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Market Commentary 1-26-10 Schooloftrade.com
SchoolofTrade.com Daily Commentary 01-26-10
Another great day of trading in our LIVE TRADE ROOM!
Today was Tuesday, and we had a big day trading yesterday, so we knew we had some room to breathe for the week, but we didn’t want to get sloppy and make a mistake.
We opened the room @ 745am EST and we saw…
• Red Pace of Tape Indicator
• 3 of 4 markets trading at their opens/closes
• Flat Trigger Lines across all timeframes
This told us very quickly that we had to wait for the price action to gain some speed and momentum, and wait we did.
Our first potential set-up of the day was one of the most common we see across all the markets we trade..
As price falls, we look for a BREAKER SHORT PATTERN, and then once that pattern is exhausted we see a REVERSAL 2-STEP LONG PATTERN.
This combination of trend-continuation and then immediately into the trend-reversal is one of the easiest ways to get off to a GREAT start in the day!
• 6 winners, 1 loss
• +79ticks, $790usd
• 4 contracts…only 4 contracts!
See you tomorrow @ 745am EST for the live trade room session!
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