- in Uncategorized by schooloftrade
Market Commentary 1-19-10
SchoolofTrade.com Daily Commentary 01-19-10
Another GREAT day in the LIVE TRADE ROOM!
The day started off with a very slow and sluggish market…it looked like a Tuesday, but it FELT like a Monday!
Remember, we didn’t have any action on Monday (yesterday) b/c of the MLK Holiday, so we were eager to get back into trading today, and we sure got our opportunities!
Once again, patience pays off when you focus on following rules, avoiding the trades that DO NOT fit the rules, and taking the trades that DO fit them exactly.
One VERY important thing that was missing from today was a term we call “Follow-Through” which means that the patterns are setting up, AND the traders push those moves more than 10 ticks.
We DID NOT see any follow through until after 1000am EST today…
We had to wait for the market to give us something to work for, and around 10:30am EST we got the price action we needed:
– Green Pace of Tape Indicator
– Lots of Large Buyers/Sellers
– Plenty of Room to let the trade run
– Momentum on our side
When these all lined up, the trades came quite quickly, and we took the following trades with confidence!
– 1029 CL BREAKER SHORT @ 77.77; 4(2)/1(2)=+10TICKS
– 1057 GC BREAKER SHORT @ 1132.9; +1(4)@ ENTRY-1
– 1117 6E BREAKER SHORT @ 4266; 4(2)/8/5 = +21TICKS (263)
– 1136 CL 2-STEP SHORT @ 77.91; 4(2)/1(2) = +10TICKS
Total for the day = $503.00 A great total for a challenging day today!
