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Much Better than automated day trading software.
Yet another successful day at the School of Trade live trade room. We started our morning off with our first trade on the Dax Futures (Symbol FDAX) at 4:24 am EST. The set-up that occurred was a classic 2-step formation with an initial entry at 4917, but before we entered this counter-trend trade, we made sure to follow our rules. On this trade we waited while reading the ticker tape to see some follow through in price at our 4917 level. Once this occurred we entered the market long at 4918.5, sellers entered the market quicker than anticipated, but we still were able to close the trade at +2 points ($35/point).
Very shortly after our 2-step set-up we continued to watch the tape and saw a group of large buy orders fly across the tape. This gave us a chance to look at the tape once again and make a possible re-entry to the previous 2-step set-up on the Dax Futures (symbol FDAX). This was a more advanced entry in the form of a wave type pattern and was yet again successful. We entered the market long at 4:25 am EST at a price of 4924. With the speed of the tape on our side this re-entry trade netted us profits of +2 and +4 totaling 6 points; giving us a total of 8 points between the two trades, and at $35/point a profit of $280 trading 3 contracts.
Our third and final trade for the day came at 8:39 am EST where we took the Dax Futures (symbol FDAX) short at 4978.5. This trade came in the form of a perfect James Wave set-up, selling hard off the 5000 price level on the Dax. We also took into consideration the volume in the market at the time, while seeing it decrease at its attempt to break out of 5000 on the Dax, it began increasing as it came off the highs giving us tremendous opportunity for a Wave set-up. As the market sentiment told us there were more sellers now in the market we looked to see more follow through on the tape and momentum to curl down, once this occurred we entered the Dax short at an entry price of 4978.5. Soon after entering we saw volume on our side and had profits of +3, +6, +7 points for a total of 16 points on 3 contracts. This trade resulted in a profit of $560, with a total of $840 for the day and once again DISCIPLINE was the key to another successful trading day.
