July 9, 2010
- in Uncategorized by schooloftrade
watching crude oil futures trading at their highs and the aussie preparing to reverse
Hi guys!
we had another great day in the trade room, earning 99 ticks and we had 2 winning trades called today on the blog already for over 100 additional ticks of profit.
(check out the winning day trades right here!)
the futures markets are busy right now, we have lots of high percentage patterns setting up on our favorite set-ups.
lets start with crude oil futures trading at their highs
(click to enlarge)
I can see the crude has developed a sideways trading range at 76.00 and we saw very weak volume today in our trade room, so im doubtful that crude oil can break these highs until tomorrow morning’s US trading session when the voluem returns.
in the meantime, i will wait for the break of the recent lows @ 75.60, looking to profit from weakness bouncing off the double top high of day we can see on the chart.
i will take half off the trade at 75.16, and then final 2 1/4’s off @ 75.05 and 74.65.
there is over 100 ticks of day trading profit in this opportunity, and a nice tight stop above the highs will be a friendly price level for a 1 contract trader as well.
lets move to the aussie
(click to enlarge)
The aussie futures made a dramatic jump up today and overnite volume is low, so we will look fro a colapse back down to its original open.
ill enter short below 8626, taking 1/2 off at 8575, and then 1/4 off at 8505, and final 1/4 at 8425 to cover this short day trade.
thsi big move up has made for a nice short opportunity worth over 200 ticks of easy profit, so look to let this trade ride into the us tradign session tomorrow to grab all this profit!
i saved the best for last, the S&P e-mini (es)
(click to enlarge)
the e-mini es futures market made a tremendous jump in previous trading sessions, and then developed into a nice sideways market, a double bottom defines the bottom of this range bound day weve seen in the es.
i will look to take advantage of the drop, so im looking to enter short below 53.75, and look for 1/2 my profit @ 45.25, and then 1/4 off at 39.50, and then be patient and wait for this market to get sucked back down to 1025.00 for over 25 points of profit in this trade.
I will review all of these trades in our members training, and please feel free to send me snapshots and pictures of your trades!
congrats to everyone making money with us, and ill see you in the morning @ 745am est!
