March 10, 2011
- in Uncategorized by schooloftrade
Looking for GOLD in all the RIGHT places!
800am
– Dollar rising, looking for shorts
– Contract rollover
830am est
– Jobless claims come out higher than expected, we’re waiting to see the market’s reaction
– The dollar is rising today, but has periods of pullbacks.
– This means the short side is the higher % side, but we can still look for short term buying opportunities at support levels when the dollar pulls back off the highs.
835am est
– The markets apparently priced in the 830am news on jobs, and we didn’t see much response at all
– Its up to us now to wait patiently for the volume enter the market
– Lets stay focused on finding the only the best AREAS to look for trades, then let your rules do the trading for you.
920am est
– We’re seeing very slow and inconsistent speed on the time and sales window
– Good example of how this affects our trades, on the first trade of the day on crude oil, I exited the trade early based on the combination of momentum, speed, and size.
– I got out early, on to see the market then speed back up and fill my targets.
– Lack of speed will make it hard to see our BIG MOVES today.
1100AM EST
– WE HIT our daily goal
– Speed is slowing down
– Important news @ 230pm EST, most traders will be waiting for that
– The European close is at 1130am EST, so let’s wait
– Let’s be patient for the best patterns
– Speed is slowing down
