bracket
o Average true range is at its daily highs, but only half of the range we saw yesterday
Wait and watch to see if this price action improves
- Pound Futures are also trading sideways
o Average true range is flat, off its highs from earlier today, check back later to see any change
1030am EST
- Gold Futures continue to trade sideways
- Crude Oil futures looking very violent after the 1030am Inventory news
- Dollar Index continues to trade flat
2 trades, 2 losses, moved to simulation
2 more trades, 2 winners
Bummer! Got our confidence back, and we will be back trading live in the morning, see you there!
-24 ticks, -$240usd
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
April 20, 2010
10-Ticks LIVE Today, ATR Lesson on Sideways Markets
Tax-Day Trading, Did you SEE this 2-Step Entry on the Wave Indicator?
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Market Gave us clues today…
815am EST
- Dollar Index Futures are trading sideways from 81.000 – 80.000
o Still watching the half 80.500
o Still watching the double tops/bottoms
o Pace of tape is very slow
o No short term trend on the fast timeframe
o Average True Range has been very narrow at the extremes, tells us that the traders in the market have very little confidence in breaking that sideways range
- 830am EST
o Jobless Claims are out higher than expected
o Crude Oil Futures trading sideways from 87.00 – 86.00 and sticking around the 86.50 level
o Just rolled over to the 06-10 contracts today, so speed will be a concern.
We need to make sure that the REST of the market has also joined us on the 06-10
First move of the day 833am EST on the Crude oil had NO BIG MONEY, so we must keep an eye on that.
- 900am EST
o Pound Futures trading sideways, sitting quietly in the middle of its sideways range
Middle of the range = chop zone
• Weak price action, nobody knows which direction it wants to move, so we need to wait for that direction to develop
o Euro Futures made a BIG drop overnight, but now sitting very suspiciously on 1.3550, half way to its extremes
3550 has shown choppiness previously this week, so we wait for price to get farther away from the HALF level.
Whenever we see a BIG drop like this, our initial reaction should be to look for the reversal
• Don’t be afraid to short the next break, but you need to watch for BIG MONEY
- 945AM EST
o Still no trend at all on the Dollar Index Futures.
Watch the Fast timeframe (4range) to see the short term trend.
• Lack of trend on dollar = choppy on everything else
• Dollar index leads the move! Wait for it!
3 trades today,1 High risk Loss, 2 Winners
+24 ticks, $240usd on the scalps
Lost 36 ticks on the Wave High Risk at the open.
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
Ready To begin Your Trading Career As A James Wave Trader?
- Crude Oil Futures, sharing volume between the 05 and 06-10 contracts.
v
o We rolled forward to the 06-10 contract, and price is relatively slow this morning
850AM est
- First trades of the morning were on Crude Oil and Gold Futures.
o Both were slow speed
o Both had very little BIG MONEY
o Both prices looked weak
900am EST
- Euro Futures are VERY sideways, in a VERY tight trading range, only 50 ticks from top to bottom, hovering around the ½’s
- Dollar Index Average true range begins to rise, signaling that the market is widening out, making it more profitable for our trades.
1030am
- First two trades were on Gold, both were very slow, both a little higher risk b/c of the conditions today.
o First trade was +4/scratch
o Second trade -4 loss
o We need to be patient and wait for the price to pick up speed and trading range.
- Dollar Index Futures trading sideways, atr continues to rise and fall, with no conviction of direction
- Crude Oil futures return to their sideways range after the SPEED and the SIZE returned to the market
o Leaves us with the validated assumption that the wave short earlier today was not the best trade to take.
- Fundamentals
o Speed
o Size
o Momentum
o Dollar
5 trades today,1 loss
+48 ticks, $480usd
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
52 Ticks LIVE Today! New Patterns Coming Later this week!
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Market Gave us clues today…
800am EST:
- Dollar Index trading sideways range above 80.500. it returned to the same sideways range from early last week.
- Pace of tape on the dollar index is very slow
- Dollar Index fast timeframe is very choppy, sideways, no short term trend. Fast time frame, we watch the short term trend most importantly.
- If Dollar Index is flat = everything else is flat
- Crude Oil Futures trading sideways below a very choppy area of 84.10 – 84.00.
- We need to be careful around the 84.00 from yesterday’s choppy price action around that area.
- Crude Oil Futures wave indicator we have no new highs or lows, trading sideways inside a tight trading range.
- Look for new highs/lows to enter on the wave
830am EST
- Gold Futures trading within a wide sideways range. Gold futures have pulled back from their highs, but we need to wait to see some conviction for future direction.
- We noticed that Crude Oil futures are sharing volume between the 06-10 and 05-10 contract. This will expect to roll forward to the 06-10 contract later this week, if not later today.
- Euro Futures trading in a tight sideways range, just tucked below the 1.3600 big round number.
- We are trading sideways after the big move UP from the weekend news about the Greek Bailout
845AM est
- Euro futures all the TRIGGER LINES on different timeframes are the SAME
o This means no matter what timeframe you chose, there is NO TREND
o This tells us to beware! NO TREND = no trades!
900AM EST
- Crude Oil Futures are opening right now, so we wait and watch
- Gold Futures we saw the first move of the morning, a 2-step pattern short, and NO BIG MONEY showed up to the market.
o Lack of BIG MONEY @ 9am EST tells us there may be something out there to be concerned with, so watch carefully and wait for the BIG MONEY to show up on the tape.
930AM EST
- Took the Euro Futures 20 minutes for its last 2-step short to complete its move. This is WAY TOO SLOW!
o Tells us to watch the speed on the euro, this need to change before we continue trading.
1015AM EST
- Average True Range (ATR) continues to rise, except recently has been dropping in the last few minutes.
- The speed of the markets continues to be an issue, not fast enough!
1030am est
- Seeing lots of issues with consistency on price action
- It appears that NOBODY knows where this market is headed
- Sit on those hands until you feel confident we see some steady price action
1100am EST
- Dollar Index still inside its sideways trading range, at its high of day
o After 1030am est today the atr on the dollar index began to drop.
- Crude Oil Futures average true range has been dropping since 1030am
o Also trading sideways since 1030am est
- Gold Futures trading at its low of day, trading sideways, and very inconsistent today
o Average true range has been dropping since 1030am est
- Pound Futures average true range continues to drop
o WAVE short setting up, but the speed of the pattern setting up is VERY SLOW, so be careful.
- Euro Futures continue to drop average true range
o Trading sideways since 1030am est
1145AM EST
- We saw the best moves of the day in the last 30 minutes of the day
- A little deceiving b/c the ATR was dropping, the speed was dropping, and then all of a sudden, after 1130am EST the price action gave us some key moves.
- This turns a lack-luster day into a profitable day!
- Very good example of how well PATIENCE PAYS!
5 trades today, 1 Scratch. 1 loss
+52 ticks, $520usd
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
28 Ticks LIVE Today. Use ATR to define the best times to be trading.
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Market Gave us clues today…
820am EST
• Dollar Index Futures
o Dropped below its sideways range, below 80.500 level, and now sitting on support just inside the bottom of the range
o Speed of the dollar index futures is very slow at this time. Wait for the dollar to begin to move the other markets
• Crude Oil Futures
o Massive head & shoulders candlestick pattern on the slower timeframe, this tells us to be careful when price breaks that neckline, be careful not to predict…wait for the price to fully break to the downside, then look to enter on the REACTION.
• Gold Futures trading sideways @ their quarterly highs from Friday
o Pace of tape on Gold < 50 (very slow)
o Trading at its lows, low of the day, from last Friday
o Gold Futures going sideways, very slow pace of tape (50), momentum is choppy and market shows signs of weak price movement.
o Crude Oil Futures, trading flat and sluggish around today’s open of the day
Be careful trading around the day’s open or the prev day’s open/close
• 1030am EST
o Gold Futures, VERY flat and VERY slow
Red Pace of Tape < 50 (VERY SLOW)
Trigger Lines on ALL timeframes are the same price level (1160)
Flat trigger line = losing sight of WHO controls PRICE. (Buyers/Sellers)
Trigger Line pointed up = buyers are in control
Trigger Line pointed down = sellers are in control
• 1140AM EST
o Now seeing multiple wave entires that are 90% perfect, but they are outside the zone, flat trigger lines, they aren’t the perfect patterns that we look forward to using.
o Weak Price action is the cause of these
o Dollar Index Futures are sideways, and VERY slow (pace of tape < 50)
o Dollar is sideways and slow, the rest of the markets are sideways and slow
o Lets look for the transition into lunch
Slower Price Action
• Read The Tape, look for the slower speed
• Pace of Tape Indicator = RED
Sideways Markets
• Flat Trigger Lines
• Average True Range, are we making new lows on the ATR?
Less BIG MONEY
• Filtered Time & Sales (lack of big buyers or sellers)
6 trades today, 2 Scratch, 1 loss
+28 ticks, $280usd
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
64 Ticks LIVE Today! Scalping & Wave Trading at its BEST!
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Market Gave us clues today…
820am EST
- Dollar Index Futures are trading in a wide, sideways range 82.000 – 81.00
- Speed on the dollar index is very slow, less than 50 all morning, so VERY slow. We want > 100
- First move of the morning was on Crude Oil wave entry short. Slow speed, support below our entry, and early in the AM caused us to beware.
830am EST
- Crude Oil Futures, rather wide sideways range, and we’re trading up off the lows of the range this morning. Very slow speed on the crude oil, and we had to skip the first wave entry of the morning due to the lack of speed.
900am EST
- Everything looks very slow at the moment
- Euro wave entry setting up, but its higher risk b/c of the medium timeframes
- Dollar is stuck under a trend line, above a trigger line, and sitting very slow and sluggish, causing the rest of the market to slow down as well.
- No major news outside of 10am this morning, so we’re hoping for the BIG MONEY to come in and shake things up for us.
945am EST
- Euro continues to go from over bought to over sold on the momentum, making it difficult to see any real strong , continued moves.
- The initial move sets up, but the traders don’t keep moving with any conviction
1015am EST
- Dollar Dropping, euro and gold begin to jump to the up-side
1030am EST
- Dollar goes flat, so does crude, gold, euro
- Lack of conviction, lack of follow-thru
- The pattern sets up fine…but then the momentum becomes overbought/oversold and there’s no BIG MONEY to support our entry.
- Lack of follow-through b/c the trade doesn’t move!!
1100am EST
- Crude Oil Futures going sideways, lack of conviction at the lows, 1-tick new lows, very hard top enter those trades.
- Dollar Index Futures going sideways
- Gold Futures, testing its quarterly highs. Candlesticks tell a different story, they tell us very indecisive market, not sure if it wants to keep moving up or if it will reverse off the highs.
1115am EST
- Looking for lunch to set in. How do we know when lunchtime is here? How do we know when to stop trading?
o Slower Speed of the Market
Red Pace of Tape Indicator (RED = SLOW)
o Sideways Markets
Low ATR Reading (Average True Range)
Flat Trigger Lines
Double-stops/bottoms
o Lack of BIG MONEY
Filtered
4 trades today, 4 Winners
+64 ticks, $640usd
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
- Dollar Index Futures trending up, but somewhat sideways. Still seeing double-tops and bottoms on the slower timeframe
- No short term trend on the FAST timeframe, which is more important when looking for a trend.
- Look at the first move of the day. Wave entry short on the crude oil. We see stutter steps, flat trigger line, and slow red pot, with momentum possibly oversold already.
- This lack of price movement tells us…wait for better speed, we now know what the market LOOKS like and FEELS like today on crude oil futures.
830AM EST
- Crude Oil Futures trading to the downside, slight downtrend, but overall, the market looks very weak, lack of conviction, and could go anywhere right now.
- Beware, double-tops and bottoms on crude oil above and below at the 81.50, 80.50 (halves)
845am EST
- Took our first trade on crude oil futures for 14 ticks
- See dollar index futures resting on support @ 81.876. Dollar support = overhead resistance on other markets b/c of the negative correlation
900am EST
- Pound Futures are right in the middle of a wide sideways range. Converging trend lines that create a wedge pattern, so be careful!
945am est
- Dollar Index Futures, still sideways, in the middle of its range
- Crude Oil Futures, trading sideways at its LOWS, trading @ its double-bottom from earlier this week
1100am EST
- Looking for clues that lunch time is here
o Slow Price Action
RED Pace of Tape
o Sideways Markets
Low ATR Reading
Flat Trigger Lines
o No BIG MONEY $$$
Filtered Time & Sales Window
What made us so successful today was our ability to AVOID the bad trades, which allowed us to preserve the CONFIDENCE we needed to keep focused on the best patterns.
5 trades today, 1 Scratch
+94 ticks, $950usd
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
Watch these Entries! Today’s Challenging Market was a learning Tool!
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815am EST
- Dollar Index Futures trading very sideways on fast, at high of day, and at the extremes of the sideways range from earlier this week
- Dollar trying to break the highs and the weekly highs to the upside, but speed of the tape is very slow as well.
- Crude Oil Futures, testing its LOD, but we cannot take the short breaker entry without the GREEN POT
- Gold Futures trading very slow, very sideways, and we need to see something MOVE!!! Up or down, anything! Multiple days of sideways chop on gold futures.
845amEST
- Euro Futures, first move of the morning, told us a story. We saw sellers at the lows, looking for a 2-step long reversal. We now expect the sellers to maintain control, so we look for another short entry in the future.
- Wave Indicators are sluggish this morning with flat trigger lines on Pound Futures, Gold Futures,
915AM est
- Dollar Index Futures trading at its highs, testing the double-tops, created a very difficult trading environment for the rest of the market we trade.
- Clearly the first trade of the day on Gold Futures was affected by this.
930AM EST
- US OPEN has markets very jumpy
- Dollar index continues to rest at its highs, causing concern for us trading other markets today
- Crude Oil Futures average true range (ATR) breaks previous highs, tells us the market is trading in a wider trading range
- Wider trading range = more profit potential. Les likely to get all chopped up, like my first gold trade today.
What does the BLOCK mean on the Time & Sales Window?
- & 20 contracts
945am EST
- Alan Greenspan speaking on financial crisis
- Everything is slow and sluggish
- Red pace of tape across the all markets
- Flat trigger lines
- Double-tops/bottoms
- Lack of BIG MONEY in the market at the moment
1000AM EST
- Second trade of the day on crude oil, this time still seeing very choppy, slow, and indecisive price action.
- We have political figures speaking, big money has left the building for now, and we need to wait patiently for the market to start to move for us.
1100am EST
- Crude Oil going sideways, very wide range, decent speed after the 1030 inventories number.
- Gold Futures trading very inconsistently right now. Momentum indicator is very choppy. It FEELS as if nobody has any direction in the market
- Transition into Lunch
4 trades today, 1 winner, 3 Scratches
+3 ticks, $30usd
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
44 Ticks Scalping, But check out this Wave Entry! Re-open 745am EST
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Market Gave us clues today…
830am EST
- Dollar Index Futures has very slow speed, but trending to the upside above 81.500, testing its highs of the day
- Crude Oil Futures, trading to the upside, but sideways at 86.50
845am EST
- Gold Futures are trading sideways. 3 days of sideways price action
1015am EST
- Dollar Index Futures, quiet, very slow, resting on support
- Support on the dollar = likely resistance on everything else
- Look to the short side of other markets!
- Russell Futures are trading at their highs, at their quarterly highs, and trading sideways from yesterday.
1045AM EST
- Gold Futures trading sideways and very slow at today's high of day
- Concerns of the 2pm est FOMC Meeting Minutes Release are clearly weighing on the minds of traders. People are avoiding the market late morning today until they see more info from the Fed.
- Crude Oil Futures, 2-step long, after the sellers had disappeared, but we didn’t see any BIG BUYERS at those swing highs
- Lack of big buyers on the time & sales window on crude oil futures tells us….lack of BIG MONEY…lack of conviction = we must be careful
- It appears lunchtime has set in early today
1100am EST
- Transition into Lunch
- How do we know when lunch is here? When to stop trading?
- Slower Price Action
- RED PACE OF TAPE
- Sideways Markets
- LOW ATR
- FLAT TRIGGER LINES
- & BIG MONEY
- FILTERED TIME & SALES
6 trades today, 4 winner, 0 loss. 2 Scratches
+44ticks, $440usd
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
April 05, 2010
95 Ticks Live Today! How to make 21 Ticks in 17-Tick Range!
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Market Gave us clues today…
830am EST
• Dollar Index Futures are sideways, tucked below the 81.500, fast timeframe is very choppy, no defined trend, pace of tape is very slow as well
• Crude Oil Futures, trading sideways, quite slow, just below 85.50, its quarterly highs
• Average true range for crude oil futures is rising
850am EST
• Gold Futures, trading sideways, and lots of DOJI candlestick patterns. This shows signs of big indecision in the market participants.
900AM est:
• First trade opportunity of the day
• Crude Oil Futures
• Breaker Long
• Into the high of day
• At the open at 900am est
• Barely had the green pace of tape that we needed to get into the high of day
• This is a great example of when MULTIPLE things are pulling at your attention
915am EST:
- Euro Futures, trading sideways, just below 1.3500
- Dollar Index futures tried, but failed to break above its sideways trading range
1015am EST:
- Crude Oil Futures, very indecisive, cant decide which way it wants to go. Sideways price action, lack of big money at the extremes, and taking trades is very high risk at this point.
1030AM EST
- Russell Futures for a 2-step short (reversal) pattern. However, the speed of the market is still very slow
- Speed of tape
- Speed of the pattern setting up
- Speed of the trigger of the pattern
- Also…the speed of the follow through (haven’t seen this yet, but the market gave us enough clues to expect that.
Our patience today paid VERY well!
We didn’t take our first trade until 1020am EST, and they quickly began to show some profits!
3 trades today, 3 winners, 0 loss. 0 Scratches
+95 ticks, $950usd on the Scalping system today!
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
• Dollar Index Futures are sideways, but the range is much wider than previous sideways days on the dollar. It appears to be trade-able b/c its just wide enough to get the other markets moving.
• The dollar moves the rest of the markets, so a wider range on the dollar = wider range on Gold Futures, Crude Oil Futures, Euro Futures.
• Gold Futures, testing their highs with a double-top price pattern, so beware trying to buy those highs until we see conviction to push them through
900am EST
• Crude Oil futures breaking their overhead highs, but still seeing sideways chop once we break them, this tells us to be careful of a 'weak' market.
• Weak markets will push through overhead trend lines or resistance but then they fail to continue the move.
• Dollar Index Futures have now bounced off the low of this sideways trading range, which confirms the range itself.
• Now we need to look at trading within the range, waiting to see if it breaks out.
• Dollar = sideways, everything else is also expected to be sideways.
930am EST
• Wave entry Short on the Russell Futures
• Price broke above the trigger zone, but we had substantial overhead resistance to protect the entry
• Considered high risk b/c it was @ 930am with the US Open, high risk time of the day, and it also went above the trigger zone, which is the ideal entry location.
945am EST
• Wave entry short on the Pound Futures
• We got a nice big move for a winner
• Gold Futures appear to be very weak today, not much follow through
• First two trades of the morning on Gold both had very slow price action and very little conviction that the market knew where it was going.
1100am EST
• British Pound Futures looked for a winning breaker long, it got us +4, +8, but then went sideways, and now very slow and low volume
• 1120am EST
• Crude Oil Futures still sideways and choppy
• Russell Futures, wave entry long setting up, but very slow and sluggish. Trading sideways almost all week
4 trades today, 2 winner, 1 loss. 1 Scratches
+47 ticks, $470usd on the Wave today!
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
