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63 Ticks Today & EASIEST Way to AVOID Losses Scalping Euro Crude Oil Gold Futures
We started today with a breaker/2-step combination that made us 21 ticks on the breaker and 14 ticks on the 2-step reversal, so we were off to a great start!
We then padded the account with winners on Gold, Crude Oil and Euro Futures.
Then the market started to fall apart…
10:30 am est came, Obama took the stage, Budget meetings started in Washington, and all of a sudden we started losing water from all directions!
• Flat trigger lines
• Slow Price action, red pace of tape
• VERY slow follow-through on moves in the market
We saw this begin to happen, and we knew that we may see our morning come to a close VERY soon, but we were still open to taking trades…that didn’t last too much longer.
With a bunch of WINNERS in our pocket, we were confident in our entries, and then we saw 2 of the last 3 trades we took came out as losses, and we knew we had to do something to avoid giving more money back to the market.
Remember, the EASIEST way to avoid loss is to STOP TRADING, and we did exactly that @ 11am est when we took our 2nd loss for the morning.
So we saw some losses, and that was what it took to get us sitting on hands, and headed for our 1130am est FREE webinar in the live trade room!
10 total trades today, most of the winners were BEFORE 10:30am EST…look out for that tomorrow so you don’t give back that money like we did today!
TODAY’S TOTAL = 63 TICKS (WAS 87 TICKS) $630USD
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
Previous Day’s SOT Video from YouTube: Review Our Trades From Yesterday!
See All Of Our Previous Trades
Save on Cost of Membership by answering these Trading Quizzes!
TODAY’S TRADE ROOM QUESTIONS:
JJ@SchoolOfTrade.com
Where can I find today’s news?
BROKERS & Margins (Sales@SchoolOfTrade.com)
Crude Oil = $1,000usd / contract
Gold = $500usd / contract
How long should your cpu be running?
– We used to think it was better to run it all the time, but those days are over
– Save Energy, Save Video Cards, Save Monitors, and turn your cpu OFF overnight.
– When you re-connect you will still have the data, it will go back and search for the data.
– Set your chart properties to 12am start & stop
– Set your PC Clock for EST, re-start NT for it to apply to your charts.
1-Contract Trading:
– Each week we do FREE Webinars, and 1-contract is always one of the most popular
– Specific chapter in the Advanced Course on 1c trading
– Specific rules for 1c traders, risk/reward, trade management, etc, etc
– All the rules for every market, any lot size, to include 1 c
– Risk/Reward = 1:1 is VITAL for a 1c trader
Computer Requirements:
– Check with your software provider for the min requirements (NinjaTrader.com)
– Spend money on RAM, Processor, Video Card (High Resolution)
– Most of everything you can! RAM, fastest processor
– Most new out-of-box cpu’s are trader-ready
– I don’t find the need for a special trading computer
What are the best times to trade?
– Best times = HIGH VOLUME times
o US Morning Session is best (highest volume)
o US Afternoon Session (200-400) (lower volume)
Look for YELLOW & GREEN Pace of Tape
Look for SLOPE of TRIGGER LINES
Look for large buyers/sellers on tape
o Markets only close for 1 hour each day
o Look for best time with volume
o Use Pace of Tape to identify these times easily
o Trade when you see the BIG MONEY enter the market
NYMEX Exchange (Not CME)
– Gold (GC)
– Crude Oil (CL)
CME = Currencies: 6E, 6B, etc (820)
How do we execute our orders?
Secret Weapon – Trap Entry
Trading the Euro-Session (3am-1130am EST)
– We trade the 3am-530am est (most volume)
– Key is at the open, is there good volume
– Look for Green Pace of Tape
– Look for Higher Highs/Lows (moving market)
Crude Oil Times on NYMEX:
Pit = 900-230
ELECTRONIC SESSION = 23 HOURS A DAY 515-600EST
How many days of data do I use?
– Fastest = 1 day
– Fast = 5-7 days
– Slow = 90+ days
