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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!