98 Ticks Live Today! $17,500 in May 4 Lots! Re-open Wednesday 745am EST

Next week’s schedule:


• Trade room is closed Monday & Tuesday

• (the markets are OPEN on Tuesday)

• Sales & Support office is closed Monday

• Sales & Support is open Tuesday and the rest of the week.

The Market Gives us clues today…

830am EST

- Dollar Index Futures are trading sideways at their highs from late last week

o Speed is very slow,

o Average true range is very low, and has been dropping this morning

o This tells us that today, a Friday before a long weekend, we may not see much activity from the dollar, which means the other markets may not either

o Keep checking back every 20 mins to see if this improving.

- Euro Futures are the opposite of the dollar this morning

o Sideways market at their lows

o Decent speed, little green and yellow POT, so no worried about speed

o Average true range is not very exciting, its at the lowest point of the passed week, but we’ll check back and see if its improved.

I hate when this happens...but I found a way to avoid it!

Has this ever happened to you? The trade pattern sets up perfectly...You check your rules...all good.
You check the time...nothing in my way. Wait for the confirmation...there it is! You get LONG on the Russell, and the price decides to turn around and take out your stop. What the h*ll just happened? :) We call these Fake-Out Break-Outs, and you need to watch this video!

Up-date on our day Trade on Gold Futures contract

here was our last post on this blog for this day trade on gold futures...

http://700bucksaday.blogspot.com/2010/05/heads-up-we-have-2-day-trades-setting.html

We entered short at 1205.9, and we immediately were in the money on this trade.

One thing we noticed when we got into this trade was that the speed of the futures markets were very slow, its a Holiday-weekend Friday, so time was NOT on our side when we entered this trade.

With time being an issue, we located a nice place to take profit... 

Looking at our fast chart, a 4 range chart with Ninja Trader Charts, we see the TOP of the downward trending channel that had formed on Gold futures contracts earlier in the day!

This was originally not much of a concern, we expected price to move right through this, but the market had a different idea for its end of the morning...

So with my stop already moved to my point of entry to protect my account, i took profit at this area because of the following...

- Speed of the market slowed down @ 1204.5
- Notice we see HIGHER lows on the candlesticks
- Bounced off the LOD level, which adds more support

My intentions were to short this thing from 1206 all the way down, but the market decided to take off early for the holiday weekend, but not before making us 20 ticks or $200usd on a very easy gold futures day trade.

We had another amazing day in the trade room on friday, keep an eye out for our nightly recap video later on today...we made another 100 ticks on 4 contracts live in real time in the trade room!

Keep the questions comming!  Be safe out there for the Holiday, see you next week!

Heads up! We have 2 day trades setting up right now on Crude Oil and Gold Futures

Im using my 60 minute chart to look for some long term patterns to hold over the long weekend.

I would not be suprised if we see a little profit taking over this Holiday weekend ahead of next week, so lets look at the Gold and the Crude Oil Futures as they are setting up..

It looks like Gold has the most potential today, we will look to get short below 1206.1, taking profits at 1200.0, 96.9, and 88.1

Be sure to read your time and sales window around the 1200 level to see what happens.  if we see BIG BUYERS at the 1200 look to take 1/2 off your position.

if we DONT see any BIG BUYERS, i will look to hold as much as I can into the 88.1 becasue the potential to the downside is clealry there, with WIDE OPEN trading range once we break below 96.9

Next we see the Crude Oil futures setting up for a very similar entry pattern, called the 2-Step pattern...

Crude Oil also look great!  we have an easy short below 73.85, looking for profits at 72.76.

I will take 1/2 my day trade position off at 72.76, and then cover my short @ 71.69

The Gold is trigger right now!!!! See you in the room!!!  follow those rule!

Another Winning Day Trade on Euro Futures Contracts....DX-Pattern has HIGH %

If you're with us in the live trade room right now you've taken some great profit out of the Euro Futures this morning..

We saw a beautiful DX Pattern Long setting up when the dollar index futures tested its High of Day @ 745am EST today.

We had to wait for the dollar to break its lows, and we had some various support levels to navigate around, but we found our entry trigger easily...

Once the dollar broke, we had the same thing on the Euro.

the Euro needed to break through some overhead resistance, but the day trade easily worked out, and if you were trading only 1 contract you made you goal for the day!

here's what it looked like...dont miss the next one! We'll be day trading futures contracts LIVE in our trade room until 1230pm EST today!

+10

+20

= Daily and weekly profit goals!

200 ticks on the Blog Trades last 24 hours, day trading futures contracts has never been easier!

What an amzing week to be a day trader, congratulations to our members and guests who made money this week with us.

The futures marekts took a break today, they seemed to fall asleep, with sideways dollar ranges leading to similar tight tradign ranges on the other futures contracts we trade.

First lets do an up-date on today's call on the blog.

We called this trade in our live trade room at 925am est today, and it was posted on the blog soon thereafter.

This trade was not only a winner, but we used a simple 60 minute chart and fib tool to find the breaker pattern that got us into the trade.

click here to see the trade call from earlier today

So we're up 130 ticks from that easy set-up on Crude Oil...

lets recall our trade from last night on the blog...

Here's the post from last night

I quote...

"Long the Euro above 2223 with another entry opportunity above 2245, and a clear path to our profit target of 2300"

add another 70 ticks to the profit total posted on the blog in the last 24 hours :)

Im also watching the dollar and euro futures contracts for tomorrow, but it looks like we're trading in the middle of the trading range right now, so we'll have to wait for a test of the extremes.

I will check these levels again tomorrow in our live trade room of schooloftrade.com @ 745am est, see you there!

73 Ticks Live Today. $50,000 for the Year on 4 lots.

The Market Gives us clues today…


830am EST

- Dollar Index Futures are trading sideways at their highs

o Speed of the tape is very slow

o Double-tops and double-bottoms above and below us, creating a sideways bracket

o Average true range (ATR) is still dropping from its May 19th highs, so e continue to trade with caution

- 830am brings our Jobless Claims and Advanced GDP

o INITIAL JOBLESS CLAIMS: 460K V 455KE

o *(US) Q1 PRELIMINARY GDP PRICE INDEX: 1.0% V 0.9%E; CORE PCE Q/Q: 0.6% V 0.6%E

- Important Psychological Levels

o Big Round Numbers (1.2000, 78.00, 89.00)

o Sometimes we see value in the HALF BigRound #

 1.2500 . 1.2550, 78.50, 89.50

850am EST

- Euro futures contracts, trading at their lows, opposite to the dollar

o Sideways market, double-tops and double-bottoms keeping moving sideways

o Speed of the tape has been decent, not as slow it was on Wednesday

o Average true range Is still at its lower levels, but not as low as it was on Wednesday

My Goal Is $1,000 Every Day With A $25,000 Account

One of our advanced members asked this question in the live trade room today, and I wanted to share the answer with you!

Are you just getting started with your trading? Looking for a way to achieve your profit goals? Not sure where to start?

Watch this video to learn how we achieve our profit goals!

UP-DATE on the Crude Oil Futures Day Trade called earlier today!

Up 60 ticks on this trade right now!

Looking to take some profit targets @ the next big round number....but looking great!

Stick to those rules members, we'll see you at the BANK! :)

Crude Oil Futures Setting up for a BIG MOVE Long...

Hey guys, we're watching the Crude Oil Futures Contracts setting up in our live trade room!

Looking for a long entry above the 73.67, need to follow our rules for the Breaker Pattern at the High of Day, but it should trigger for you with good speed of the tape!

My first target will be 75.00, big round number, and my final target will be 75.80

My stop will be at the most recent swing low, which is 71.50, so just below that level for a long term stop loss level.

Come join us in the live trade room and watch this thing develop!

Gold Futures Rollover today! 06-10 rolls over to 08-10

We are watching Gold Futures Contract Rollover today to the next front month contract for day traders, which is 08-10

watch this video on HOW, WHY, and WHEN Gold Futures will be rolling over in the future!

http://700bucksaday.blogspot.com/2010/03/when-does-gold-futures-rollover-its-not.html

See you in the live trade room!

Euro & Aussie Futures Setting for a DX-Pattern Day Trade

We have some great set-ups right now on the Euro & Assie Dollar Futures Contracts, but lets recal last night's trade call...

http://700bucksaday.blogspot.com/2010/05/im-watching-euro-dollar-setting-up.html

If you follwed us on last night's trade you earned over 80 ticks on a small futures account!

Enter the Euro short at 7:13 anywhere below 2230 and you took an easy trade for +10, +20, and an EASY final target of 2200 because its the big round number.

Congrats to our members who made money with us today!

Now lets take a look at this Euro & Aussie Futures day trades setting up as we speak...

The Dollar is at tis extremes, and we have wide open spaces to let it run...

I can see the support level of 87.165 getting broken as I post this, giving us a great opportunity to buy the Euro...

Long the Euro above 2223 with another entry opportunity above 2245, and a clear path to our profit target of 2300.

Ive chcked my medium timeframes, our rules look good, lets see how this trade works out for us!

Lets see how the Aussie Dollar Futures Contracts are looking as well...

Ill look for the Aussie above the 8272 with another clear target to 8300.

I would read the tape around 8300 and look for large sellers and slow speed in order to flatten.

If you see good speed of the tape at 8300 look to keep a portion of the position open on this day trade.

Members, we'll review this in training, and follow those rules!

See you tomorrow in the trade room, webinar is @ 1130am EST


 

82 Ticks Live Today! $16,000 on 4 lots in May!

The Market Gives us clues today…


800am EST

- Dollar Index Futures trading right in the middle of the sideways range from 87.600 down to 86.00

o We’re trading in the middle

o We have dropping average true range

o Pace of tape is VERY Slow

 What does this mean?

• Dollar leads the other markets, so concern on the dollar = concern on other markets we trade

• Trending dollar = trending EVERYTHING else

• Choppy slow dollar = disaster for a day trader.

- Watching for a DX-pattern @ 825am EST, we see the Dollar is in the middle, so we need to wait for the dollar to test its extremes

o Also notice the NARROW trading range on the dollar. From high to low is a VERY NARROW trading range. We want this to be as WIDE as possible, giving us the room to let the trade run.

830am EST

- Euro Futures are looking very similar to the dollar index

o Trading off its recent lows, we’re sitting in the middle of a very narrow sideways range on the fast timeframe

o Also in the middle of the wide range on the slower timeframe

o Pace of tape indicator is NOT showing GREEN like it usually does, so euro has a slow speed

The Easiest Way to Find Double-Tops & Bottoms

We all know that double-tops & bottoms are some of the most important price patterns we watch on a daily basis in the live trade room.


Do you know the easiest way to FIND these important levels?

Our blog has lots of information too, just do a SEARCH for 'double-top' and you will see ALL the videos we've done on this topic!

Watch this video to learn the easiest ways to find Double-Tops & Bottoms

Im watching the Euro & Dollar setting up right now... Review from SchoolOfTrade.com

We had another great day trading futures contracts in our live trade room.  Congratulations to the members who made money today!

I just opened my day trading charts and found the dollar index futures at its highs, so the DX-Pattern is setting up!

Lets look at the dollar index first...

Im seeing a lot of support on the dollar across multiple timeframes, so our best option will be to play to the long side.

we have the previous day's high of day @ 87.040 up to 87.100 for a level above us.

My entry trigger will be above 87.100 on the Dollar Futures

an agressive entry would be the opposite direction, tradinig into the trigger lines on my medium timeframes, and looking to drop down to 86.750 where we have a welcoming cluster of support.

Agressive trigger below 86.885, and look support at 845 and 830

Lets look at the euro futures contacts...

We have a lot of resistance overhead on the Euro futures contracts.

Entry long above 2312 up to 2334 will be a tough journey with all the SUPPORT on the dollar we see above.

Agressive entries above 2313 long and look for profit at 2334 @ 2370.

My conservative entry will be short below 2265 with a profit target to be determined at time of entry.

Ill review these entries in the live trade room tomorrow @ 745am EST.

See you there!

24 Ticks Live Today! Did you grab this DX-Pattern Long?

The Market Gives us clues today…

845am EST

- Dollar Index Futures trading back at their highs, we will wait to see if they end up sideways or not

o Average true range has been dropping

o Pace of tape on the dollar very slow

o We saw a DX-pattern long set up this morning @ 750am EST.

o The dollar broke its trend lines and its swing low, and the euro broke above its trend line and its swing high

- Euro Futures just dropped from 2.600 to 2.200 and we’re going to wait a little to see where the euro goes from here.

o If it dropped this quickly, it will likely RISE just as quickly, but we need to wait to see what the BIG MONEY is going to show us.

 BIG SELLERS right now….looking for more shorts

 BIG BUYERS right now, look for the price to start climbing back to the upside.

o Average true range is dropping from its higher levels this morning

o Pace of tape is RED, slow, and sluggish.

 We need to see YELLOW and GREEN on the Pace of Tape indicator.

915AM EST

- Crude Oil futures trading at weekly lows, trading sideways

- When trading in a sideways range

o Buy the lows

o Sell the highs

o Don’t trade the MIDDLE! (chop zone)

 Price can go in ANY direction!

945am EST

- Gold futures resting just below the 1200.0, they are trading very slow and they appear to be waiting for some sort of direction

o We have consumer confidence news @ 1000am EST, so its expected people are waiting for that to come out first.

o People seek SHELTER from the ‘storm’ in gold


1000am EST

- Consumer confidence is HIGHER than expected, but we see the OPPOSITE of what WE expected to see on Gold futures contracts.

o Higher Consumer confidence SHOULD mean a drop in gold price

o We see a RISE in gold prices, which is considered divergence

 Price is rising, while the indicator is not


1030am EST

- We took our last trade on crude oil and almost got chopped out of the market

- Very whippy, doesn’t look like crude knows where it wants to go.

- WAIT! Check the ATR and the average true range is RISING! Why?

- A little bit of some MIXED SIGNALS from crude oil, so lets give this some time to get moving for us.

- We’ve taken 2 trades, both of them were VERY choppy results, which makes us concerned that we may not get that lucky next time, get stopped out.

2 trades today, 2 Winners

+24 ticks, $240usd

Only 4 contracts needed to achieve this today!

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

Easy Money Day Trading Crude Oil Futures Contracts

One of the biggest challenges facing new traders is knowing WHEN and HOW to execute their trades.

The key to being a profitable trader is to make it easy to learn and even EASIER to follow.

Today we made EASY MONEY on the Crude Oil Futures contracts, so watch this video to learn how to make this money along with us in the live trade room.

Trade Management using a 13-Range Chart for Day Trading Futures Contracts

Your Trade Management for the 13 range:


We talked about this today in our live day trading room.  As a member of SchoolOfTrade.com you will be trained on takign trades on ANY market, and ANY timeframe.

here is an example of how you would execute and manage a trade using a 13-range chart.

Here is a video on using range charts & different chart types we use in our trading.

- Stop = 12 ticks

- Targets = 8/16/Runner

- 4 contract trade

o ½ off at target #1

 Move stop to entry +1 tick

o ¼ off at target #2

 Move to our trade management chart to manage the runner

o ¼ off at target #3

 Green POT = Mechanical approach

 RED POT = Discretionary approach

Buying the HIGHS are always higher risk trades

- We look for MORE confirmation to buy those highs

- GREEN Pace of Tape = VERY FAST SPEED

o Need GREEN POT @ HOD/LOD to trade into those levels

Im watching the Dollar Index Futures contracts, lets see what day trades are setting up tomorrow

we day traded 4 contracts on crude oil futures today, made 41 ticks, and almost saw our DX-Pattern on the Euro, but volume was a little too light on this Holiday trading day.

congratulations to our members making money today, especially to our newest members who joined us today.

lets prep for tomorrows day trading futures contracts for the markets we trade..

ill start with the dollar index because its the market that MOVES everything else.

The dollar futures is trading at its high of day, so we need it to break to the downside for this trade.

I see an open range of price from 86.721 down to 85.605.

My entry trigger will be the dollar below 86.721 but I need to keep an eye on 86.605 as a possible reversal spot for the dollar contracts.

Now lets see where we will enter the trade, lets review the currency futures contracts starting with Euro futures

We have the Euro futures exactly where we want it, trading opposite to the dollar index, at its low of day.

I see an open trading range from 2322 up to 2358, so lets use that for the day trade.

I will enter long the euro above 2322, with a target of 2358.

(Members, watch our advanced course video:  DX-Pattern in the members section)

Lets move to the Aussie Dollar...

The Aussie Dollar is right at its low of day as well, this is setting up nicely for a long trade on the 6A aussie dollar currency futures contracts.

we have our medium chart's 8222 which is spoiling the party on the trade above 8205, so let's wait to get above the 8228.

An aggressive entry will be above 8205, but my conservative entry will stay patient and wait for long above 8228.

Lets take a look at the Swiss Franc Currency Future Contract...

I can clearly see the Swissy currency futures are trading in a nice wide trading range, but this leads me to believe this might be a bumpy ride on this day trade.

I the best trade on this will be long above 8631, but notice the 8646 is overhead resistance, so perhaps take 1/2 position off their, and then close out your trade at 8656.

ideally, id look to read the tape around 8646 and see what the tape tells me.

are we seeing more buyers than sellers?  etc, etc.

if we see good speed of the tape into this overhead level, i will look to hold my position until i see the speed slow down.

use the pace of tape indicator for this, and watch it around support and resistance levels like we see here.

Thats all im watching tonight....see you in the live day trade chat room tomorrow @ 745am EST!

41 Ticks Live Today! Free Webinar on Tuesday!

The Market Gives us clues today…
830am EST

- Dollar Index Futures trading off their highs from last week

o Multiple levels of support and resistance

o Double-tops & bottoms keeping price propped up just below its lows.

o Pace of Tape is < 100, so very slow

 RED Pace of tape = very slow market = beware!

o Average true range is at its lower levels from last week, so we may need to wait for this to improve.

950am EST

- Crude Oil Futures, we noticed that the price action was so choppy at the lows, the current 13-range chart was no longer a good fit.

o Slowed it down to a 34-range chart to remove a lot of the ‘noise’ and now it’s a lot easier to use the chart.

o Average true range is increasing, off its lows of the prev week, and heading to the highest level from late last week.

 Tells us that a sideways market with widening range is going to be perfect for our 2-step reversal patterns today~!

 Identify the best possible spots, and look for those 2-step patterns

o Sideways markets = 2-step pattern

 be aggressive with taking profit

 with a rising ATR, this means we may get some nice moves INSIDE of the sideways range

Day Trading & Swing Trading Euro Futures Contracts w/ Dollar Index Correlation

Greetings Everyone, hope you had a wonderful weekend!

It was great to meet a few of our members this weekend in Scottsdale, Arizona, look forward to seeing you Mark and Bertard, i'll back again soon!

Lets take a look at whats setting up for some day trades tomorrow on the Dollar futures contracts.

Im going to watch the dollar because the Euro and other currencies have a specific correlation to the dollar index future.

So lets look at the dollar futures first...

 

I can see the Dollar sitting around the previous day's lows of 85.540

A break above the 85.715 will leave plenty of room for us to grab profits up to 85.835 and 85.935

My entry target will be 85.715, with profot targets of 85.835 & 85.935


Remember, i dont trade the Dollar, im looking for its corellation to othe rpopular markets we trade, such as the Euro futures contracts.

Lets review the euro next....

I can see the Euro futures contracts are setting up nicely for a short position.

My target short will be an entry below 2548 looking for profits at 2520


With my Euro trades setting up, lets look at some other markets for trading tomorrow...

The aussie Dollar Futures contracts...

The aussie dollar is trading in it's middle, the 'chop zone' as we call it, so we need to to wait for the Assie to test its highs first.

How about the YEN futures contracts?

We have the same concern on the Yen Futures tonight as well, they are trading in their middle, so we need to wait for the extremes to be tested, looking to be the lows most likely.

So as the dollar looks to break the resistance levels overhead, im watching the Euro futures on the short side.

Look for another great week of day trading futures contracts!

We have some new great set-ups to share with you on Monday, so dont miss the live day trade room!

Stick to those rules, and see you tomorrow in the room!

Exciting new patterns coming Monday @ 745am EST

Weekly Wrap-Up
- The salutary effects of the giant €750M "EuroTarp" bailout package announced on May 9th have proven to be short lived, as contagion from the European debt crisis has paralyzed markets with fear this week. Investors spent the week dumping all asset classes and cramming funds into the safety of the US Dollar, Japanese Yen, German Bunds and US Treasuries. Equity markets have been hit especially hard, with the DJIA plunging more than 5% on the week and opening under 10,000 on Friday. The Dow and the S&P500 officially entered correction, with both indices down well over 10% from recent highs from late April, retesting the levels hit during the artificial low created by the May 5th "flash crash." Volatility has spiked higher, as the VIX tested above 45 late in the week, its highest since the market lows last March. The euro has been a major factor again, with the single currency whipping between lows near 1.2150 to a high of nearly 1.2700. On Tuesday, Germany announced it would ban naked short selling of certain bank stocks and CDS on Euro Zone debt, pushing the euro down to its weekly lows and causing consternation among the nation's European partners, none of whom were ready for the unilateral move. US data has not been supportive: the May Empire Manufacturing Survey was way below expectations, with the new orders component dropping sharply, the US initial weekly jobless claims came in higher than expected (and well above the weekly reports seen over the last four weeks), while the April leading indicators printed its first negative reading since March 2009. For the week the DJIA fell 3.8%, the Nasdaq declined 5% and the S&P500 dropped 4.25%.




- After the European debt crisis, perhaps the biggest story of the week was the Senate debate and ultimate passage of the financial regulatory overhaul bill. Voting on various amendments to the package continued early in the week, as the Democrats easily swatted back Republican attempts to water down certain provisions of the bill, and also managed to push discussion of the ultimate shape of Senator Lincoln's proposal to force banks to spin off their derivative operations back to conference committee (where many hope it will die a peaceful death). An initial cloture vote failed, but with some fine tuning to please individual legislators a second procedural vote was successful on Thursday. House and Senate negotiators will begin reconciliation talks on the legislation next week and leaders were optimistic that a final bill will go to President Obama to sign before the July 4th Congressional recess.



- The FDIC released its quarterly troubled bank list on Thursday, showing a 10% increase in the number of institutions on the list since Q4 2009, although FDIC Chairwoman Bair took pains to accentuate the positive. "Industry earnings are up. More banks reported higher earnings, and fewer lost money," she said, noting that the improvement in earnings was largely due to a reduction in the amount banks set aside for loan losses.



- High-profile retailers reported March quarter earnings this week, providing some insight into the state of the emerging recovery in US consumer spending. Leading home improvement retailers Home Depot and Lowe's met or slightly exceeded expectations and raised their full year guidance. However, Lowes offered soft guidance for next quarter, warning that "problems remain" with US consumer confidence. Wal-Mart was also a bit ahead of expectations in its Q1 but below par in Q2 guidance, stating that its customers are still concerned about their personal finances and unemployment, as well as higher fuel prices. Target missed revenue expectations and stated that May sales are running somewhat behind expectations. In tech, Hewlett-Packard offered better than expected Q2 results and an improved outlook for the full year. Executives stated that the demand environment continues to improve. Brocade Communications and Dell both reported lackluster, in line reports after the close on Friday, and both stocks were slammed by risk aversion on Friday.



- Credit markets were subject to the same retreat from risk that dictated sentiment for other asset classes this week. Credit default spreads between investment grade and high yield debt widened significantly amidst sharp declines in equities on Thursday. Alarmingly, money market spreads continued to drift wider over the course of the week in the face of increased central bank liquidity. Three-month USD Libor closed out the week a smidgeon away from the 0.50% mark, the Libor-OIS spread reached 27bp and the TED spread hit 33bp - levels not seen since the summer of 2009. Germany's unprecedented move to ban naked short CDS positions on Euro Zone government bonds only served to further unsettle markets; many market participants called the move ill conceived given the fact that the overwhelming majority of CDS volumes traded out of London. The futility of the ban was best exemplified in CDS spreads for the PIIGS, which initially moved back to pre-bailout levels before recovering.



- US Treasuries and German Bunds were predictably well bid in the overall flight to safety this week, while yields fell off a steep cliff. The yield on the benchmark 10-year Bund set new all-time lows at 2.63% on Friday while the US long bond tested 4%. Yields across the US curve moved out to levels not seen since mid 2009 with the benchmark 10-year yield declining some 25 basis points on the week. The 2-10 year spread narrowed to six-month lows below 250 basis points. Fed fund futures have all but priced out a rate hike by the end of the year.



- In currency trading the flight-to-safety trade drove strength in USD- and JPY-related pairs as contagion fears gripped markets and the single currency took investors for a crazy ride. The EUR/USD rollercoaster roared into the week around 1.2360, tested as low as 1.2150 on Wednesday and spiked to within striking distance of 1.2700 on Friday morning, driven by frenzied rhetoric and a fair number of rumors all out of Europe. The euro's worst levels were seen on Wednesday morning after chatter circulated that the Greek finance minister was heard stating that Greece could consider leaving the Euro Zone (the rumor was firmly denied by the Greeks). Current events aside, there has been no end to the bearish euro sentiment among currency analysts, some of whom are predicting euro-dollar parity in the foreseeable future. Positive news had a hard time making a dent in the risk aversion, including word that Dubai World had reached a restructuring deal with its creditors and Greece completing a €8.5B bond repayment on May 19th. However news late in the week that French President Sarkozy and German Chancellor Merkel would present a united front at upcoming EU and G20 meetings plus the German parliament's approval of the €750B Euro rescue package penetrated the murk, sending EUR/USD out to weekly highs.



- Many commentators blamed at least some the euro's volatility this week on copious and often contradictory rhetoric from European officialdom. Comments from ECB Governor Nowotny were a fine example: Nowotny first reiterated the standard G7 view that currency volatility was not desired, but then followed that up by saying the euro would remain within its historical range. Dealers keenly noted that at the launch of the single currency in 1999, EUR/USD was around 1.1800. The all-time low was 0.8225 in October 2000 and the all-time high was 1.6038 in Jul 2008. Needless to say, that is a rather broad historical range. Euro Group President Juncker called the pace of the euro's decline unwarranted, but also said that joint FX intervention was not needed.



- EUR/CHF briefly traded under 1.4000, which coincided with the release of Swiss FX reserve data from April. Market sources asserted that the Swiss National Bank was bidding with several yards of euros a day around 1.4000, which is now the new "line in the sand" after the bank pulled its bid at 1.4300-25 earlier in May. The SNB released data on its April FX holdings on Friday showing that the defense of the franc had cost it a billion francs a day in April.



- The yen maintained a firm tone on risk aversion concerns couple and early redemption of some uridashi issues. EUR/JPY tested below the 110 handle for the first time since Nov 2001 while USD/JPY remained within earshot of the pivotal 88 level.



- Despite the 6.5% plunge in Nikkei225 index this week, the Bank of Japan surprisingly raised its assessment of the Japanese economy this week for the first time in seven months. In a unanimous decision, the BOJ said the economy is recovering moderately and is expected to maintain that trend, as the pace of capital expenditures was deemed to have improved. Policymakers also extended liquidity to private banks via a one-year 0.1% fixed loan term which may subsequently be rolled over.



- New Zealand's annual budget boosted the Kiwi Dollar on Thursday, helping remedy the pronounced weakness on Wednesday that was sparked by the New Zealand Central Bank's Stability Report calling for fiscal consolidation. The budget forecasted FY10/11 net debt at 19.5% rising to 23% by FY11/12, announced an increase in sales tax to 15% from 12.5% and cut the corporate tax rate to 28% from 30% starting in FY11/12. Policymakers raised the government's 2010 growth forecast to 3.2% from 2.4%, noting that expectations for faster growth would reduce the need for additional borrowing.



- The minutes for the most recent RBA tightening decision were decidedly bearish, not only confirming rates on hold for some time but also suggesting that policymakers may be less comfortable with such a policy stance. Back on May 4th, the RBA board judged that the limited potential for contagion in Asia from the European fiscal crisis merits moves to address mounting inflationary pressures. However the minutes suggested that policymakers now expect some time to pass before EU concerns are resolved, with the impact on Australia potentially somewhat more pronounced.



- Comments from a Chinese cabinet advisory body as well as sovereign wealth fund helped reverse some of the panic selling evident at the start of trading in the week's final session. CASS researcher Zhang Min said policymakers are likely to push back any feared monetary action because of the problems in the EU. On a related note, China's 50-year debt auction - the first in seven months - sold at 4.03%, below 4.30% prior. China sovereign wealth fund CIC expressed confidence in the EU plan, also stating that the impact of the fiscal crisis may be less than feared.

Double-Tops/Bottoms = High Percentage Trades

We've had an amazing month of May!

On Thursday in the trade room we did a special lesson on Double-Tops & Double-bottoms

While we were doing the lesson we saw three trade opportunities on the Crude Oil Futures, and we used our rules to qualify the trades

72 Ticks Live Today Day Trading Futures Contracts

We had a great day today in the live trade room, congrats to all the members out there who made money along with me today!

We had an amazing amount of volatility in the markets day trading futures contracts, and we made another 72 ticks of profit, which included dealing with the loss on crude oil futures.

We  look to close out the week tomorrow at 745am est, see you then!

JJ

Don't trade OPEX witout this important information.

Today's video covers 2 very important topics:


1. Options Expiration week, and we discuss the best ways to trade this time of the month.

2. We show you how our simple patterns can be used on ANY chart.


Traders come in all shapes and sizes. Some traders like lots of action, some traders like to stay cool, calm, and collected.

Whether you're a fast scalper or a slower Position/Day Trader you can use our simple patterns to take trades for 30 seconds or even 30 minutes.

Lets take a look at our levels for tomorrow; day trade futures contracts

We've had another great week so far congrats to our members who made money with us today!

Lets look at our levels for tomorrow...

Im going to start with the Dollar Index first...

I can see the dollar trading at its lows, so im looking for a break ABOVE 86.785 to confirm a SHORT entry on my other markets.

I want to be carefull if the dollar rises into the range of 86.975 thru 87.075, we have previous levels of resistance at those levels.

My target will be above the 785 but below the 975.

Now lets look at the Euro...

Im looking SHORT on the Euro with the Dollar at its lows.

If we can break the trend line and get below 2323, we can take profit at 2291 and 2258.

Look to hold this to 2145 because we have multiple levels of Support at those lows, which will attract price to the downside.

a good idea would be to place my stop a few ticks above 2323 if you get below 2258 and let it ride down to 2145.

Now lets look at the Aussie Dollar...

The Aussie Dollar is trading at its middle, so I will stay away. 

You can clearly see we are not at the extremes, we are in the chop zone.

My money is on the Euro short to those double-bottom lows.

We will review more in the live trade room tomorrow @ 745am EST!

108 Ticks Live Today. Gold is a Trader’s Best Friend!

The Market Gives us clues today…

830am EST

- Dollar Index Futures are trading off their highs of the week

o Sitting sideways inside the center of the bracket

o Double-tops and bottoms above and below, and we wait for a breakout

o Pace of the tape is still pretty slow, but faster than we’ve seen all week

o Average true range is off its weekly lows, and appears to be rising as the day moves forward.

o We need to wait for the dollar to start to move towards its trading extremes, meanwhile, we look for rising speed and ATR to give our markets the moves they need today.

945am EST

- Crude Oil futures trading at their lows, going sideways

- WE have clear space to the upside, so our highest percentage trades will most likely occur there.

o Wait for above the 73.000 for the best opportunities.

1100am EST

- Trading gold futures contracts we notice now that our last entry on gold became very choppy and slow.

o Average true range confirms that we are getting narrower as the morning moves on

o Pace of tape indicator is ALL red, and when I look at the entire morning we can see the SPEED has been dropping since 930am EST

 Tells us that this GOLD MARKET is not getting BETTER with time today.

 It appears the longer we wait, the worse the price action gets.

Look for this on Contract Rollover

We have Crude Oil Futures expiring this week, which means day traders need to execute contract rollover.

Do you know WHEN to roll forward on Crude Oil?

Do you know HOW to roll forward on Crude Oil?

Watch this video for important information that applies to ALL the markets we trade!

62 Ticks Live Today! Avoid making the same mistake…I almost gave it all back!

The Market Gives us clues today…


830am EST

- Dollar Index Futures are trading off their highs from last week, and now trading sideways in a tight range.

o Trying to break the up-trend line, it’s running into problems and we see very choppy price action.

o Pace of the tape is slow < 100

o Average true range is dropping, and at its lowest levels in 2 weeks

o This info tells us we may have to wait this morning before we take any trades

- Most important things:

o Speed of the market (pace of tape indicator)

o ATR (wider / higher is better)

o Some trend developed

- Euro Futures are trading sideways off their lows from earlier this month

o Speed has been pretty slow on the euro this morning

o Average true range is VERY low, lowest levels of the past week.

850am EST

- We noticed a DX-pattern SHORT setting up on the Euro.

o We have the dollar needs to break above 86.300, and the Euro will then enter below 1.2399.

 Make sure we see BIG MONEY BUYERS on the dollar to confirm entry on the euro

 Make sure we don’t get caught in that big round number, so give it a little room away from the 1.2400 as much as we can.

- Gold Futures trading off its all time highs last week, no ran into a major support trend line and now trying to bounce off those lows.

o Trading sideways, with an upward bias

o Very slow pace of tape < 100

15 Ticks on Gold Short, Breaker Pattern = Easy Money!

Another day filled with Easy Money Trading today!

This easy-to-learn pattern showed up on Gold Futures numerous times today, and here is just one of the entries we took live in the trade room.

Day Trading Futures Contracts; Let's Look at tomorrow on the Dollar, Euro, Assie

Hope you had a good weekend!

I got a flat tire in my new car on the 10freeway, spent the day saturday looking for a new tire, instead of a suntan, but at least we got the new desk for our office we were looking for. :)

We had a great monday in the live trade room today, congrats to the members making money with us today!

If you recal, we went 3 for 4 last week on these trade calls,

I have a very promising outlook for this week's currency trades with all the concern over the Euro and the worlds currencies.

Look for lots of great trading in the room in the coming weeks!

Ive got my charts open tonight and we can see the markets are basically flat...

Looking for a DX-Pattern to day trade futures contracts...

The Dollar sits at its middle...

  

On the Euro, we see a lot of the same..

the Assie is flat too...

I'm looking for the Dollar, Euro, and Aussie Dollar Futures to trade at their Highs or Lows to look for an entry on this trade.

Members, my money is on the Euro short off the High of Day later on tonight or tomorrow, so watch closely.

Remember, we need the Dollar to confirm our entry, so trade with your rules.

I'll check it again in the morning, see you at 745am EST, we have more ticks to make!

JJ

Learn to day trade futures contracts