July 13, 2010
What is the Fast-Track Method setting up?
– Crude Oil Futures have been testing their highs for the past half hour, and we are going to look to continue with the upward trend by looking for the breaker long on crude oil futures.
o Breaker Long above 77.25
- Take ½ off @ 77.70
- Take ¼ off at 77.95 just below the big round number
- Take final portion off @ 78.25, just below overhead resistance level from our auto-levels indicator
o 2-Step Short below the 76.65
- ½ off @ 46
- Another ¼ of profit off the table @ 76.05
- And the final ¼ off @ 75.85
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– Gold Futures made a nice move up today, and now we’re looking to see if this move will reverse or if the move will continue.
o Breaker Long above 18.8
- Take profit ½ off at 22.4
- Take ¼ off @ 27.5
- Take final ¼ off @ 32.0
o If this move up reverses, we can see an opportunity to enter short below 12.4, which is below the PREVIOUS High of day for the last 2 days
- Take ½ our profit off @ 11.3
- Move your stop to entry
- Take ¼ off @ 10.3
- Take our final quarter off @ 1205.0, just a few ticks above the big round number (we expect price to bounce off 1200.00)
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– Euro Futures have been testing their highs all day today, but very slow and sloppy
o We don’t have any additional levels overhead to use as targets, so we use the auto-levels as our initial targets, looking to solidify those targets with the following
- Look for speed to increase and then slow down
- Followed by BIG MONEY SELLERS,
- Momentum and MACD will confirm to the DOWNSIDE, against my LONG trade
- Look to take profit at the defined levels, but don’t be afraid to read the tape and take discretionary targets
- The reason for a discretionary target is b/c we’re trading at new highs and we don’t have any other levels to work with.
o Entry long above the next level of resistance @ 2746
- Our initial target may change, but as for right now
- ½ off @ 65
- Final ½ off @ 2795
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Update For The Euro
o Now the euro shows us an opportunity to take this reversal now we see a swing low on the 21-range chart
o Looking for a 2-step reversal below 2717
- Take our first profit target @ 2705, ½ our profit
- ¼ off @ 2670
- And a final ¼ off @ 2566 down to the previous open of the day.
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