Market Commentary from SOT, Trade Futures, FOREX

06-03-09 We caught everyone looking in the wrong direction today… were you?

We opened our live trade room this morning @ 730am and before we took our 3 winning trades we saw the market in a down-trending environment with sideways price action.
Because of this, we adjust to these low volume, sideways channels to make sure that we are trading with the correct market in mind.
Once we adjusted to this environment it was time to look for trading opportunities.
Our first trading opportunity came when the S&P E-Mini broke BELOW 934.50, which was one of our pre-defined trade zones.
Now with EVERYONE and their sister looking for the short side of this trade, we noticed right away a very distinct price pattern that we call the ‘2-step’ which was a heads-up that we were looking in the WRONG direction!
So, at 9:49am EST we took this long trade on the ES and took profits totaling 2.50 points on this first trade…to the LONG side….counter-trend…and caught the whoel room off guard.
This is what it means to be a James Wave trader. Knowing what the market is trying to tell us, and trading according to the market’s intentions, not our biases and expectations.

Did you know that our LIVE TRADE ROOM opens at 730am EST every day? Come watch us trade 6 different markets LIVE in REAL TIME!
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