Daily Market Commentary From The SchoolOfTrade.com

SchoolofTrade.com Daily Commentary 01-22-10

What an amazing week in the live trade room! Another week filled with winners & PROFITS!

We had a few moments this week that were tough..

We had to get passed the Martin Luther King Holiday on Monday

On Tuesday we started the day with a LOSS, and had to overcome our emotions to avoid getting any deeper in the hole…we certainly did…and ended Tuesday with $500!
Wednesday and Thursday were HUGE! Lots of price movement, green pace of tape indicator, and both our guests and members ALL made extraordinary gains in their trade accounts!

Today, Friday, we had to be careful…

Friday’s are always a mixed bag of expectations. Here’s why…

o We want to finish up our week on a strong note

o We don’t want to give back any hard-earned profits

o We have to be aware the day will end early, as people leave early for the weekend

o We need to follow our rules explicitly to make sure we don’t make any careless mistakes.

Today was even more potentially dangerous b/c it was a Friday without any major news events, so we didn’t have the ‘catalyst’ we look for to get prices moving!

So with a Friday w/out any major news, we had to stay patient.

We started off trading Gold (GC) Futures:

• 901: +21ticks

• 1006 +12ticks

• 1007 +10ticks

• 1012 +20ticks

• 1022 +4 ticks

We were on a roll!

Everything was going perfectly until we started looking at Crude Oil (CL) futures around 11:00am EST.

At 1100am est I made a comment to…”be careful trading after 11am est on a Friday!”

Sure enough, the next 2 trades we took were small losses or scratches.

• 1101 -20ticks…Ouch!

• 1104 +0ticks…scratch.

So, as you can see, we made great money in the early morning, but as expected, and as ANNOUNCED LIVE IN THE TRADE ROOM, price action becomes VERY unpredictable after 11am est on a Friday.

Next time, I will listen to my own advice and head to the gold course @ 1100am est, rather than the market!

Ready To Start Your Trading Career? Visit our Home Page For More Information On All Of Our Courses.

All Of Our Daily Market Commentary Recap Available On Our YouTube Page!