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17 Ticks Today LISTEN to what the market TOLD US today Scalping Crude Oil Futures
We had another challenging day in the markets today!
Once again…we knew today was going to be a tough day, here’s why…
• Not much news today
• Ben Bernanke testimony @ 10:00am est
• BIG Snow Storm on the East Coast, fewer people in the markets
This was a good start, but we saw even MORE information from the markets when we opened our charts..
• Red Pace of Tape Indicators across the board
• Flat Trigger Lines
• All timeframes were flat: Slow, Medium & Fast
• Lack of BIG MONEY in the market (filtered time & sales window)
So the end results…
We knew ahead of time that today might be very slow, but when we opened our charts, we quickly saw more feedback from the markets which solidified our concerns.
Only 4 trades today, very difficult market environment b/c we had lots of patterns, but our rules never really lined up 100%, so we fell short of entry on most of them…watching the market move without the BIG MONEY, which we need to justify our entries.
4 trades today, 1 loss, 2 scratches, 1 winner
TODAY’S TOTAL = 17 ticks or $170usd
Only 4 contracts needed to achieve this today!
See you tomorrow @ 745am EST for the live trade room session!
Review Our Trades From Yesterday!
TODAY’S TRADE ROOM QUESTIONS:
Look for this RED FLAG @ OPEN:
– Flat trigger lines
– Red pace of tape indicator
– All the Trigger Lines are the SAME level
o Look @ Gold today @ 830am est
Where can I find more info on the patterns? Rules?
– Beginners Course will be a great start
– Advanced Course has it all, 100% of everything
AGS, Corn, Wheat, Soybeans
ZC, ZW, ZS
CME
Short trading hours: 10:30 – 2:15pm EST (small window)
Key: trading breakouts, but identifying FAILED breakouts
Tape Reading, Volume, Understanding the reason why price rises and falls.
First ½ hour is VERY low volume, and volatile (watch for volume)
After first 30mins, tends to trend a little, but watch out for sideways setting in.
Beware of LIMIT UP/DOWN: exchange will halt trading if prices rise more than XXX ticks per trading day.
Open @ 1000.00 (limit was 100ticks), Limit UP = 1100.0
How many larger buyers/sellers do we need?
– Depends on the SPEED
o Good speed = 20+
o Slow Speed = 40+
– 6ticks = more speed = more size
– Momentum oversold (short) = more speed = more size
