3/3 In The Live Trading Room Today. $320 In Profit

Today our patience really paid off as we waited for this morning’s news to pass in the earlier hours of the U.S trading session (3 Key Components To A Day Trading System Video). All of our trades today came on the Gold futures market (Symbol GC), which at the moment has yet to make new all time highs today, but don’t worry there is still some time left before the market close, so you never know what will happen! Early on in the European trading session, Gold began taking back some of its rally of yesterday, but it did not last long. As volume had begun to diminish, the Gold market was ripe for a trend reversal. With the Gold open outcry pit trading beginning at 8:20am EST, we began to see a swift change in the overall trend, turning toward the long side. As more and more volume entered the market, we were given ample opportunities to take some great trades, and 3 trades were all that was needed today, as we went 2 for 3 with a total profit of $320.

Our first trade on the Gold market came after the U.S released its PPI reading at 9:30am EST, which measures the change in price of finished goods and services sold by producers. After the volatility in the market had come back to its equilibrium, we began to look for possible price patterns to enter the market on (Price Patterns Technical Analysis Futures Video). Planning on entering in the direction of the trend, we finally saw a potential Breaker pattern at 10:15am EST. We quickly entered the market long with a basis of 1136.1; but after seeing a lack of follow through in price action, we decided to close our trade at a scratch, +/- 0 ticks for the trade.
Shortly after our scratch trade in the Gold market, price looked to be finding a short term top, and a possible trend change was soon to occur. We watched the market action closely to decide if we wanted to enter the market short, and didn’t have to wait long, because the sellers soon filled the market pushing price down (Swing-High Swing-Low Technical Analysis Day Trading Futures Video). Wanting to enter the market with volume, we decided to take a Breaker pattern to the short side this time around at 10:38am EST. Our Breaker pattern was filled promptly at a basis of 1134.0 and it was off to the races. We soon saw as not only our first, but also our second and third targets were hit, netting us +4 ticks (2 contracts), +8 ticks and +8 ticks, for a total of +24 ticks on our second trade of the morning ($240).

After our second trade, the market continued its oscillation upward as we continued to look for another trade set-up to take. We had to wait for about an hour or so, but it was worth it because we were able to end our day on a positive note! At 11:35am EST, as the market continued its trend up, we entered long with a Breaker pattern (Gold Futures Day Trading Video). Setting out buy stop limit at 1137.4, we were able to quickly execute our order and almost instantaneously be filled on our first target of +4 ticks (2 contracts). After locking in profits at our first profit target though, the market pulled back ever so slightly, closing our order out at a profit of +8 ticks ($80).
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