Market Content August 31, 2009
Needless to say we at the School of Trade are happy to see that summer is almost over, and hopefully by next week volume will have finally come back to the market. Until that time though we will continue to study the markets and watch them closely in order to not miss any potential trades. Of course today’s market action was certainly nothing to write home about, but fortunately enough we were given some great volume in the Crude Oil market, where we took all of our two trades in today. The trade total’s today were 2 for 2, with a profit of $250! Let’s review those trades…..
Our first trade of the morning came shortly after the opening of the U.S Equities market at 9:30am EST. We had to thread the needle in a way because we would only have about 15 minutes between the opening of the U.S Equities market and the next news event, the Chicago PMI to find a possible trade to take. We had noticed on the Crude Oil (Symbol CL) that it had been in a strong downtrend since the open, and had dropped nearly $3 in price since the open of the European session. Then around 9:30am EST after continuing to the downside, we noticed that the Crude Oil might be setting up for a 2-step trend reversal after the opening of the U.S Equities market. So at 9:39am EST we entered the market long on a 2-step with a basis of 70.27; we quickly saw momentum via the Pace of the Tape indicator and our Stochastic indicator curl up, we were able to get our first target and were actually filled with a profit of +5 ticks (2 Contracts) before getting scratched out of our remaining contracts for a total of 10 ticks ($10/tick).
Our second and final trade of the day came a little bit later and once again on the Crude Oil (Symbol CL). After our first trade the volume in the Crude Oil began to slow down considerably and we were beginning to think lunch might come early for traders today. As the volume continued to decrease, it quickly came back into the market around the 11:00am EST hour, once the new events for the day had come and gone. At 11:00am EST we quickly realized the Crude
Oil market had slowly continued it’s decent and was now trading almost a dollar less than when we took our first trade. With the Crude market selling off strong, we continued to identify possible James Wave patterns, but the market wasn’t willing. Then at 11:19am EST we saw our first pullback in price, and qualified our 2-step trend reversal to the long side. The price action was moving at an increasing pace and with green Pace of the Tape bars; we took a 2-step long at 69.56. Once in the trade, the speed of the tape continued to increase to the up side and it seemed as if buyers might have finally taken control of the market, we were able to lock in our profits via our automatic trade management system off our Ninja Trader charts with +4 ticks (2 Contracts), +6 ticks (1 Contract) and our final contract for +1 ticks for a total of 15 ticks on the trade ($10/tick).
Monday, August 31, 2009
Friday, August 28, 2009
Market Commentary, Schoolortrade.com. Great Return After Yesterdays Loss
Market Content August 28, 2009
Today was a much well deserved day of profits! The past few days this week the markets have really slowed down in price action, and our daily profits reflected this. Today was a little different though; we began to see some great follow through in price action, something we hadn’t seen in the past few days. We were able to scalp two trades out of the market today with a total profit of $120! Let’s review those trades…….
Our first trade set-up came on the Crude Oil market (Symbol CL) prior to the opening of the open outcry pits at 9:00am EST. Something we had noticed today, while reflecting upon this week’s price action was how much volatility there was in the Crude Oil market, price moving from the high 60’s in price to the mid-70’s and now back down to the low 70 dollar a barrel range. Our trade set-up today around 8:00am EST, while the Crude Oil was climbing higher in price into the 73.00 level, it quickly began to see resistance and was pushed back down. We then noticed the short term trend had changed to the downside and began qualifying possible trades. At 8:17am EST we finally saw price quickly reverse to the upside, and with buyers taking control of price we entered long with a 2-step at 72.95. Once in the trade, we were able to use our automatic trade management via Ninja Trader and closed our trade with a profit of +3 ticks (2 contracts) before getting scratched out for a total of +6 ticks ($10/tick).
Our final trade of the morning came on the Mini-Russell (Symbol TF) after the opening of the U.S equities market as well as the passing of numerous news events. This trade was taken later in the morning and although a riskier set-up due to the time of day and it being summer time, we still felt confident because of a few key indicators. First, we notice that price action and the tape were moving at a relatively fast pace, and secondly, one of the main determining factors of why we entered the trade, was that we saw a large group of buyers hit the tape at the last second.
The mini-Russell had been slowly trending downward, and with the increase in price action we began to suspect a reversal was about to occur. Price action then created a swing high for us to use as an entry level and we looked to go long above 581.0. While price action began to move in our favor we noticed on our filtered time & sales window that a large group of buyers were entering the market, and so we entered long at 581.1 10:39am EST. We were quickly able to scalp off a +3 tick winner (on 2 contracts) for a total profit of +6 ticks ($10/tick).
Today was a much well deserved day of profits! The past few days this week the markets have really slowed down in price action, and our daily profits reflected this. Today was a little different though; we began to see some great follow through in price action, something we hadn’t seen in the past few days. We were able to scalp two trades out of the market today with a total profit of $120! Let’s review those trades…….
Our first trade set-up came on the Crude Oil market (Symbol CL) prior to the opening of the open outcry pits at 9:00am EST. Something we had noticed today, while reflecting upon this week’s price action was how much volatility there was in the Crude Oil market, price moving from the high 60’s in price to the mid-70’s and now back down to the low 70 dollar a barrel range. Our trade set-up today around 8:00am EST, while the Crude Oil was climbing higher in price into the 73.00 level, it quickly began to see resistance and was pushed back down. We then noticed the short term trend had changed to the downside and began qualifying possible trades. At 8:17am EST we finally saw price quickly reverse to the upside, and with buyers taking control of price we entered long with a 2-step at 72.95. Once in the trade, we were able to use our automatic trade management via Ninja Trader and closed our trade with a profit of +3 ticks (2 contracts) before getting scratched out for a total of +6 ticks ($10/tick).
Our final trade of the morning came on the Mini-Russell (Symbol TF) after the opening of the U.S equities market as well as the passing of numerous news events. This trade was taken later in the morning and although a riskier set-up due to the time of day and it being summer time, we still felt confident because of a few key indicators. First, we notice that price action and the tape were moving at a relatively fast pace, and secondly, one of the main determining factors of why we entered the trade, was that we saw a large group of buyers hit the tape at the last second.
The mini-Russell had been slowly trending downward, and with the increase in price action we began to suspect a reversal was about to occur. Price action then created a swing high for us to use as an entry level and we looked to go long above 581.0. While price action began to move in our favor we noticed on our filtered time & sales window that a large group of buyers were entering the market, and so we entered long at 581.1 10:39am EST. We were quickly able to scalp off a +3 tick winner (on 2 contracts) for a total profit of +6 ticks ($10/tick).
Wednesday, August 26, 2009
Yes We Are Human, We Do Take Losing Days...
Market Content August 26, 2009
Today we actually saw some increase in the overall volume of the market, most likely due to a few news events that occurred during the US session. With the increase of volume, came more trading opportunities for us to trade. Here are the three trades we took this morning:
Our first trade came at 10:10am EST this morning on the Crude Oil market (Symbol CL). We noticed that the Crude Oil had come off its highs of yesterday pretty sharply, and although an attempted retrace was made earlier this morning, the highs did not hold. With the market continuing its down trend, we first looked to take a James Wave to the short side, but when we noticed price had made a stutter step, we knew it was time for a quick trend reversal trade in the 2-step. At 10:10am EST we entered the market above the most recent swing high in price at 70.91 and were long as a basis of 70.94. While watching the Pace of Tape indicator as well as reading the tape itself, we noticed the buyers began to step into the market, and we were able to close out of the trade after hitting all of our targets of +3 ticks (2 contracts), +6 ticks (1 contract) and +8 ticks on our final contract; giving us a total of 20 ticks ($10/tick).
The next trade came shortly after our Crude Oil trade, but this time on the Dax Futures (Symbol FDAX). We noticed increasing green Pace of Tape indicator bars on the Dax futures, and began to look for any possible trade set-ups. We quickly noticed the Dax making new highs and began to qualify a James Wave set-up to the long side. Once we saw our higher high in price as well as our trigger line, we entered the market long at 5548.5. Once in the trade, price initially ran up and just missed filling us on our first profit target, but quickly reversed. Once seeing price action slow down and red Pace of Tape bars showing, we decided to close out trade early for a loss of -3 points(4 contracts) (12 points total) ($35/pt).
Our final trade of the day came once again in the Crude Oil market (Symbol CL). After the crude oil market continued to short into the near 71.00 level, we noticed that the sellers were beginning to weaken and a possible reversal was developing. Price finally began reversing, giving us a possible 2-step formation and at 10:38am EST we entered the market long with a basis of 71.43. Once the trade had been entered, we began to read the tape, looking for large orders to come across in our favor, as well as watch the Pace of Tape indicator to see any indication of a slowdown in price. We quickly got our first target of +3 ticks (2 contracts), before getting scratched out of our remaining contracts, for a total of 6 ticks ($10/tick)
Today’s trade total’s: 2 for 3, for a small loss of $160
LEARN MORE ON HOW TO TRADE THE GLOBAL FUTURES MARKET AT:
http://www.schooloftrade.com/
The James Wave Trading System efficiently produces profitable traders by delivering a unique combination of the vital emotional & technical discipline required to be a trader, and using that discipline to execute high percentage trade set-ups according to our simple set of trading rules. By following these rules our members have obtained consistent daily profits for traders of all skill levels. Visit us today to take advantage of our 3-WEEK TRIAL! Also, keep up-to-date on the latest market news and James Wave indicators at the School of Trade’s blog: http://www.schooloftrade.com/blog.php
Today we actually saw some increase in the overall volume of the market, most likely due to a few news events that occurred during the US session. With the increase of volume, came more trading opportunities for us to trade. Here are the three trades we took this morning:
Our first trade came at 10:10am EST this morning on the Crude Oil market (Symbol CL). We noticed that the Crude Oil had come off its highs of yesterday pretty sharply, and although an attempted retrace was made earlier this morning, the highs did not hold. With the market continuing its down trend, we first looked to take a James Wave to the short side, but when we noticed price had made a stutter step, we knew it was time for a quick trend reversal trade in the 2-step. At 10:10am EST we entered the market above the most recent swing high in price at 70.91 and were long as a basis of 70.94. While watching the Pace of Tape indicator as well as reading the tape itself, we noticed the buyers began to step into the market, and we were able to close out of the trade after hitting all of our targets of +3 ticks (2 contracts), +6 ticks (1 contract) and +8 ticks on our final contract; giving us a total of 20 ticks ($10/tick).
The next trade came shortly after our Crude Oil trade, but this time on the Dax Futures (Symbol FDAX). We noticed increasing green Pace of Tape indicator bars on the Dax futures, and began to look for any possible trade set-ups. We quickly noticed the Dax making new highs and began to qualify a James Wave set-up to the long side. Once we saw our higher high in price as well as our trigger line, we entered the market long at 5548.5. Once in the trade, price initially ran up and just missed filling us on our first profit target, but quickly reversed. Once seeing price action slow down and red Pace of Tape bars showing, we decided to close out trade early for a loss of -3 points(4 contracts) (12 points total) ($35/pt).
Our final trade of the day came once again in the Crude Oil market (Symbol CL). After the crude oil market continued to short into the near 71.00 level, we noticed that the sellers were beginning to weaken and a possible reversal was developing. Price finally began reversing, giving us a possible 2-step formation and at 10:38am EST we entered the market long with a basis of 71.43. Once the trade had been entered, we began to read the tape, looking for large orders to come across in our favor, as well as watch the Pace of Tape indicator to see any indication of a slowdown in price. We quickly got our first target of +3 ticks (2 contracts), before getting scratched out of our remaining contracts, for a total of 6 ticks ($10/tick)
Today’s trade total’s: 2 for 3, for a small loss of $160
LEARN MORE ON HOW TO TRADE THE GLOBAL FUTURES MARKET AT:
http://www.schooloftrade.com/
The James Wave Trading System efficiently produces profitable traders by delivering a unique combination of the vital emotional & technical discipline required to be a trader, and using that discipline to execute high percentage trade set-ups according to our simple set of trading rules. By following these rules our members have obtained consistent daily profits for traders of all skill levels. Visit us today to take advantage of our 3-WEEK TRIAL! Also, keep up-to-date on the latest market news and James Wave indicators at the School of Trade’s blog: http://www.schooloftrade.com/blog.php
Tuesday, August 25, 2009
SchoolOfTrade , Maket Commentary, Futures Trading
Market Commentary August 25, 2009
Today was a great day in the markets, granted we saw low volume, but once again we were able to take a few trades; and even closed the day with some profits!! We were able to take two trades later in the morning, both coming on the Crude Oil market (symbol CL).
Notice my first trade was taken at 10:22am EST on the Crude Oil (Symbol CL). Prior to entering this trade, we saw a strong price movement to the short side and originally looked for a James Wave short, but after failing to meet our trade requirements, we looked for a quick trend reversal instead, the 2-step. Once price broke below 73.40, we started to read the tape and watch to see if price formed a double bottom, or stutter step; a common way to identify a 2-step is in the process of forming. Once we saw our double bottom, we were given two entry prices, one being at 73.47 and the other at 73.50; the more conservative. Because it was already 10am EST and we hadn’t taken a trade yet, we decided it was better to be conservative and not rush into a trade. We entered the market at 10:22 with a basis of 73.50, after seeing yellow and green POT bars we felt confident in our position, but soon found out the buyers hadn’t officially taken over, and we were quickly stopped out for a -4 tick loss, trading 4 contracts, which totals -16 ticks ($10/tick).
Our second and final trade of the day came shortly after our first, and yet again on the Crude Oil market (Symbol CL). The Crude Oil market began to make a deep pull-back after its previous buying pressure started to reverse and the short-term trend changed to the down side. After disqualifying a James Wave set-up, we once again waited to qualify our 2-step to the long side. This time, we saw the follow through we needed. After the Crude Oil gave us a swing high, we looked to enter the market above 73.65, and were filled with a basis of 73.69 at 10:35. With Green and yellow POT bars, and price quickly moving in our favor, we were able to secure our first two targets of +4 ticks (2 contracts) and +6 ticks (1 contract), our final contact we let run, and closed out at a +12 tick (1 contract) winner, totaling 26 ticks ($10/tick).
Even though we were 1 for 2 today, it was a great example of how the School of Trade’s trade management provides our traders with the ability to take a loss and still end the day with $100 in profits!
Today was a great day in the markets, granted we saw low volume, but once again we were able to take a few trades; and even closed the day with some profits!! We were able to take two trades later in the morning, both coming on the Crude Oil market (symbol CL).
Notice my first trade was taken at 10:22am EST on the Crude Oil (Symbol CL). Prior to entering this trade, we saw a strong price movement to the short side and originally looked for a James Wave short, but after failing to meet our trade requirements, we looked for a quick trend reversal instead, the 2-step. Once price broke below 73.40, we started to read the tape and watch to see if price formed a double bottom, or stutter step; a common way to identify a 2-step is in the process of forming. Once we saw our double bottom, we were given two entry prices, one being at 73.47 and the other at 73.50; the more conservative. Because it was already 10am EST and we hadn’t taken a trade yet, we decided it was better to be conservative and not rush into a trade. We entered the market at 10:22 with a basis of 73.50, after seeing yellow and green POT bars we felt confident in our position, but soon found out the buyers hadn’t officially taken over, and we were quickly stopped out for a -4 tick loss, trading 4 contracts, which totals -16 ticks ($10/tick).
Our second and final trade of the day came shortly after our first, and yet again on the Crude Oil market (Symbol CL). The Crude Oil market began to make a deep pull-back after its previous buying pressure started to reverse and the short-term trend changed to the down side. After disqualifying a James Wave set-up, we once again waited to qualify our 2-step to the long side. This time, we saw the follow through we needed. After the Crude Oil gave us a swing high, we looked to enter the market above 73.65, and were filled with a basis of 73.69 at 10:35. With Green and yellow POT bars, and price quickly moving in our favor, we were able to secure our first two targets of +4 ticks (2 contracts) and +6 ticks (1 contract), our final contact we let run, and closed out at a +12 tick (1 contract) winner, totaling 26 ticks ($10/tick).
Even though we were 1 for 2 today, it was a great example of how the School of Trade’s trade management provides our traders with the ability to take a loss and still end the day with $100 in profits!
Friday, August 21, 2009
Market Content August 21, 2009
Well another summer Friday has passed us by, and we are happy to see it go! Volume still isn’t at the level we would like to see it at in the market, but that doesn’t mean we can’t trade. In a low volume environment like we have in the month of August it is crucial to practice patience and discipline, which is at the core of the School of Trade’s education. Here are the trades we took today…..
We started our morning off with a nice trade on the Crude Oil market (Symbol CL). We noticed some increasing volume using our new Pace of the Tape indicator around 8:45am EST and started watching the Crude Oil more closely going into the open of the open outcry pits at 9:00am EST. With the open of the crude market, we notice it quickly sold off early, but then started to reverse, and we then knew to look for our 2-step trend reversal trade. At 9:04am EST we entered the Crude Oil long at a basis of 73.97, we entered at this price because we had to make sure price action would trade through one of our dynamic price levels at 73.94. Once we saw this occur we entered long and quickly got our first target of+3 ticks (2contracts) before getting scratched out of the remaining 2 contacts of our trade for a total of 6 ticks ($10/tick).
Our next trade of the morning came on the Crude Oil once again (Symbol CL). We had to wait for the opening of the U.S equities market as well as the U.S July Existing Home Sales number to be released before taking any trades. Once all of the news had been released, we looked to take some more trades. We ended up seeing strong volume starting to reverse the Crude Oil, and looked to enter the market long with a 2-step. At 10:14am EST we entered long with a basis of 74.40 after price action had broken a dynamic level of resistance at 74.37. Our new Pace of the Tape (POT) indicator was our saving grace on this trade, we actually closed out of this trade early because the POT went from green to yellow, indicating that there was a slow down in price action to the long side, so instead of taking a full 6 tick stop, we closed our trade with a -4 tick loss (4 contracts), totaling -16 ticks on the trade ($10/tick).
Shortly after our loss in the Crude Oil market, we notice a strong increase in green POT bars on the Euro futures (Symbol 6E), identifying for us an increase in volume and possible trade setting up. The Euro had been trending to the short side since the open of the U.S markets, and so we looked to take a reversal in the form of a 2-step. At 10:29am EST we entered the Euro futures long with a basis of 1.4316, we quickly noticed an increase in the speed of the tape, which filled our first target of +3 ticks (2 contracts) before the market quickly reversed back to our entry level and scratched us out of the remaining trade, for a total of 6 ticks ($10/tick).
The final trade of the day came once again on the Crude Oil (Symbol CL). The Crude Oil market had been making some significant price swings throughout the day, from the 72.00 level upwards to 75.00 and back again, during its swing to the short side, we notice volume was slowing down and buyers looked to be taking it back to the long side. So, at 10:37am EST we entered long in the form of a 2-step pattern, with a basis of 74.12. Once in the trade we continued to read the price action across the tape to see if there was any real follow through to the upside, we quickly got our first target of +3 ticks (2 contracts) and then after noticing price action slowdown via our POT indicator, we took profit manually at another +3 ticks before getting scratched out for a total of +9 ticks on the trade ($10/tick).
Today’s Trade Total’s 3 for 4 $65.00 in profit
Well another summer Friday has passed us by, and we are happy to see it go! Volume still isn’t at the level we would like to see it at in the market, but that doesn’t mean we can’t trade. In a low volume environment like we have in the month of August it is crucial to practice patience and discipline, which is at the core of the School of Trade’s education. Here are the trades we took today…..
We started our morning off with a nice trade on the Crude Oil market (Symbol CL). We noticed some increasing volume using our new Pace of the Tape indicator around 8:45am EST and started watching the Crude Oil more closely going into the open of the open outcry pits at 9:00am EST. With the open of the crude market, we notice it quickly sold off early, but then started to reverse, and we then knew to look for our 2-step trend reversal trade. At 9:04am EST we entered the Crude Oil long at a basis of 73.97, we entered at this price because we had to make sure price action would trade through one of our dynamic price levels at 73.94. Once we saw this occur we entered long and quickly got our first target of+3 ticks (2contracts) before getting scratched out of the remaining 2 contacts of our trade for a total of 6 ticks ($10/tick).
Our next trade of the morning came on the Crude Oil once again (Symbol CL). We had to wait for the opening of the U.S equities market as well as the U.S July Existing Home Sales number to be released before taking any trades. Once all of the news had been released, we looked to take some more trades. We ended up seeing strong volume starting to reverse the Crude Oil, and looked to enter the market long with a 2-step. At 10:14am EST we entered long with a basis of 74.40 after price action had broken a dynamic level of resistance at 74.37. Our new Pace of the Tape (POT) indicator was our saving grace on this trade, we actually closed out of this trade early because the POT went from green to yellow, indicating that there was a slow down in price action to the long side, so instead of taking a full 6 tick stop, we closed our trade with a -4 tick loss (4 contracts), totaling -16 ticks on the trade ($10/tick).
Shortly after our loss in the Crude Oil market, we notice a strong increase in green POT bars on the Euro futures (Symbol 6E), identifying for us an increase in volume and possible trade setting up. The Euro had been trending to the short side since the open of the U.S markets, and so we looked to take a reversal in the form of a 2-step. At 10:29am EST we entered the Euro futures long with a basis of 1.4316, we quickly noticed an increase in the speed of the tape, which filled our first target of +3 ticks (2 contracts) before the market quickly reversed back to our entry level and scratched us out of the remaining trade, for a total of 6 ticks ($10/tick).
The final trade of the day came once again on the Crude Oil (Symbol CL). The Crude Oil market had been making some significant price swings throughout the day, from the 72.00 level upwards to 75.00 and back again, during its swing to the short side, we notice volume was slowing down and buyers looked to be taking it back to the long side. So, at 10:37am EST we entered long in the form of a 2-step pattern, with a basis of 74.12. Once in the trade we continued to read the price action across the tape to see if there was any real follow through to the upside, we quickly got our first target of +3 ticks (2 contracts) and then after noticing price action slowdown via our POT indicator, we took profit manually at another +3 ticks before getting scratched out for a total of +9 ticks on the trade ($10/tick).
Today’s Trade Total’s 3 for 4 $65.00 in profit
Wednesday, August 19, 2009
Futures Day Trading....Scalping Strategy Coming Soon
Market Content August 19, 2009
Well to our surprise today, we actually had some overall moderate volume in the market; especially considering all the factors that come into play during the summertime. We were able to take one trade today that fit our rules, and certainly made it count. Let’s review…
Our one and only trade of the morning came at 9:01am EST on the Crude Oil futures (Symbol CL). Before entering this trade, we had to consider the overall volume in the market so far, especially considering the Crude Oil inventories were due to be released at 10:30am EST. The last thing we wanted to do was take a trade on a possibly thin market such as the Crude Oil. We concluded that going into the open of the Crude Oil open outcry pits at 9:00am EST that we indeed had enough volume.
We then began to look for possible entries, which came quickly after the pit opening at 9:00am EST in the pattern of a 2-step to the long side. At 9:01am EST, after verifying that we had a clear road ahead of us, with no dynamic resistance and green Pace of Tape bars, we knew the probability of success was in our favor. We then entered our trade long on the Crude Oil futures at a basis of 70.28. Using our automatic trade management system via our trading platform, Ninja Trader, we were quickly able to scale out of our trade with +3 ticks (2 contracts), +6 ticks (1 contract) and were then scratched out of our final contract, giving us a total of 12 ticks on the trade ($10/tick).
Today’s trade total’s: 1 for 1 $120 in profit!
Well to our surprise today, we actually had some overall moderate volume in the market; especially considering all the factors that come into play during the summertime. We were able to take one trade today that fit our rules, and certainly made it count. Let’s review…
Our one and only trade of the morning came at 9:01am EST on the Crude Oil futures (Symbol CL). Before entering this trade, we had to consider the overall volume in the market so far, especially considering the Crude Oil inventories were due to be released at 10:30am EST. The last thing we wanted to do was take a trade on a possibly thin market such as the Crude Oil. We concluded that going into the open of the Crude Oil open outcry pits at 9:00am EST that we indeed had enough volume.
We then began to look for possible entries, which came quickly after the pit opening at 9:00am EST in the pattern of a 2-step to the long side. At 9:01am EST, after verifying that we had a clear road ahead of us, with no dynamic resistance and green Pace of Tape bars, we knew the probability of success was in our favor. We then entered our trade long on the Crude Oil futures at a basis of 70.28. Using our automatic trade management system via our trading platform, Ninja Trader, we were quickly able to scale out of our trade with +3 ticks (2 contracts), +6 ticks (1 contract) and were then scratched out of our final contract, giving us a total of 12 ticks on the trade ($10/tick).
Today’s trade total’s: 1 for 1 $120 in profit!
Friday, August 14, 2009
Market Content August 14, 2009
Today the patience that we showed throughout this entire week seemed to finally payoff. We only took two trades today, and they were in the late morning on a Friday to say the least, but that didn’t stop us from taking some great profits from the market on a summer Friday.
We had to wait for our trades today because earlier this morning we had a good amount of news events that could have potentially disrupted the markets we trade; so we waited till after 10am EST before really considering any trades. After 10am EST we finally saw some green POT indicator bars on the Crude Oil (Symbol CL), which allowed us to start qualifying trades with increasing price action on the tape. At 10:19am EST we finally entered our first trade of the day in the form of a 2-step long due to green Pace of Tape indicator bars. We entered the market long at a basis of 69.21 and were able to quickly get our first two targets of +3 ticks (2 contracts) and +6 ticks (1 contract) for a total of 12 ticks ($10/tick).
Our second and final trade of the day came on the Crude Oil futures as well (Symbol CL). We noticed that the crude oil market was trending lower, but quickly changed direction, giving us an opportunity to take a 2-step trend-reversal trade long. At 10:58am EST, after price broke a dynamic level of resistance at 68.47, we entered the market with the Pace of Tape indicator increasing at a basis of68.53. As we managed the trade with our automatic trade management system on our Ninja Trader charts, we took our profit at +3 ticks (2 contracts), +6 ticks (1 contract) and our final contract, which we let run, got us an extra +13 ticks (1 contract) for a total of 25 ticks ($10/tick).
Today’s totals: 3 for 3 $370 in profit!
Tuesday, August 11, 2009
Futures, Market Commentary, Schooloftrade.com
Market Content August 11, 2009
Well, we might have thought yesterday’s price action was the slowest of the summer, but I suppose I was wrong, TODAY was! Today was a great testament to the School of Trade’s discipline to sit on the sidelines and wait for the perfect set-up to come; and wait we did….
The one and only trade we took today set-up on the Crude Oil market (Symbol CL). The European session brought little volume to the market and so we waited for the US equities market to open, hoping to see some much needed volume. Once the US market was open, volume slowly began to trickle in, and it wasn’t until 11:05am EST till we took our first and only trade of the day. Initially we looked to take a 2-step short in the Crude market, but price action moved so quickly we could not get a quality fill.
So, we now looked for a James Wave short to set-up. After seeing a strong move in price action to the down side our James Wave set-up perfectly; pulling back quickly to our trigger line, so we could short it. We entered the market at a basis of 69.30 and were able to quickly get our first targets of +4 ticks (2 contracts) +8 ticks and then our final contract ran for another +4 ticks for a total of 20 ticks ($10/tick).
Today’s Trade totals: 1 for 1 $200
Today’s totals: 2 for 4 $20 in profit
Well, we might have thought yesterday’s price action was the slowest of the summer, but I suppose I was wrong, TODAY was! Today was a great testament to the School of Trade’s discipline to sit on the sidelines and wait for the perfect set-up to come; and wait we did….
The one and only trade we took today set-up on the Crude Oil market (Symbol CL). The European session brought little volume to the market and so we waited for the US equities market to open, hoping to see some much needed volume. Once the US market was open, volume slowly began to trickle in, and it wasn’t until 11:05am EST till we took our first and only trade of the day. Initially we looked to take a 2-step short in the Crude market, but price action moved so quickly we could not get a quality fill.
So, we now looked for a James Wave short to set-up. After seeing a strong move in price action to the down side our James Wave set-up perfectly; pulling back quickly to our trigger line, so we could short it. We entered the market at a basis of 69.30 and were able to quickly get our first targets of +4 ticks (2 contracts) +8 ticks and then our final contract ran for another +4 ticks for a total of 20 ticks ($10/tick).
Today’s Trade totals: 1 for 1 $200
Today’s totals: 2 for 4 $20 in profit
Monday, August 10, 2009
Market Commentary from Schooloftrade.com
Market Content August 10, 2009
Well I think it’s safe to say today might have been the slowest day of the summer. This fact alone proves why today we barely walked away with profits. Here are the trades we took today:
Early this morning proved to be non-existent in terms of volume, and we did not take our first trade until after the open outcry pits opened for the Crude Oil at 9:00am EST.
We noticed that the Crude Oil (Symbol CL) was beginning to trend lower during the open and looked initially to take a James Wave short, but after hitting support around the mid 70’s we noticed the buyers began to take control of price once again. We decided to take a trade to the long side in the pattern of a 2-step when our James Wave pattern failed to the short side. At 9:15am EST we were filled long at 70.80 and were able to get our first two targets of +3 ticks and +6 ticks for a total of 12 ticks on 4 contracts ($10/tick). Our first target trades with 2 contracts, and then we scale out of the rest of our contracts on a 1 contract basis for our final two targets.
Our next trade came after the 10:00am EST TAF Auction. We began to notice higher volume in the market, especially the Mini-Russell (Symbol TF), via our new indicator, the Pace of the Tape indicator. After verifying that volume was indeed in the market, we looked to take our next trade. Once again we saw a 2-step long and at 10:10am EST we entered the market long at a basis of 570.7. Once in the trade, we began to read the tape intensely to see if there were any true buying pressure in the market and just before we were about to close the trade at a small win, the buyers really stepped in and we were filled on all three targets for +3 ticks, +6 ticks and our final contract getting us +2 ticks for a total of 14 ticks on 4 contracts ($10/tick).
The third trade of the day came on the Crude Oil once again (Symbol CL). This time we looked to the crude market short on a 2-step pattern after a James Wave failed to make new highs. At 11:05am EST we entered the market short at a basis of 71.39 and once in the trade began to watch price action on the tape. We soon realized that price action and sellers were beginning to slow down and so we closed our trade early, closing with a scratch on the trade; nothing gained, but nothing lost either.
The final trade of the day was one we wish we could take back, but not every trade we take can be a winner, that is the brutal truth of trading. Our final trade of the day came on the Crude Oil market again (Symbol CL), we saw the market taking Crude lower for the day and began to look for a possible James Wave set-up to the short side, but it was disqualified, so when the Wave fails, we look for the 2-step to prevail. At 10:45am EST we took the 2-step long on Crude Oil at a basis of 71.34. Once in the trade, we saw some good size come across the tape to the long side, and unfortunately just missed getting our first target of 3 ticks before the market quickly reversed and stopped us out at a full 6 ticks or 24 ticks total when trading 4 contracts ($10.tick)
Today’s totals: 2 for 4 $20 in profit
Well I think it’s safe to say today might have been the slowest day of the summer. This fact alone proves why today we barely walked away with profits. Here are the trades we took today:
Early this morning proved to be non-existent in terms of volume, and we did not take our first trade until after the open outcry pits opened for the Crude Oil at 9:00am EST.
We noticed that the Crude Oil (Symbol CL) was beginning to trend lower during the open and looked initially to take a James Wave short, but after hitting support around the mid 70’s we noticed the buyers began to take control of price once again. We decided to take a trade to the long side in the pattern of a 2-step when our James Wave pattern failed to the short side. At 9:15am EST we were filled long at 70.80 and were able to get our first two targets of +3 ticks and +6 ticks for a total of 12 ticks on 4 contracts ($10/tick). Our first target trades with 2 contracts, and then we scale out of the rest of our contracts on a 1 contract basis for our final two targets.
Our next trade came after the 10:00am EST TAF Auction. We began to notice higher volume in the market, especially the Mini-Russell (Symbol TF), via our new indicator, the Pace of the Tape indicator. After verifying that volume was indeed in the market, we looked to take our next trade. Once again we saw a 2-step long and at 10:10am EST we entered the market long at a basis of 570.7. Once in the trade, we began to read the tape intensely to see if there were any true buying pressure in the market and just before we were about to close the trade at a small win, the buyers really stepped in and we were filled on all three targets for +3 ticks, +6 ticks and our final contract getting us +2 ticks for a total of 14 ticks on 4 contracts ($10/tick).
The third trade of the day came on the Crude Oil once again (Symbol CL). This time we looked to the crude market short on a 2-step pattern after a James Wave failed to make new highs. At 11:05am EST we entered the market short at a basis of 71.39 and once in the trade began to watch price action on the tape. We soon realized that price action and sellers were beginning to slow down and so we closed our trade early, closing with a scratch on the trade; nothing gained, but nothing lost either.
The final trade of the day was one we wish we could take back, but not every trade we take can be a winner, that is the brutal truth of trading. Our final trade of the day came on the Crude Oil market again (Symbol CL), we saw the market taking Crude lower for the day and began to look for a possible James Wave set-up to the short side, but it was disqualified, so when the Wave fails, we look for the 2-step to prevail. At 10:45am EST we took the 2-step long on Crude Oil at a basis of 71.34. Once in the trade, we saw some good size come across the tape to the long side, and unfortunately just missed getting our first target of 3 ticks before the market quickly reversed and stopped us out at a full 6 ticks or 24 ticks total when trading 4 contracts ($10.tick)
Today’s totals: 2 for 4 $20 in profit
Friday, August 7, 2009
Market Up-Date, Trade-by-trade Results.
Market Content August 7, 2009
Today we saw another day of low volume in the market, which although is expected, made us extra cautious about taking any trades that were not perfect. Let’s review the trades we took on this summer Friday:
Our first trade of the day came on the Dax futures (Symbol FDAX) at 4:16am EST. We watched price closely as a 2-step to the long side began to set-up for us. We were able to get our entry long at 5327, but soon after we entered our trade we noticed that price action began to stall and we closed the trade early at a 6 tick loss or 3 points on the Dax ($35/point).
We then did not see any good volume enter the market until after our morning break. Once we returned to the market at 7:30am EST we noticed volume had begun to trickle into the market again. At 8:42am EST we finally saw our opportunity to trade, this time in the Crude Oil market (Symbol CL). The trade set-up nicely with a 2-step pattern to the short side, we then looked to enter the market below 72.00. We entered the market at 72.00 and quickly began to watch the tape to see any follow through in price movement, which we got in the form of +3 ticks, +6 ticks and then our final contract trailing for an extra +3 ticks. We closed the trade with a total of 12 ticks on the Crude Oil ($10/tick).
The next scalp we took was off the Gold futures (Symbol GC). Once again price set-up in a 2-step fashion, which in these summer months of low volume we see quite often. We looked to take the Gold futures short below 967.3 and entered the market at 966 at 9:10am EST. We quickly got our first target of +3 ticks and then closed the rest of our contracts out at break-even.
Our fourth trade came again in the Crude Oil market (Symbol CL). Around 9am EST we began to see something very odd in the Crude Oil market, high frequency traders, which disrupt price movement by adding extreme volatility to the market stepped in and kept price movements above 72.00. We had to wait till after the US open before the Crude Oil market began to trade at a somewhat normal flow again. We finally saw price start to show us some patterns and we saw a chance to take a 2-step short at 10:40am EST. We noticed on one of our multiple timeframes that we had dynamic support at 71.60, so we waited for price to break that level with increasing sell pressure on the tape. Once this occurred it was time to enter the market short, which we did at 71.57 where we quickly got +3 ticks before price retraced on us and closed our trade with a profit of +3 ticks ($10/tick).
Our final trade came on the Crude Oil market yet again (Symbol CL). We originally saw a James Wave pattern setting up to the long side, but noticed it failed to conform to our trade rules. So, we began looking to take the Crude Oil market short with a 2-step pattern. At 11:28am EST we entered the market at 71.87 short after seeing price break a dynamic level of support at 71.93, we then took profits at +3 ticks before getting scratched out of the rest of our two contracts for a profit of 3 ticks ($10/tick).
Trade Total’s: 4 for 5 $75 in Profits!
Today we saw another day of low volume in the market, which although is expected, made us extra cautious about taking any trades that were not perfect. Let’s review the trades we took on this summer Friday:
Our first trade of the day came on the Dax futures (Symbol FDAX) at 4:16am EST. We watched price closely as a 2-step to the long side began to set-up for us. We were able to get our entry long at 5327, but soon after we entered our trade we noticed that price action began to stall and we closed the trade early at a 6 tick loss or 3 points on the Dax ($35/point).
We then did not see any good volume enter the market until after our morning break. Once we returned to the market at 7:30am EST we noticed volume had begun to trickle into the market again. At 8:42am EST we finally saw our opportunity to trade, this time in the Crude Oil market (Symbol CL). The trade set-up nicely with a 2-step pattern to the short side, we then looked to enter the market below 72.00. We entered the market at 72.00 and quickly began to watch the tape to see any follow through in price movement, which we got in the form of +3 ticks, +6 ticks and then our final contract trailing for an extra +3 ticks. We closed the trade with a total of 12 ticks on the Crude Oil ($10/tick).
The next scalp we took was off the Gold futures (Symbol GC). Once again price set-up in a 2-step fashion, which in these summer months of low volume we see quite often. We looked to take the Gold futures short below 967.3 and entered the market at 966 at 9:10am EST. We quickly got our first target of +3 ticks and then closed the rest of our contracts out at break-even.
Our fourth trade came again in the Crude Oil market (Symbol CL). Around 9am EST we began to see something very odd in the Crude Oil market, high frequency traders, which disrupt price movement by adding extreme volatility to the market stepped in and kept price movements above 72.00. We had to wait till after the US open before the Crude Oil market began to trade at a somewhat normal flow again. We finally saw price start to show us some patterns and we saw a chance to take a 2-step short at 10:40am EST. We noticed on one of our multiple timeframes that we had dynamic support at 71.60, so we waited for price to break that level with increasing sell pressure on the tape. Once this occurred it was time to enter the market short, which we did at 71.57 where we quickly got +3 ticks before price retraced on us and closed our trade with a profit of +3 ticks ($10/tick).
Our final trade came on the Crude Oil market yet again (Symbol CL). We originally saw a James Wave pattern setting up to the long side, but noticed it failed to conform to our trade rules. So, we began looking to take the Crude Oil market short with a 2-step pattern. At 11:28am EST we entered the market at 71.87 short after seeing price break a dynamic level of support at 71.93, we then took profits at +3 ticks before getting scratched out of the rest of our two contracts for a profit of 3 ticks ($10/tick).
Trade Total’s: 4 for 5 $75 in Profits!
Thursday, August 6, 2009
Learn How To Trade Futures, Market Commentary
Market Content August 6, 2009
Today was another slow summer day for our trading, but we were able to scalp for some small profits, which is great considering these conditions. We also introduced one of our new indicators, the Pace of Tape indicator, which does exactly that, is quantitatively measures the speed at which prices are coming across the tape. Needless to say this was a great addition to the School of Trade; come check it out in our free trade room tomorrow! You can go to http://www.schooloftrade.com/ and sign up for a free 3 week trail. Now let’s review our trades for the day……
We noticed early this morning that volume seemed non-existent today and so we were very cautious in taking our trades. Our first trade did not occur until after the US Equities open at 9:30am EST, when we noticed a James Wave setting up to the short side on the Crude Oil (Symbol CL). Unfortunately the Wave set-up failed, so we were then able to look for our classic trend-reversal 2-step trade to the long side. We waited to enter this trade until we saw a clear sign that Crude Oil was going to break a line of support, and once it did we entered the market at 9:47am EST with a basis price of 71.45. We got out first target of +3 ticks almost instantly, but then the market changed its mind and scratched us out of the remaining two contracts for a profit of 3 ticks ($10/tick).
Our next trade occurred once again in the Crude Oil market (Symbol CL) at 10:10am EST. This time a James Wave to the long side had failed to keep its highs and the sellers took control of price giving us a great 2-step short. We were able to enter the market at a basis of 71.55 and got our first target of +3 ticks ($10/tick) before getting scratched out of the remaining two contracts. Although two trades of +3 ticks doesn’t seem like much, in these summer conditions small profits is what to expect, and this is fine as long as we keep our losses small as well, which we have proven able to do.
We finally took a break from the Crude Oil market (Symbol CL) and saw a set-up forming in the Gold market (Symbol GC). We saw a great long 2-step setting up in Gold and decided based off price action to enter the market at 10:18am EST with a basis of 965.8. It seemed almost instantly we had gotten our first two targets of +3 ticks and +6 ticks when we entered the trade, but we were unable to trail our stop on our third contract because price had not moved high enough for us to, so we closed out trade with a profit of 9 ticks ($10/tick).
The final trade of the day occurred at 10:40am EST on the Crude Oil (Symbol CL). We had to be patient and wait for this 2-step short to set-up because it had to break a dynamic level of support before we could take it. Once this happened we were able to enter the trade with a basis of 70.75, and got our first target of +3 ticks with ease. Our automatic trade management moved our stop to break-even, which is where we closed out our trade on our final two contracts, for a profit of 3 ticks ($10/tick).Today’s Trade Total’s 4 for 4 $180 in profits
Today was another slow summer day for our trading, but we were able to scalp for some small profits, which is great considering these conditions. We also introduced one of our new indicators, the Pace of Tape indicator, which does exactly that, is quantitatively measures the speed at which prices are coming across the tape. Needless to say this was a great addition to the School of Trade; come check it out in our free trade room tomorrow! You can go to http://www.schooloftrade.com/ and sign up for a free 3 week trail. Now let’s review our trades for the day……
We noticed early this morning that volume seemed non-existent today and so we were very cautious in taking our trades. Our first trade did not occur until after the US Equities open at 9:30am EST, when we noticed a James Wave setting up to the short side on the Crude Oil (Symbol CL). Unfortunately the Wave set-up failed, so we were then able to look for our classic trend-reversal 2-step trade to the long side. We waited to enter this trade until we saw a clear sign that Crude Oil was going to break a line of support, and once it did we entered the market at 9:47am EST with a basis price of 71.45. We got out first target of +3 ticks almost instantly, but then the market changed its mind and scratched us out of the remaining two contracts for a profit of 3 ticks ($10/tick).
Our next trade occurred once again in the Crude Oil market (Symbol CL) at 10:10am EST. This time a James Wave to the long side had failed to keep its highs and the sellers took control of price giving us a great 2-step short. We were able to enter the market at a basis of 71.55 and got our first target of +3 ticks ($10/tick) before getting scratched out of the remaining two contracts. Although two trades of +3 ticks doesn’t seem like much, in these summer conditions small profits is what to expect, and this is fine as long as we keep our losses small as well, which we have proven able to do.
We finally took a break from the Crude Oil market (Symbol CL) and saw a set-up forming in the Gold market (Symbol GC). We saw a great long 2-step setting up in Gold and decided based off price action to enter the market at 10:18am EST with a basis of 965.8. It seemed almost instantly we had gotten our first two targets of +3 ticks and +6 ticks when we entered the trade, but we were unable to trail our stop on our third contract because price had not moved high enough for us to, so we closed out trade with a profit of 9 ticks ($10/tick).
The final trade of the day occurred at 10:40am EST on the Crude Oil (Symbol CL). We had to be patient and wait for this 2-step short to set-up because it had to break a dynamic level of support before we could take it. Once this happened we were able to enter the trade with a basis of 70.75, and got our first target of +3 ticks with ease. Our automatic trade management moved our stop to break-even, which is where we closed out our trade on our final two contracts, for a profit of 3 ticks ($10/tick).Today’s Trade Total’s 4 for 4 $180 in profits
Monday, August 3, 2009
Market Commentary from Schooloftrade.com, Learn How to trade futures.
Market Content August 3, 2009
Today brought the first trading day of August, and unfortunately the summer is still bringing lower volume, but that did not stop us from taking quality trades. Although we did not make a significant amount of money today, we remained profitable, and that is one of the biggest keys to becoming a consistently profitable trader.
Our first trade of the morning didn’t occur until 9:15am EST on the Crude Oil market (Symbol CL). Initially we saw a long James Wave set-up, but once it failed to make new highs we looked to short the Crude Oil just before the US Equities market opening. Our 2-step short occurred at 9:15am EST and we were entering the market with great speed of the tape on our side at a basis of 71.34. We initially hit our first target at +3 ticks and were then scratched out of our remaining contracts for a profit of 3 ticks ($10/tick).
While following our strict trading rules, we waited 5 minutes after the US Equities market open at 9:30am EST to take our next trade. After the US open, we looked at a possible James Wave set-up on the Euro Futures (6E), but it was quickly disqualified due to not making higher highs. So, at 9:40am EST, with high volume finally coming into the market, we took our trend reversal trade in the form of a 2-step to the short side setting up on the Euro Futures (Symbol 6E). We focused intensely on reading the tape to see when we would enter the market, and got in short at 1.4338. The market quickly moved south in our favor and we were able to lock in profits at +3 ticks, +6 ticks and our final contract, which we let run, got us +8 ticks, for a total of 17 ticks ($12.50/tick).
The third trade of the day came about an hour later after the passing of important US news at 10:00am EST on the Crude Oil once again (Symbol CL). At 10:47am EST we noticed the Crude Oil could not hold its lows and we watched to see if we could take our trend reversal trade, the 2-step. We entered Crude Oil long at 71.42 and quickly saw great size and speed come across the tape, netting us profits of +3 ticks and +6 ticks before getting scratched out of our third contract for a total profit of 9ticks ($10/tick).
Our fourth and final trade of the day came at 10:59am EST and was a small mental mistake on our end. We noticed on the Euro Futures (Symbol 6E) that it had failed to make and hold its new highs, telling us a 2-step short was likely to occur. While we patiently watched the Euro futures, we quickly saw some great follow through past our trigger line and entered the market short at 1.4411, as we watched the tape, we quickly noticed that we were not seeing the push in sellers that we needed and the market quickly reversed on us; stopping us out at -8 ticks, for a total of 24 ticks when trading 3 contracts ($12.50/tick).
Today’s Trade Total’s: 3 for 4 $32.50 in profits when trading 3 contracts.
Today brought the first trading day of August, and unfortunately the summer is still bringing lower volume, but that did not stop us from taking quality trades. Although we did not make a significant amount of money today, we remained profitable, and that is one of the biggest keys to becoming a consistently profitable trader.
Our first trade of the morning didn’t occur until 9:15am EST on the Crude Oil market (Symbol CL). Initially we saw a long James Wave set-up, but once it failed to make new highs we looked to short the Crude Oil just before the US Equities market opening. Our 2-step short occurred at 9:15am EST and we were entering the market with great speed of the tape on our side at a basis of 71.34. We initially hit our first target at +3 ticks and were then scratched out of our remaining contracts for a profit of 3 ticks ($10/tick).
While following our strict trading rules, we waited 5 minutes after the US Equities market open at 9:30am EST to take our next trade. After the US open, we looked at a possible James Wave set-up on the Euro Futures (6E), but it was quickly disqualified due to not making higher highs. So, at 9:40am EST, with high volume finally coming into the market, we took our trend reversal trade in the form of a 2-step to the short side setting up on the Euro Futures (Symbol 6E). We focused intensely on reading the tape to see when we would enter the market, and got in short at 1.4338. The market quickly moved south in our favor and we were able to lock in profits at +3 ticks, +6 ticks and our final contract, which we let run, got us +8 ticks, for a total of 17 ticks ($12.50/tick).
The third trade of the day came about an hour later after the passing of important US news at 10:00am EST on the Crude Oil once again (Symbol CL). At 10:47am EST we noticed the Crude Oil could not hold its lows and we watched to see if we could take our trend reversal trade, the 2-step. We entered Crude Oil long at 71.42 and quickly saw great size and speed come across the tape, netting us profits of +3 ticks and +6 ticks before getting scratched out of our third contract for a total profit of 9ticks ($10/tick).
Our fourth and final trade of the day came at 10:59am EST and was a small mental mistake on our end. We noticed on the Euro Futures (Symbol 6E) that it had failed to make and hold its new highs, telling us a 2-step short was likely to occur. While we patiently watched the Euro futures, we quickly saw some great follow through past our trigger line and entered the market short at 1.4411, as we watched the tape, we quickly noticed that we were not seeing the push in sellers that we needed and the market quickly reversed on us; stopping us out at -8 ticks, for a total of 24 ticks when trading 3 contracts ($12.50/tick).
Today’s Trade Total’s: 3 for 4 $32.50 in profits when trading 3 contracts.
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