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Market Commentary 1-14-10
SchoolofTrade.com Daily Commentary 01-14-10
We finally got into a rhythm this morning on a day filled with important news events and political figures speaking.
With the ECB Interest Rate Decision @ 745am EST, Jobless Claims Report @ 830am EST, and Natural Gas Inventories @ 1030 we had lots of activity to be watching, and the day went very well.
We new when we opened the trade room we were looking for volume to pick up after 830’s Jobless Claims report, and it did, and we were able to make some money BEFORE 930am, which is always a good sign of things to come!
One of the best learning opportunities came when we took our 2nd trade on Crude Oil Futures. We entered the market using our specific trading rules, which means we made the correct decision to enter the market. Sometimes however, the market doesn’t agree, and in this case, the market sat on our entry and didn’t go anywhere…
At that point we had waited for 5 seconds to see if the buyers would help us out, but they were nowhere to be found, so we followed our rules once again and exited the trade for a scratch trade, no profit, no loss.
Trades like that happen ALL THE TIME and we are very successful in preventing losses b/c we know what to look for when we EXIT the trade, and we did so with confidence, and that is the difference between NO LOSS and a SMALL LOSS.
Last day of trading for the week is tomorrow, don’t miss it!
905 CL BREAKER LONG @ 79.50; 5(2)/3(2) = +16TICKS
906 CL RE-ENTRY LONG @ 79.57; EARLY EXIT SCRATCH
1100 CL 79.19 2-STEP SHORT; 4(2)/8/10 = +26TICKS
1128 CL BREAKER LONG @ 79.44; 4(2)/2(2) = +12TICKS
TOTAL = 54TICKS ($540) 4 CONTRACTS
