Daily Market Commentary From The SchoolOfTrade.com

SchoolofTrade.com Daily Commentary 01-28-10

Today was a challenging day in the markets, well, it started out that way, but it soon got pretty easy once the day began to develop.

We opened the charts @ 745am EST and noticed the following:

• Red Pace of Tape Indicator, slow price action

• Wide Trading Ranges: High ATR Reading…
• Steep Slopes to our Trigger Lines, market was moving

• Momentum was very choppy, back and forth, shows indecision in the market

So with slow price action, but wide ranges and ‘confused’ momentum, the market was pretty off-balance and we had to wait a little to let the traders decide which direction they wanted to trade with.

While we were waiting for some consistency we watched as our patterns set up, but with no consistency in momentum, it was difficult to have confidence entering a trade in the early part of the morning.

This changed eventually, but we had to wait until after 930am EST to really begin seeing a market we could trade confidently.

Once the Natural Gas Inventories came and went @ 1030am EST, it was all downhill from there.

We saw only small winners until 1030am EST, and then we started seeing some BIG runners that really added to our bottom line today.

8 total trades, 8 winners, another day filled with winners!

It doesn’t ALWAYS happen this way, remember, losses happen almost every day, its how we MANAGE those losses and move forward is the key to success.

No need for a stop loss today, all winner

Total today was 129 ticks, or $1365usd

Only 4 contracts needed to achieve this today!

See you tomorrow @ 745am EST for the live trade room session!

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