Daily market commentary from schooloftrade.com

Market Commentary for 7-13-09

Today, 07-13-09, we began the morning scalping some profits off the Dax futures (symbol FDAX) at 8:47 am EST. While seeing great size come across the ticker tape shortly before the start of the US session, another great James Wave set-up occurred, in the form of a 2-step counter-trend trade. With momentum turning in our direction, and discipline playing a crucial factor, we closed with a profit of 15 points, and ended up taking profit just a few ticks before a line of support making this short at 4662.5 a +2 +4 +9 trade with 3 contracts equaling $525($35/point).

Shortly after our winning trade on the Dax futures, we saw another 2-step counter-trend trade on the Euro (symbol 6E). Our 2-step trade was taken at 10:15 am EST at a price of 1.3929; we took profit at +3 points, and then were stopped out at break even for a profit of $37.50 ($12.50/point).

Today was another great day of trading; proving that the education and discipline taught from the James Wave system is profitable when you follow the rules! Today’s totals were 2 for 2 for a total profit of $562.50.