Taking Winning Trades Is easy With The Help Of The Schooloftrade

Another day of profits at the School of Trade! We saw some great volume in the markets, and even with lack of new events, had some great volatility as well. We were able to take 5 trades today and went 4 for 5 with a total profit of +$305.00 on 4 Contracts. Let’s review those great trades! The past few days the Gold futures (Symbol GC) has kept below the $1,000/ounce level with strong selling pressure. Today was no different, electronic trading had brought price down even further to the mid 980’s, but after the opening of the gold pits at 8:20am EST, price began to rally back, trending back into the 990’s with significant buying pressure. By the time the US equities market opened at 9:30am EST, we began to look to enter the market with a trend continuation trade to take Gold to the long side. At 9:35am EST we entered the market long with a breaker long at a basis of 994.0. After seeing price pullback to our trigger ling and breaking dynamic levels of resistance, we entered the trade, and quickly were able to lock in profits of +4 ticks (2 contracts) before closing our trade for a profit of +8 ticks ($10/tick) ($80). Learn more on how to scalp the Gold futures market here: GOLD FUTURES DAY TRADING VIDEO

Our second trade of the day came on the Crude Oil (Symbol CL) and today it continued its submersion below the $70/barrel level. Beginning with electronic trading, price was brought down over a dollar from the close of yesterday, to $65/barrel, but once the commencement of the open outcry pits occurred at 9:00am EST, buyers began to join the market once again, pushing prices higher. After the volatility of the U.S open had subsided, we looked to take a trend reversing trade on the Crude Oil ( CRUDE OIL FUTURES DAY TRADING VIDEO), and at 9:37am EST we entered the market short 66.70 with a 2-step. Momentum began to curl over and sellers quickly began to jump on the trade, which we were able to close out for profits of +4 ticks (2 contract) and +8 ticks, for a total of +16 ticks ($10/tick) ($160).

The third trade of the morning came on the Euro futures (Symbol 6E), as price trended down since the beginning of electronic trading, and continued when currency trading opened at 8:20am EST, we continued to look for a possible entry. After the opening of the U.S equities, and with increased volume in the market, we thought a change in trend was about to occur, and looked for a long trade in the new breaker set-up. At 10:10am EST we entered the Euro futures (EURO CURRENCY FUTURES DAY TRADING VIDEO) long with a basis of 4553.0. Price action began to slow down, and we saw that momentum was beginning to curl away from us, without hesitation we took an early exit on this trade, and were glad we did, taking a small loss of -6 ticks (-$75).

After our first trade on the Crude oil (Symbol CL), price action retraced back down to the 65.80’s before buying pressure took it over again, rallying strong into the lunch hours, to 67/barrel. During the rally we waited patiently for a perfect trade set-up and finally got one at 10:40am EST. We entered the Crude Oil market long with a 2-step at 67.18, and were able to lock in profits using our ATM (automatic trade management) strategies via NinjaTrader for + 3 ticks (2 contracts) for a total of +6 ticks ($10/tick) ($60) (FUTURES DAY TRADING ACCOUNT MANAGEMENT VIDEO).
Our final trade on the Crude Oil (Symbol CL) came shortly after our second trade, where we noticed that the sellers had taken control once again. The sellers were pushing the price lower into the $66 price level and after breaking some dynamic support levels we looked to enter the market short. The stochastics quickly began to curl to the short side, and with the Pace of the Tape indicator giving us the green light to take the trade (PRICE PATTERNS TECHNICAL ANALYSIS FUTURES VIDEO), we entered short with a breaker set-up at 11:38 with a basis of 66.41. Larger sellers quickly came across the ticker tape, and we were able to take profits quickly at +4 ticks (2 contracts) for a total of +8 ticks ($80).