- in Uncategorized by schooloftrade
Over $400 In Profit Today In The Live Trade Room
Market Commentary November 3, 2009
+912am.JPG)
Our first trade of the morning came on the Crude Oil market, (Symbol CL). The Crude Oil market sold off in the early morning hours, and then proceeded to make a rough looking head and shoulders pattern before breaking the neckline into the 11:00am EST hour to continue towards the highs of the day (Price Patterns Technical Analysis Futures Video). We didn’t see much volume in the market pre 9:00am EST, and the price action was beginning to make a $2 range throughout the morning and continuing throughout the day between 78.50- 76.50. With trading beginning in the open outcry pits at 9:00am EST, more volume began to enter the market, and a quick reversal in price action was beginning to occur. This is when we decided to enter the market, with the volume in our favor; we entered long at 9:12am EST with a basis of 76.70. After our 2-step pattern executed perfectly, we didn’t have to wait for too long before all three of our profit targets were hit, giving us profits of +4 ticks (2 contracts) +8 ticks and +3 ticks for our final contract for a total of +19 ticks ($190)+1028am.JPG)
We looked to diversify our trading profits this morning, and continued to scan all markets for a perfect trade set-up, which we found almost an hour later on the Gold futures market (Symbol GC). The gold market kept itself in a rather tight range this morning from 1055-1065, but still offered some great price action for us to trade off of. After we took our first trade on gold, we actually ended up taking another one, but upon entering the market the spread widened to 4 ticks, so we stayed away and closed at break-even. We began to see some strange price action in the Gold market after 10:30am EST today and it became very tough to trade. Unfortunately, due to the odd price action we also had to sit and watch 2 more trades pass us by, but in the end we did the right thing by protecting our capital first. Our winning trade on the Gold market though came at 10:28am EST with a great Breaker pattern long; with a basis of 1063.5 we were off to the races as soon as our order executed, giving us some great profits of +4 ticks (2 contracts)+8 ticks and an additional +9 ticks for a total of +25 ticks ($250) (Gold Futures Day Trading Video).
Review Our Trades From Yesterday!
See All Of Our Previous Trades
Need help Setting Up Your Workspace?
