SchoolofTrade.com Daily Market Commentary 2-02-10

We had a lot to be concerned with when we open the live trade room @ 745am EST…

• Non-Farm Payrolls this Friday…BIG news event coming this week

• Secretary Geitner Speaking today & tomorrow

• Beginning of the month, possible indecision in the market

As expected, these outside influences made the market very slow, sluggish, and indecisive. Having a hard time deciding where it wanted to go, we had to wait for it all to line up…
So what did we see?

• 90% of our rules line up…but not 100%

• No follow-through, the trades we took didn’t go very far

• Early end to the morning, price action didn’t move very much for very long

So we knew what to expect, and it certainly happened as expected.


On days like today, the key is patience.

We have to wait for the best trading opportunities. On days like today its more important than ever b/c if we break our rules and trade against them, we may not have a chance to make many trades today, so recovering from a potential LOSS is going to be harder b/c the volume on days like today makes it hard to see a lot of opportunities.

Patience is key…but what are we looking for?

High-Percentage patterns according to our rules, and nothing else.

Its easy on days like today to get anxious to trade, an ‘itchy trigger finger’ but we need to remember that what makes us successful on HIGH volume days, is the SAME strategy we need to execute on LOW volume days.

We can change the way we trade as the market changes. Stay focused on the long run, and follow those rules.

Our rules are used to identify a market that is in a positive earning position. Without the rules, we would be left trading with emotion, and we ALL know how that story ends…with the trader BROKE and penniless!

Follow those rules, we provide them to all of our members!

We took 5 trades today. 2 of them were scratch trades, and today’s total was

TOTAL TODAY: 26 ticks, $270usd

Only 4 contracts needed to achieve this today!

See you tomorrow @ 745am EST for the live trade room session!

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