March 2, 2011
- in Uncategorized by schooloftrade
Crude Oil Inventories stopped me out, Sold the Highs for our Daily Profit Goal
830am EST
– 815am news from ADP came out higher than expected.
– A positive number is dollar bullish, so we will wait and see how the market reacts to this ADP Jobs report this morning.
– The markets are still a little quiet ahead of the US open
– We saw the same volume and price action on Tuesday, so we know to be patient ahead of 930am Open and 10am Bernanke testimony in congress.
850am est
– We’ve had two trades this morning after news from Canada and Libya moved the crude oil around at 835am
– We took our first fast track trade at the highs on crude buying a pullback on the 13range for a loss
– Many of the members got in earlier for a winner, but we called it as a loss in the room
– We then got back in same pattern, buying a pullback on the 21range chart for a fast track winner to bring us back to even on the day.
– Now we need to finish our morning routine because we got distracted by the unexpected volume on the crude oil.
855am est
– We notice the dollar is making new lows, if this keeps making new lows we can keep buying pullbacks at the highs on the markets we trade most.
– Watch the dollar for a bounce off support now, which will show rising DX prices, so watch carefully.
1020am est
– We took another fast track winner on the gold
– This was the PERFECT WAVE PATTERN on the gold 21range at 10am EST today
– We are at our goal for the advanced method
– We are 1 winning trade away from our goal on the Fast Track method
– We have ben Bernanke speaking @ 10am and the markets are falling asleep.
– We know we want to buy above 100.75 on crude, and buy support at 100.0 on crude
– We now see the gold below the PHOD, so we want to sell below the PHOD, and buy above the PHOD
– Lets watch where gold goes from here.
– Sell the gold if we break the trigger line support at 1433.3, looking for a 2step price reversal off the highs.
1030am EST
– Crude oil inventories come out lower than expected across all three categories
– Lower inventories we expect prices to RISE
– Fears of supply from the middle easy
– Lower news report
– Prices should rise
– Lets buy pullbacks, and buy at support.
– We cant predict, so lets listen to the reaction from CRUDE and the DOLLAR.
