February 11, 2011
- in Uncategorized by schooloftrade
Day Trading Crude Oil, Gold, Euro and Russell on ‘Fast Track Friday’
830am EST
– The dollar is dropping off the highs of the price channel, referenced in the morning prep
– The speed of the markets are very slow this morning
– We have tim geithner speaking on CNBC
– News @ 830am flat and as expected
– So we’re looking for the market to get going today
845am
– At the lows of the wedge on crude oil, lets look to buy this support level.
So far today, we’ve been watching the Fast Track, and we’ve seen a bunch of patterns:
– We skipped the first one b/c of momentum (loss)
– We took the 2nd one b/c it was perfect and it was a win
– We skipped the 3rd one b/c it was selling the lows (loss)
– We skipped our 5th ft trade of the day b/c we did not have enough room for the trade to play out (loss)
– We skipped our 7th fast track pattern and avoided another loss on this sluggish Friday late in the morning @ 1015am
– Our 8th trade was on the FT @ 1030am was a loss, but a great example of a trade that missed your target by 1 tick
– 3 winners and 1 loss today on the fast track method
945am est
– We’re having a fantastic day in the room
– Lots of FT winners
– Lots of day trade winners
– And on a Friday we are HAPPY to have this opportunity after such a slow day on Thursday
– Consumer sentiment @ 955am so beware gold may start chopping around (fear in the market)
955am
– Consumer confidence comes in 1 tick above expectations, the highest level since June ‘10
– Which market do we watch? The dollar
– The reaction of the dollar tells us what to do next.
1020am est
– The market personality is changing, very slow now
– We know Friday’s can be slower than normal, so this is what we expect to see going into the 11am hour
– The key is to be patient and wait for the times of RISING SPEED and then take the trade.
– Keep an eye on time. No trading after 11am unless we have a reason.
1040am est
– We took the gold trade @ 1030am with the PHOD as the guide.
– Above the PHOD we expect the price to rise, so we waited for big buyers above the PHOD and took the trade.
– The buyers disappeared and the sellers held the level of 1366.8
– Now we know MORE about the market personality
– Traders do NOT see value in prices above the highs from yesterday
– For whatever reason, gold traders will not trade unless the price is lower.
– Look to the sell the highs of the trading range now that we know more about what the gold traders are thinking.
1115am est
– We get the news on Egypt that sends the markets moving rapidly all over the place
– We looked at the DOLLAR and the DOLLAR DIDN’T MOVE
– So we stayed away, and yes there were a few trades we could have profited from, but the DOLLAR CORRELATION is what made us sit on hands.
