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SchoolofTrade.com Daily Commentary 03-11-10

We opened the live trade room this morning and the market gave us CLUES!

– Rollover Day Currencies, Dollar, E-Mini

– 8:30 Jobless Claims

– Speed was decent after jobless claims

– First move of the day on Crude Oil was missing BIG MONEY in the market, so we skipped it

– Crude Oil Sitting at its OPEN @ 845am

o OPEN = Zero line

– 9:00am Gold Futures sitting below PREV LOD, and above the current LOD, trapped and choppy’

– 9:15AM Crude Oil taking too long to trigger breaker long pattern

– 917am Crude Oil trade breaker long went nowhere on good buyers, lacked the FOLLOW-THRU

– 945am Gold Continues to chop around the previous LOD and current LOD

– 10:15am Dollar Index makes new Double-Tops and short term trend is FLAT

– 10:35am Crude Oil, Gold, EVERYTHING is sitting sideways and very slow

Today was Futures Contract Rollover Day for the following markets:

• E-Mini Futures

• Currency Futures

• Dollar Index Futures

With that said, we knew first to make sure our charts were set up properly.

Once we set the charts up correctly with the right front months, we then began to listen to the market, and the market told us to be patient and wait for price action to pick up speed.

One thing we noticed right away was on Gold Futures…the market was tucked underneath its Previous Low of Day, and held up above its Current Low of Day.

While Gold Futures were sitting flat, we had to wait patiently for something to break out!