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48 Ticks LIVE Today! Sling-shot Pattern is a Success!
Today’s Trade Room Notes:
Market Gave us clues today…
Charts we use:
– Range Charts = Slow, Medium, Fast (majority)
– Minute Charts = Average True Range, Volatility Index
– Second Charts = Pace of Tape Indicator
– Tick Charts = Trade Management Chart
– GREAT VIDEO on using your charts here:
815am EST
– Dollar Index Futures trading sideways at 80.500, double tops above and double bottoms below
o Pace of tape is slow (30)(<100)
o Average True Range (ATR) dropping since 730am
Tells us the market is most likely contracting right now along with the dollar
– 830AM est
– Crude Oil Futures, sharing volume between the 05 and 06-10 contracts.
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!
