March 4, 2011
- in Uncategorized by schooloftrade
Day Trading Non Farm Payrolls News on Gold, Crude Oil, Euro Russell Futures
820am est
– We’re waiting for nonfarm payrolls to come out at 830am
– We’re reminded that this news event can REALLY be volatile, so sometimes its best to sit on hands up to 15 mins after the news to make sure we don’t trade with the price action too whippy.
– The dollar index continues to drop to new lows, so we can continue to look for buying opportunities as our highest percentage trades today.
– Dollar drops = rising prices on the markets we trade most.
830am est
– Nonfarm payrolls comes out as expected
– Unemployment rate lower than expected
– Hourly earnings as expected, slightly lower
– Dollar ATR is MUCH lower than it was this time of day yesterday
– The low ATR = narrow trading ranges, so we want to watch this.
845am est
– We’re seen a weak response to the 830am est news today
– Not much volume, but lots of chop and slop
– Might be the lack of higher news reading, it all came out as expected.
– We want to buy support of 103.0 on crude, this is also buying the lows of the major price channel
– Its important that we keep the price channels in mind, both bullish, so the best trades will be buying at support.
935am est
– The markets are very slow today
– The gold is just starting to wake up
– We’ve had nothing but lack-luster patterns on crude oil
– We’ve had a hard time seeing any PERFECT opportunities. Most of the trades are high risk b/c of not enough room, or momentum isn’t perfect, or the speed is too slow.
955am est
– We’re waiting now for 10am Factory Orders news
– We’ve seen the markets slow down dramatically today
– We’ve had about 4 HR Fast Track Trades, and 1 Perfect FT Trade, back and forth winners and losers
– Lets prepare for the next trades we may see today after the news
– Don’t forget, the speed MAY slow down considerably after 1030am, so keep an eye on time.
– Crude Oil: buy 102.75, 102.57, 102.37
– Crude Oil: sell 103.50, 104.0
