Hi guys!
We finished up a RECORD-BREAKING month of June with a challenging day in the futures markets we love to trade.
we used day trading psychology and day trading discipline to make sure we kept our emotions from trading for us during this choppy market we saw today as we finished the month of June.
Im really happy to see all of our members making such incredible profits this month, so keep up the hard work, and I hope you all enjoyed our special members-only training today where we discussed taking LARGER winning trades on slower timeframes.
We made 45 ticks today in our live trade room, trading 13-Range charts, which is something we dont see very often...watch this video and learn along with us!
We LOVE Feedback...please post it here :)
830am EST
- Crude Oil futures are trading in a massive sideways range
o We just came down and tested the lows of this sideways range
o We see a double-bottom on the slow chart, which means we’re looking for a break of those lows to get this market tumbling to the downside.
o Price is trading at the open of the day, slow and sideways on the fast chart
o Slow speed of the tape
o Average true range is not the highest or the lowest, its fine where it is.
- Gold Futures are trading slow and sideways
o Slow chart shows us trading right in the middle of this massive sideways range
This will give us a heads up for some potentially-challenging price action
o Fast Chart shows us trading around yesturday’s open, and just below today’s open
o These 2 charts have now told us a story
Slow chart shows us we are trading in the middle of the BIG PICTURE
Fast chart shows us at the open of the day
When we consider both of these we now know to be extra cautious until we see something change
1000am EST
- We just came out of 3 news events, so we’re now looking for patterns
- We only had 1 trade before the us open, and we’ve had to wait
- Now we see the markets are slow, sluggish, not much going on.
- We need look for at slower charts now for patterns on a longer term trade.
- dont forget to watch the video on tape reading indicators on our blog under tutorials and trading webinars.
- we use the very best futures trading techniques to make sure our entries are always in the best location
Wednesday, June 30, 2010
Day Trading, Position Trading & Scalping Sideways Markets
Hi guys! (this is a NEW video on this topic)
The most important thing to me as a professional trader is consistency.
Keep it simple...if it doesnt make me money with consistency, I cant trust it.
So when I began developing a trading method to provide food for my family each day, I knew I needed to have the tools I needed to trade the market in ANY form.
Trading a trending market is easy...
Show me consistant profits on a sideways market, and now im impressed. :)
Sideways markets are a HUGE opportunity to make money, but you need to know how to trade them.
Today's video will show you almost everything you need to trade these great opportunities, but remember, all our details are in our advanced course, so log in and watch our videos!
Feedback? Please post it here!
Sideways Markets:
- What is it?
o When the market cannot make higher highs or lower lows
o Usually has slower speed of the tape
o It usually has less volume at the extremes (high or the low)
o We see Flat Trigger Lines
o Trading at the open or the close of the day
- How do we define the sideways range:
o Our morning routine reminds us to look at the BIG PICTURE,
o Mark your double-tops and bottoms, and that will define the sideways range.
o Look for flat trigger lines
- Can we trade sideways markets?
o Sometimes, the range of trading needs to be wide enough so we can fill our profit targets
o Avoid trading in the middle of the range, we call that the chop zone
o We take 2 step short off the high of the range
o We look for 2 step long off the low of the range
o We take a breaker long if we break out above
o Breaker short if we break out below.
o Be ready for a FAILED breakout, which is when the breaker short is about to trigger, but the price cant break the new lows/highs and ends up back inside the bracket.
- Trade Management:
o Stops and targets can be the exact same
o However, in extremely slow and choppy situations, its best to make your stops and targets a little tighter.
o Trending market = let your winners run
Widen your stop
Widen your target
And let that trending market run for you!
o Sideways market = take the MONEY and RUN!
Sideways markets tend to be choppy, back and forth sideways, and it will take back the profit if you allow it.
Decent volume day (sideways) use my standard trade management, same as always
Sometime the days are very slow, very choppy, so tighten the target and the stop, and look to get aggressive with taking profit.
- Entry Rules:
o Remain the same
o Look for the slower charts to confirm your entries to get that ‘2nd’ confirmation
o Example: breaker long on the 4 range sets up
Look at the 8range and the 13range momentum to confirm
Ill also look for a PATTERN in the same direction to confirm.
The perfect scenario would be the breaker long on the 4 range matches up with a 2-step long on the 13-range chart, and BOTH momentum indicators are lining up perfectly.
The most important thing to me as a professional trader is consistency.
Keep it simple...if it doesnt make me money with consistency, I cant trust it.
So when I began developing a trading method to provide food for my family each day, I knew I needed to have the tools I needed to trade the market in ANY form.
Trading a trending market is easy...
Show me consistant profits on a sideways market, and now im impressed. :)
Sideways markets are a HUGE opportunity to make money, but you need to know how to trade them.
Today's video will show you almost everything you need to trade these great opportunities, but remember, all our details are in our advanced course, so log in and watch our videos!
Feedback? Please post it here!
Sideways Markets:
- What is it?
o When the market cannot make higher highs or lower lows
o Usually has slower speed of the tape
o It usually has less volume at the extremes (high or the low)
o We see Flat Trigger Lines
o Trading at the open or the close of the day
- How do we define the sideways range:
o Our morning routine reminds us to look at the BIG PICTURE,
o Mark your double-tops and bottoms, and that will define the sideways range.
o Look for flat trigger lines
- Can we trade sideways markets?
o Sometimes, the range of trading needs to be wide enough so we can fill our profit targets
o Avoid trading in the middle of the range, we call that the chop zone
o We take 2 step short off the high of the range
o We look for 2 step long off the low of the range
o We take a breaker long if we break out above
o Breaker short if we break out below.
o Be ready for a FAILED breakout, which is when the breaker short is about to trigger, but the price cant break the new lows/highs and ends up back inside the bracket.
- Trade Management:
o Stops and targets can be the exact same
o However, in extremely slow and choppy situations, its best to make your stops and targets a little tighter.
o Trending market = let your winners run
Widen your stop
Widen your target
And let that trending market run for you!
o Sideways market = take the MONEY and RUN!
Sideways markets tend to be choppy, back and forth sideways, and it will take back the profit if you allow it.
Decent volume day (sideways) use my standard trade management, same as always
Sometime the days are very slow, very choppy, so tighten the target and the stop, and look to get aggressive with taking profit.
- Entry Rules:
o Remain the same
o Look for the slower charts to confirm your entries to get that ‘2nd’ confirmation
o Example: breaker long on the 4 range sets up
Look at the 8range and the 13range momentum to confirm
Ill also look for a PATTERN in the same direction to confirm.
The perfect scenario would be the breaker long on the 4 range matches up with a 2-step long on the 13-range chart, and BOTH momentum indicators are lining up perfectly.
futures markets are moving tonight, lets review these swing trade opportunities
hi guys, we have some very active futures markets right now
lets review some of these trades settinig up as we speak...
let's start with the Euro futures contracts...
im looking for entry long above 8225, but we dont have a lot of room above us, so im looking to take 1/2 my position off at 39, 1/4 off at 52, and close my position at 68, which will get us back to the lows from yesturday.
lets move to the aussie dollar contract..
the aussie just triggered our entry long at 8438, looking for profit at 8465, 8495, and 8515 for our final target.
this will take us back to the lows from yesturday, another easy reversal to get us back where we were yesturday.
lets move to the Crude oil futures....
im looking to get above 76.05 for my entry long and i will take 1/2 my position off at 76.20, and a final 1/2 off at 76.75 for an easy jump back up to our opening of the week.
im also watching the e-mini es futures contract....
the e-mini es futures has a 2-step reversal pattern setting up for a long entry above 1044.0, with a quick first target of 47.50.
if you get your first target, take half off, and then get stopped out at your entry point, look for a wave long using a swing high as your entry to get back in.
I will look to take my final 1/2 off at 60.75 to lock up some nice profit on the e-mini es.
As always, ill review these trades in our training tomorrow. Members, dont forget we have a special webinar tomorrow talking about our 21-Range patterns, so be sure to attend @ 1130am est.
follow those rules, and see you tomorrow for another exciting day of trading!
Tuesday, June 29, 2010
147 ticks Day Trading Russell Gold & Crude Oil Futures
I think today was the most exciting trading day we've seen in our live trade room in quite some time!
We had members taking winning trades on almost every market! Crude Oil, Gold, Russell, E-Mini ES, Aussie, the list goes on!
We had Prince earning tick after tick with his 1-contract strategy...he made over 60 ticks in only his 2nd day of trading with us...he made 40 on Monday! awesome job!
We heard from David who uses his 21-range 2-contract system with 4 markets hitting his 50-tick profit targets...thats over 200 ticks per contract on those...great trade management David!
I even had members emailing me trading calls and updates until just moment ago...
what an amazing day, congrats to EVERYONE who made money with us today, and get ready for another exciting day of live trading tomorrow.
I had a busy day today meeting with clients, sorry this recap video is a little late, but we made 147 ticks today, so its cant all that bad :)
We Love your Feedback! Please post it here!
We had members taking winning trades on almost every market! Crude Oil, Gold, Russell, E-Mini ES, Aussie, the list goes on!
We had Prince earning tick after tick with his 1-contract strategy...he made over 60 ticks in only his 2nd day of trading with us...he made 40 on Monday! awesome job!
We heard from David who uses his 21-range 2-contract system with 4 markets hitting his 50-tick profit targets...thats over 200 ticks per contract on those...great trade management David!
I even had members emailing me trading calls and updates until just moment ago...
what an amazing day, congrats to EVERYONE who made money with us today, and get ready for another exciting day of live trading tomorrow.
I had a busy day today meeting with clients, sorry this recap video is a little late, but we made 147 ticks today, so its cant all that bad :)
We Love your Feedback! Please post it here!
2 day trades setting up right now....are you watching these with us?
we had another profitable day in our live trade room, earning 140 ticks on only 4 contracts...
we arent done yet, we have some more trading opportunities showing up on Crude Oil & Aussie Dollar.
lets take a look at Crude Oil Futures first..
im seeing a 2-step long entry for this market on a slow, 21-range chart.
I will take 1/2 of my position off @ 76.20, and then look to take the final 2 1/4 off this trade at 40 and 55 to complete the move back up to the previous low of day and the open today.
the key to this trade will be seeing lots of buyers and increasing speed above the big round number to confirm our entry, so be patient, better to enter this day trade LATE than to try and be the first person to enter long.
now lets look at the aussie dollar currency future.
we can see the aussie dollar is in a very familiar position....trading at its lows after a monster drop in price.
im looking to get long above 8474, with my first target @ 87 to take 1/2 my position off the trade.
I will then take the final 2 targets, 1/4 off for each, at 14 and 45 to get us all the way up into the previous day's open of the day.
the key here will be getting above the consolidation around 8500. I like that we will take profit BEFORE we have to work hard to get above the big round number, so our trade will be protected, and if we can get above 8514 we have clear skies above to fullfill our mission on this trade.
watch your rules for your entries, and remember these are 21-range charts, so you need to follow the slower chart trade management strategies.
keep working hard out there members, congrats on the money you made already today, and good luck this afternoon.
I will keep you al updated on these trades as we move through the afternoon session, and I will be ready to review these with you in members training on wednesday.
cheers!
3 Easy Day Trading Set-Ups in Real Time
Did you know that you can earn an amazing income with only 3 simple patterns?
Did you know that these 3 patterns work on ANY market?
Did you know you can use them on ANY chart timeframe?
Daily charts...tick charts..minute charts...range charts...its all the same to our high percentage price patterns!
So what are you waiting for?
Watch today's video and see just how EASY it is to LEARN, SEE, and execute these trades using these simple patterns.
Feedback? Leave it on the blog!
Did you know that these 3 patterns work on ANY market?
Did you know you can use them on ANY chart timeframe?
Daily charts...tick charts..minute charts...range charts...its all the same to our high percentage price patterns!
So what are you waiting for?
Watch today's video and see just how EASY it is to LEARN, SEE, and execute these trades using these simple patterns.
Feedback? Leave it on the blog!
Monday, June 28, 2010
Aussie dollar is moving right now, day trading opportunities
Lets recap our trade call from earlier today.
our Gold futures trade hasnt triggered yet, we are still waiting for our trigger above 42.1 for a 2-step pattern long.
The Gold trade looks very promising, you can see how this market has gone sideways and created a nice opportunity for us to buy this break to the upside, but we have to wait for it...
our aussie dollar trade triggered and took our first target for a quick 20 ticks of profit. $200usd on 4 contracts is pretty good for about 10 minutes of trading.
we want to grab a little more profit on this move because it looks like we have the sellers still in control, looking to break new swing lows on the chart below..
We have another entry setting up to the short side right now...
im looking for entry short below 8613 for a breaker short entry on this trade with a target of 8605 to complete this move that began earlier today.
We already took 20 ticks of profit, lets try and add another 20 to make it a great trade!
im also watching the Euro futures contract for a reversal off the lows
im looking for an entry above 2300, however, we may have the opportunity for an entry a little closer to the previous low of day around 2260.
I would love to get this entry long at around 2280, look to take profit at 2295, and 2320, but that may not set up tonight.
as of right now I need to look my entry at 2305, taking half of the position off at 2320, and a quarter off at 2351, and then manage your runner up to 2377 which is the open of the day from yesturday.
ill keep you posted on this trade as it develops.
members, remember to follow the entry rules for this 2-step entry pattern long on the euro futures, and send your questions if you have them.
I look forward to review these trades and the others we take each day in our training on wednesday @ 1130am EST.
also rememer this is a short week, so lets get our money and get on vacation, so look for opportunities EARLY this week with the thought of slowing volume later in the week.
ill see you in the trade room tomorrow!
117 Ticks Live! Gold Futures told us...did you see it?
Hi Guys!
We had another great day in the live trade room today!
We earned over 100 ticks AGAIN, and that makes the month of JUNE the LARGEST month of the year!
Congrats to all the members making money today, and thanks for the guests coming to see us demonstrate our trading in real time today.
click below to watch how we made this profit today...VERY good video today...
Or watch the video on youtube here
Or watch the video on youtube here
We love your feedback! Post it here!
830am EST
- Crude Oil Futures
o Wedge pattern on the slow chart
o Sideways trading on the fast chart
o Pace of tape indicator < 50 so very slow!
o Average true range was low, but not the lowest of the day
o We need to wait for price to break out of this sideways wedge pattern, it will give us better opportunities outside the wedge.
- Gold Futures
o Wedge pattern on the slow chart
o Sideways trading range is the same from last Friday, flat and sideways
o Speed of the market (pace of tape indicator) < 50 right now, so VERY slow
o Average true is rising, but we notice that its coming off its LOWEST reading in 2 weeks
o This tells us to be careful
Low atr reading is the first clue
Same trading range from last Friday = nothing has changed over the weekend = nobody has any real idea of where price is headed next
- Euro Futures
o Wedge pattern on the slow chart
We also notice we are in the middle of the trading range on the slow chart
o We are trading at the low of day on the fast chart
We notice this LOD is actually the MIDDLE of the trading range from the previous day on Friday
915am EST
- We see our first potential trade on the crude oil futures
o Price broke the low of the day around the open of crude oil @ 905am EST
o We looked for the 2-step long bounce off the LOD but price action is very slow
o We then looked for the wave entry long to continue the move to the upside, but there was a trend line in our way, which changed the course of price action.
- So no trades so far, and we notice that the markets are starting to look like they’re asleep, we need to see something today to wake them up.
1015am EST
- We begin working with the e-mini ES
o Sideways wedge pattern on the slow chart
1045am EST
- We see gold setting up for a breaker and a wave pattern short, but we notice the area on our chart is in a area of support and resistance all around us.
o We are careful not to trade around these areas b/c the risk isn’t worth the reward
o I have to risk 24 ticks (6 ticks x 4) for each trade
If I notice that the area on my chart is going to make it very difficult on this trade working out, ill wait
We had another great day in the live trade room today!
We earned over 100 ticks AGAIN, and that makes the month of JUNE the LARGEST month of the year!
Congrats to all the members making money today, and thanks for the guests coming to see us demonstrate our trading in real time today.
click below to watch how we made this profit today...VERY good video today...
Or watch the video on youtube here
Or watch the video on youtube here
We love your feedback! Post it here!
830am EST
- Crude Oil Futures
o Wedge pattern on the slow chart
o Sideways trading on the fast chart
o Pace of tape indicator < 50 so very slow!
o Average true range was low, but not the lowest of the day
o We need to wait for price to break out of this sideways wedge pattern, it will give us better opportunities outside the wedge.
- Gold Futures
o Wedge pattern on the slow chart
o Sideways trading range is the same from last Friday, flat and sideways
o Speed of the market (pace of tape indicator) < 50 right now, so VERY slow
o Average true is rising, but we notice that its coming off its LOWEST reading in 2 weeks
o This tells us to be careful
Low atr reading is the first clue
Same trading range from last Friday = nothing has changed over the weekend = nobody has any real idea of where price is headed next
- Euro Futures
o Wedge pattern on the slow chart
We also notice we are in the middle of the trading range on the slow chart
o We are trading at the low of day on the fast chart
We notice this LOD is actually the MIDDLE of the trading range from the previous day on Friday
915am EST
- We see our first potential trade on the crude oil futures
o Price broke the low of the day around the open of crude oil @ 905am EST
o We looked for the 2-step long bounce off the LOD but price action is very slow
o We then looked for the wave entry long to continue the move to the upside, but there was a trend line in our way, which changed the course of price action.
- So no trades so far, and we notice that the markets are starting to look like they’re asleep, we need to see something today to wake them up.
1015am EST
- We begin working with the e-mini ES
o Sideways wedge pattern on the slow chart
1045am EST
- We see gold setting up for a breaker and a wave pattern short, but we notice the area on our chart is in a area of support and resistance all around us.
o We are careful not to trade around these areas b/c the risk isn’t worth the reward
o I have to risk 24 ticks (6 ticks x 4) for each trade
If I notice that the area on my chart is going to make it very difficult on this trade working out, ill wait
Sideways markets are Profitable, here's how to trade them
Did you know that sideways markets can pose a threat, and an opportunity to your trading?
Dont be afraid of trading sideways markets, look FORWARD to taking advantage of their easy patterns!
Today's video will show you a few easy ways to determine if you are trading a sideways market
- How do I avoid missing my trades?
o Paying attention (aware of your surroundings)
When is the news?
Do we have anything later today to worry about?
o You know your position, know your job
Be watching the correct info
Don’t check emails, or chat on skype, pay attention
o Know how to use your tools
Practice using charts
Use the market replay recorder
Attend a few of the FREE webinars offered by Ninja Trader and learn how to use your tools.
o Practice this repetitively so you can do it in your sleep.
As a day trader I need to:
• Learn the patterns on different timeframes (they all look the same)
• Learn the entry rules, know them well, and be ready to use those rules in the heat of the battle.
• Look for confirmation
o Steep slope to my trigger line (no flat trigger line trading allowed)
o Momentum to be pointing in my direction, but avoid overbought/oversold
o Big Money big and sellers!
o Speed of the tape, we want the speed moving quickly.
- Trading sideways markets
o Does not need to be a more difficult environment to trade
o I think sideways markets are easier
Trending markets are like a match that gets lit….ready…set…BANG!!
• Tough to know where the move will end?
• Often on low volume
• ALWAYS impulsive, never logical
o How do I make money?
Define my sideways range
• Do it by hand using the video called ‘bracket bootcamp’ in the advanced course
• Load my auto-levels indicators, which will find all the important levels for me without the need to do it by hand
• Then look for 2 red lines that will define your range
o Look for brackets or trading ranges that are VERY wide, wider the better,
o Buy the lows and sell the highs
o Use any pattern, wave, breaker, 2-step to accomplish this
- What are the signs of a reversal?
o The easiest way to anticipate a reversal is to watch the speed of the market
Is speed increasing? Is it decreasing?
o As the trade sets up, we begin to see..
Speed decreasing on the pace of tape indicator
Big money BUYERS, and im looking to get short
Momentum will ‘snap’ back in the opposite direction
- Pace of Tape Indicator
o Proprietary indicator
o Not a volume indicator, it does not count volume
o It measures the rate of speed for the orders coming into the market
Remember, our methods apply to ANY market, so use these simple techniques on any market you chose!
Feedback? Post it here!
Dont be afraid of trading sideways markets, look FORWARD to taking advantage of their easy patterns!
Today's video will show you a few easy ways to determine if you are trading a sideways market
- How do I avoid missing my trades?
o Paying attention (aware of your surroundings)
When is the news?
Do we have anything later today to worry about?
o You know your position, know your job
Be watching the correct info
Don’t check emails, or chat on skype, pay attention
o Know how to use your tools
Practice using charts
Use the market replay recorder
Attend a few of the FREE webinars offered by Ninja Trader and learn how to use your tools.
o Practice this repetitively so you can do it in your sleep.
As a day trader I need to:
• Learn the patterns on different timeframes (they all look the same)
• Learn the entry rules, know them well, and be ready to use those rules in the heat of the battle.
• Look for confirmation
o Steep slope to my trigger line (no flat trigger line trading allowed)
o Momentum to be pointing in my direction, but avoid overbought/oversold
o Big Money big and sellers!
o Speed of the tape, we want the speed moving quickly.
- Trading sideways markets
o Does not need to be a more difficult environment to trade
o I think sideways markets are easier
Trending markets are like a match that gets lit….ready…set…BANG!!
• Tough to know where the move will end?
• Often on low volume
• ALWAYS impulsive, never logical
o How do I make money?
Define my sideways range
• Do it by hand using the video called ‘bracket bootcamp’ in the advanced course
• Load my auto-levels indicators, which will find all the important levels for me without the need to do it by hand
• Then look for 2 red lines that will define your range
o Look for brackets or trading ranges that are VERY wide, wider the better,
o Buy the lows and sell the highs
o Use any pattern, wave, breaker, 2-step to accomplish this
- What are the signs of a reversal?
o The easiest way to anticipate a reversal is to watch the speed of the market
Is speed increasing? Is it decreasing?
o As the trade sets up, we begin to see..
Speed decreasing on the pace of tape indicator
Big money BUYERS, and im looking to get short
Momentum will ‘snap’ back in the opposite direction
- Pace of Tape Indicator
o Proprietary indicator
o Not a volume indicator, it does not count volume
o It measures the rate of speed for the orders coming into the market
Remember, our methods apply to ANY market, so use these simple techniques on any market you chose!
Feedback? Post it here!
Aussie Dollar & Gold Futures setting up right now...
Hi guys, thanks for another profitable day of trading our live trade room!
we made over 115 ticks today for +1,000usd again on only 4 contracts!
im looking for a short entry on a 2-step pattern below 8632, and we JUST tested the 32, so this should be triggering very soon!
Look to take profit off at 8625 for the first target, and then take 1/4 of our position off the trade @ 8605 and 8560 to cover my short.
We need to watch our entry rules below 8632, so pay close attention to size, speed, and momentum on this entry.
Ill touch base on this trade later today with an up-date!
now lets see on Gold futures...
we arent done yet...we have some opportunities right now on Gold and Aussie Futures.
lets look at Aussie first...
im looking for a short entry on a 2-step pattern below 8632, and we JUST tested the 32, so this should be triggering very soon!
Look to take profit off at 8625 for the first target, and then take 1/4 of our position off the trade @ 8605 and 8560 to cover my short.
We need to watch our entry rules below 8632, so pay close attention to size, speed, and momentum on this entry.
Ill touch base on this trade later today with an up-date!
now lets see on Gold futures...
we have this HUGE drop in gold futures today, which gives us a change to grab the reversal trade, which we call a 2-step long patter on this futures contract.
Look to break above the previous day's low of day @ 1242.1 for a long entry reversal off these lows.
I will take half my position off the trade @ 43.5 which is a swing level from last week, and then ill take 1/4 off at 45.0 at the open, and finally ill take all profit @ 1249.0 just before the HALF big round number of 1250.0.
with such a huge drop on gold today, it seems foolish NOT to consider this trade, so fllow those rules, and watch to get ABOVE the 42.1 level from last friday to signal the traders that the lows have held, the buyers have taken control, and the party is movin' on up! :)
ill recap these later today, follow those rules!
Saturday, June 26, 2010
day trading psychology, the dangerous attraction to trading the futures markets
Hi guys, hope the weekend is going well.
Its very nice sunny weather and warm here in Los Angeles, I hope you are having a wonderful summer saturday as well.
I wanted to spend some time today talking about day trading psychology.
We have had a very profitable few months in our live trade room, and I was reviewing my notes today and wanted to talk about an important issue that I remember dealing with as a young day trader myself, and im sure you have seen this affect your trading as well.
Why do we work so hard to become profitable traders?
The money right? the freedom? the knowledge? the power?
we all have similar reasons to day trade the futures markets, money, freedom, big houses, fast cars, and sport yachts in the marina.
In my experience, the reason I am attracted to day trading is the same reason I blew two trading accounts in my first 24 months trading.
The reason we are infatuated with trading crude oil futures is the exact same reason crude oil takes all of our money and laughs in our face as it moves in our direction only after stopping us out.
so what is this secret attraction that leads to our own trading demise?
'unlimited freedom of creative expression'
wait...what's so bad about unlimited freedom?
Think about it with me...unlimited freedom of expression...
lets review some basic principals:
1. A day trader can earn unlimited amounts of money with virtually 1 contract. You 'could' put 1 contract at the low of the day, and hold a long position for 1000 ticks over 3 days and earn an amazing profit from a very small commitment of risk capital. It 'could' happen...albeit very unlikely...it could.
2. a day trader can earn those profits with NO EXPERIENCE at all. You could certainly use no real skill to buy a gold futures contract and without any real market knowledge you could hold that contract for a lovely proft. this opportunity for a 'lucky' profit is one of the most attractive parts for new traders.
3. a day trader can use virtually millions of ways to earn profits. You could use RSI, and volume, or CCI and Tick Charts, or Stochastics and market profile. a day traders quickly learns there are lots of indicators and lots of ways to make it RICH as a trader.
4. a day trader can use an unlimited amount of techniques to earn a living as a day trader. You can be a scalper, a swing trader, you can trade daily charts or fast tick charts and range charts. the list is limitless to HOW you could make it rich as a trader.
5. nobody tells a day trader what to do, or when to do it. unlike most people, day traders are their own boss, they call the shots, and there is nobody to report to each day but themselves...well..maybe our wives/husbands :)
So lets get this straight...
I want to be a trader because I can earn a lot of money, and to earn that money I have virtually limitless options to achieve my goals?
and there is no boss, and no defined start or finish to my work day?
PERFECT! This is awesome, lets get to work, this will be fun! :)
wait a second though...this reminds me of an old adage... "like a kid in a candy store"
simply put...if you put a kid in a candy store the kid will never be able to decide which candy he wants because there are too many options to consider.
how does this apply to traders?
day traders are human beings, and human beings quickly learn that there are boundaries in life...nothing is limitless.
Do this...do that...go here...you cant go there...drive this speed...you cant park here...store closes at 9pm...must be this height to go on the rollercoaster.
the list goes on....
As human beings we know a lot about limitations from a very young age. We never find ourselves in a situation where we can do ANYTHING WE WANT, so this is something that requires getting accustomed to.
So when we are introduced to day trading the markets, we quickly go through 2 stages of emotions:
1. the initial euphoria of finding such an amazing opportunity to earn profits
and then...
2. the realization that this 'perfect' business is hard to master because of the same 'limitless' opportunities that attracted us in the first place.
We call this the 'gift and the curse' of being a day trader.
so what can we do to solve this problem?
In the coming weeks we will be talking about the emotions that try to rule our trading, and we'll take a look at the many REAL ways that traders overcome these obstacles.
day traders can take control over their emotions by...
- creating rules for their trading
- taking responsibility for their trading
- dealing with the addiction to random rewards
- Internal vs. External control
we've made a lot of money day trading in our live trade room, but day trading isnt all about trade calls and profit targets.
we need to understand WHY we're working so hard to become day traders if we ever want to succeed in the long term, and make this a lasting career.
keep following this blog...there's more valuable information on the way!
See you monday morning in the trade room @ 745am EST
Its very nice sunny weather and warm here in Los Angeles, I hope you are having a wonderful summer saturday as well.
I wanted to spend some time today talking about day trading psychology.
We have had a very profitable few months in our live trade room, and I was reviewing my notes today and wanted to talk about an important issue that I remember dealing with as a young day trader myself, and im sure you have seen this affect your trading as well.
Why do we work so hard to become profitable traders?
The money right? the freedom? the knowledge? the power?
we all have similar reasons to day trade the futures markets, money, freedom, big houses, fast cars, and sport yachts in the marina.
In my experience, the reason I am attracted to day trading is the same reason I blew two trading accounts in my first 24 months trading.
The reason we are infatuated with trading crude oil futures is the exact same reason crude oil takes all of our money and laughs in our face as it moves in our direction only after stopping us out.
so what is this secret attraction that leads to our own trading demise?
'unlimited freedom of creative expression'
wait...what's so bad about unlimited freedom?
Think about it with me...unlimited freedom of expression...
lets review some basic principals:
1. A day trader can earn unlimited amounts of money with virtually 1 contract. You 'could' put 1 contract at the low of the day, and hold a long position for 1000 ticks over 3 days and earn an amazing profit from a very small commitment of risk capital. It 'could' happen...albeit very unlikely...it could.
2. a day trader can earn those profits with NO EXPERIENCE at all. You could certainly use no real skill to buy a gold futures contract and without any real market knowledge you could hold that contract for a lovely proft. this opportunity for a 'lucky' profit is one of the most attractive parts for new traders.
3. a day trader can use virtually millions of ways to earn profits. You could use RSI, and volume, or CCI and Tick Charts, or Stochastics and market profile. a day traders quickly learns there are lots of indicators and lots of ways to make it RICH as a trader.
4. a day trader can use an unlimited amount of techniques to earn a living as a day trader. You can be a scalper, a swing trader, you can trade daily charts or fast tick charts and range charts. the list is limitless to HOW you could make it rich as a trader.
5. nobody tells a day trader what to do, or when to do it. unlike most people, day traders are their own boss, they call the shots, and there is nobody to report to each day but themselves...well..maybe our wives/husbands :)
So lets get this straight...
I want to be a trader because I can earn a lot of money, and to earn that money I have virtually limitless options to achieve my goals?
and there is no boss, and no defined start or finish to my work day?
PERFECT! This is awesome, lets get to work, this will be fun! :)
wait a second though...this reminds me of an old adage... "like a kid in a candy store"
simply put...if you put a kid in a candy store the kid will never be able to decide which candy he wants because there are too many options to consider.
how does this apply to traders?
day traders are human beings, and human beings quickly learn that there are boundaries in life...nothing is limitless.
Do this...do that...go here...you cant go there...drive this speed...you cant park here...store closes at 9pm...must be this height to go on the rollercoaster.
the list goes on....
As human beings we know a lot about limitations from a very young age. We never find ourselves in a situation where we can do ANYTHING WE WANT, so this is something that requires getting accustomed to.
So when we are introduced to day trading the markets, we quickly go through 2 stages of emotions:
1. the initial euphoria of finding such an amazing opportunity to earn profits
and then...
2. the realization that this 'perfect' business is hard to master because of the same 'limitless' opportunities that attracted us in the first place.
We call this the 'gift and the curse' of being a day trader.
so what can we do to solve this problem?
In the coming weeks we will be talking about the emotions that try to rule our trading, and we'll take a look at the many REAL ways that traders overcome these obstacles.
day traders can take control over their emotions by...
- creating rules for their trading
- taking responsibility for their trading
- dealing with the addiction to random rewards
- Internal vs. External control
we've made a lot of money day trading in our live trade room, but day trading isnt all about trade calls and profit targets.
we need to understand WHY we're working so hard to become day traders if we ever want to succeed in the long term, and make this a lasting career.
keep following this blog...there's more valuable information on the way!
See you monday morning in the trade room @ 745am EST
Friday, June 25, 2010
44 Ticks Live Day Trading Gold Futures & Wedge Pattern
Hi guys! we had another profitable and educational day in our live trade room!
Congrats to our members making money this week! We earned an average of 90 ticks this week on only 4 contracts! Enjoy tonight's video recap, see you Monday @ 745am EST!
Market Gave us clues today…
830am EST
- Dollar index futures are trading sideways
o Slow chart = flat wedge pattern
o Fast chart = week of sideways trading
o Low average true range
o Slow speed of the tape
- Gold Futures also trading sideways, and very slow
o Slow chart = sideways wedge pattern
o Fast chart = 2-step short setting up, but we notice that we have support from our medium timeframe keeping the price propped up into the high of day.
This signals that gold may be too weak right now b/c it simply cannot break that support @ 50.4
930am EST
- Crude Oil futures have broken out of their wedge pattern to the upside, breaking above 77.00 and now resting sideways just below 77.50
- Gold futures testing new highs of the day at the open
1000am EST
- The E-mini ES is also trading sideways
o Very sideways on the slow chart
o Wedge pattern on the fast and slow timeframes
o We noticed we just broke a down trend line that started on the fast chart on Monday, and now we sit trading at today’s open at 1072.25
How do we know when there is enough volume in the market?
- Count the total volume for that day
o Don’t like to use the TOTAL volume very much because it doesn’t identify the market RIGHT NOW.
- Look at the volume coming into the market at this time (right now)
o Use a basic volume indicator on any of my charts, use a medium timeframe for the best results
- Speed of which the orders are coming into the market
o My favorite because it’s the most responsive
o Use my ‘pace of tape indicator’ to identify the SPEED of the orders coming into the market
o This is the best way to define if the market is moving fast enough, or if there is enough volume.
o Good speed confirms 2 things for me:
I have enough volume to trade
I know the market’s sentiment (increasing speed confirms sentiment)
Congrats to our members making money this week! We earned an average of 90 ticks this week on only 4 contracts! Enjoy tonight's video recap, see you Monday @ 745am EST!
Market Gave us clues today…
830am EST
- Dollar index futures are trading sideways
o Slow chart = flat wedge pattern
o Fast chart = week of sideways trading
o Low average true range
o Slow speed of the tape
- Gold Futures also trading sideways, and very slow
o Slow chart = sideways wedge pattern
o Fast chart = 2-step short setting up, but we notice that we have support from our medium timeframe keeping the price propped up into the high of day.
This signals that gold may be too weak right now b/c it simply cannot break that support @ 50.4
930am EST
- Crude Oil futures have broken out of their wedge pattern to the upside, breaking above 77.00 and now resting sideways just below 77.50
- Gold futures testing new highs of the day at the open
1000am EST
- The E-mini ES is also trading sideways
o Very sideways on the slow chart
o Wedge pattern on the fast and slow timeframes
o We noticed we just broke a down trend line that started on the fast chart on Monday, and now we sit trading at today’s open at 1072.25
How do we know when there is enough volume in the market?
- Count the total volume for that day
o Don’t like to use the TOTAL volume very much because it doesn’t identify the market RIGHT NOW.
- Look at the volume coming into the market at this time (right now)
o Use a basic volume indicator on any of my charts, use a medium timeframe for the best results
- Speed of which the orders are coming into the market
o My favorite because it’s the most responsive
o Use my ‘pace of tape indicator’ to identify the SPEED of the orders coming into the market
o This is the best way to define if the market is moving fast enough, or if there is enough volume.
o Good speed confirms 2 things for me:
I have enough volume to trade
I know the market’s sentiment (increasing speed confirms sentiment)
Scan the Markets looking for the best Day Trading Opportunities
What's the best way to look for trading opportunities?
- Daily charts?
- Minute Charts?
- Tick Charts?
- Range Charts?
Today's video will show you an easy way to scan the markets we trade, looking for the best trading opportunities the market can give us.
We also discuss the topic of trading in the 'middle' or what we call, the 'chop zone'
You dont want to miss this video!
Questions? Post them on the blog!
- Daily charts?
- Minute Charts?
- Tick Charts?
- Range Charts?
Today's video will show you an easy way to scan the markets we trade, looking for the best trading opportunities the market can give us.
We also discuss the topic of trading in the 'middle' or what we call, the 'chop zone'
You dont want to miss this video!
Questions? Post them on the blog!
Thursday, June 24, 2010
137 Ticks Live! Day Trading Wave Entries come in 3’s E-Mini ES watch for this!
We had another great day in our live trade room, filled with profits and opportunity to learn about this great day trading industry.
We covered a LOT of great topics in the room today, and we even took some trades today.
We earned 137 ticks with challenging price movement, but we followed our rules....watch the video!
Questions? Post them here!
830am EST
- Dollar index futures are trading sideways
o Slow speed
o Slow chart = wedge pattern (not good)
o Fast chart = trading sideways at the prev open of the day (not good)
o All signs point to sideways markets on everything else today, so lets look forward..
- Crude Oil trading sideways
o Fast chart = wedge pattern
o Slow chart = flat trigger line, lots of overhead resistance and support below.
o Very tough price level today on crude oil, looks like today may be flat.
- Gold futures are also trading sideways
o Slow chart = flat trigger line, double-tops and bottoms = sideways and sluggish
o Fast timeframe chart = wedge pattern, so we need to wait for the price to get up/down to the extremes.
1145AM est
- We’ve had a very busy day
- We saw lots of patterns, lots of opportunity, but the price action was still a little concerning
- Here is what we saw…
o Flat dollar = flat markets
o Gold = wedge sideways
o Euro = sideways
o Crude = wedge sideways
We covered a LOT of great topics in the room today, and we even took some trades today.
We earned 137 ticks with challenging price movement, but we followed our rules....watch the video!
Questions? Post them here!
830am EST
- Dollar index futures are trading sideways
o Slow speed
o Slow chart = wedge pattern (not good)
o Fast chart = trading sideways at the prev open of the day (not good)
o All signs point to sideways markets on everything else today, so lets look forward..
- Crude Oil trading sideways
o Fast chart = wedge pattern
o Slow chart = flat trigger line, lots of overhead resistance and support below.
o Very tough price level today on crude oil, looks like today may be flat.
- Gold futures are also trading sideways
o Slow chart = flat trigger line, double-tops and bottoms = sideways and sluggish
o Fast timeframe chart = wedge pattern, so we need to wait for the price to get up/down to the extremes.
1145AM est
- We’ve had a very busy day
- We saw lots of patterns, lots of opportunity, but the price action was still a little concerning
- Here is what we saw…
o Flat dollar = flat markets
o Gold = wedge sideways
o Euro = sideways
o Crude = wedge sideways
Day Trading, Swing Trading in ANY Situation & Live Crude Oil
Do you have a busy schedule?
Too busy to watch the European or US trading sessions?
Did you know that you can always find opportunities to trade our method, no matter what your situation is?
What if you work a full time job?
Take the kids to soccer @ 2pm EST every day?
There are lots of ways to trade 24 hours a day, so everyone can make money no matter what your busy schedule.
Today's video discusses the easy ways you can use our method OUTSIDE of the European or US trading sessions.
We also had crude oil futures testing its High of Day while we were recording this, so you can see 2 live crude oil trades as a BONUS!
Living in different time zones, and working a job, and watching kids, and going to soccer practice...
What if you work a full time job and you cant watch the US Session from 930-415pm EST
o Look for the slow timeframe entries at night
Anytime after 8pm EST we start to seeing decent moves in the overnight / asian session
o Aussie Currency Futures(just getting started)
o Euro Currency Futures
o Yen Currency Futures(will just be getting started)
o Crude Oil Futures, these trade almost a full 24 hours a day all over the world, all from the CME Group exchange in Chicago, USA.
o Gold, these trade almost a full 24 hours a day all over the world, all from the CME Group exchange in Chicago, USA.
o E-Mini ES, best time for the weak-hands is midnight EST, but watch out for market manipulation with the lower volume.
o FDAX (Eurex) be careful, the dax is a crazy animal when it has low volume, so watch your volume.
o FESX, check your ATR to make sure you have a wide enough trading range on the Eurostoxx, it tends to go sideways tradign at night, but if its moving, watch out! easy winners!
- Open a 60-minute chart, and begin to scan for pattern you can see easily.
- once you spot a trade set-up on the 60-minute, then zoom in closer with a 13-range or 8-range and begin to plan your entry, stops, and targets.
- Then follow you entry and trade management rules accordingly.
If you live in Europe...
3am open of the European session (12-midnight EST)
3am – 630am is the best volume to trade, and then wait for the US open @ 745am EST to get back to trading.
and dont forget to watch the blog! we called live trades on the blog overnight all the time!
I post on the blog around 9pm EST each evening, so remember to follow this blog, subscribe to our day trading newsletter, and you will be on your way to trading with a busy schedule!
Questions? Post them here!
Too busy to watch the European or US trading sessions?
Did you know that you can always find opportunities to trade our method, no matter what your situation is?
What if you work a full time job?
Take the kids to soccer @ 2pm EST every day?
There are lots of ways to trade 24 hours a day, so everyone can make money no matter what your busy schedule.
Today's video discusses the easy ways you can use our method OUTSIDE of the European or US trading sessions.
We also had crude oil futures testing its High of Day while we were recording this, so you can see 2 live crude oil trades as a BONUS!
Living in different time zones, and working a job, and watching kids, and going to soccer practice...
What if you work a full time job and you cant watch the US Session from 930-415pm EST
o Look for the slow timeframe entries at night
Anytime after 8pm EST we start to seeing decent moves in the overnight / asian session
o Aussie Currency Futures(just getting started)
o Euro Currency Futures
o Yen Currency Futures(will just be getting started)
o Crude Oil Futures, these trade almost a full 24 hours a day all over the world, all from the CME Group exchange in Chicago, USA.
o Gold, these trade almost a full 24 hours a day all over the world, all from the CME Group exchange in Chicago, USA.
o E-Mini ES, best time for the weak-hands is midnight EST, but watch out for market manipulation with the lower volume.
o FDAX (Eurex) be careful, the dax is a crazy animal when it has low volume, so watch your volume.
o FESX, check your ATR to make sure you have a wide enough trading range on the Eurostoxx, it tends to go sideways tradign at night, but if its moving, watch out! easy winners!
- Open a 60-minute chart, and begin to scan for pattern you can see easily.
- once you spot a trade set-up on the 60-minute, then zoom in closer with a 13-range or 8-range and begin to plan your entry, stops, and targets.
- Then follow you entry and trade management rules accordingly.
If you live in Europe...
3am open of the European session (12-midnight EST)
3am – 630am is the best volume to trade, and then wait for the US open @ 745am EST to get back to trading.
and dont forget to watch the blog! we called live trades on the blog overnight all the time!
I post on the blog around 9pm EST each evening, so remember to follow this blog, subscribe to our day trading newsletter, and you will be on your way to trading with a busy schedule!
Questions? Post them here!
Wednesday, June 23, 2010
recap of last night's day trade, and im watching euro futures setting up now..
Hi guys, we had another great day in our live trade room today, earning over 80 ticks of profit on 6 trades.
Im watching some active futures markets right now, but lets recap our trade from last night
if you missed it, click here to see the call on Aussie Futures
http://700bucksaday.blogspot.com/2010/06/aussie-dollar-futures-day-trade-setting.html
entry was long above 8640, and I took half my position off at our first profit target of
8653.
after filling the first target, I move my stop loss to my entry point, plus 1 tick to protect my position, lock up profitsand remove all the risk.
now this is a free day trade, all i can do is profit from here forward.
with fomc day today, i took the challenge of holding this trade to its previous open @ 86.96,
but as you can see, i missed it by 10 ticks, and got stopped out at my entry.
i guess this is what you get when you get greedy, but we didnt have any clear target,
and if you look at the chart, we got to my final target after the FOMC announcement tore the charts up.
I simply got bounced out by the news...next time the market wont be so lucky :)
So we profited 26 ticks or $260usd on the trade with 4 contracts, not as much as
we were aiming for, but ill certainly take it.
lets take a look at whats setting up right now!
many of our favorite markets are trading sideways right now, appearing to be hung over from
fomc day today :)
The euro looks like a nice breakerpattern on the 60-minute chart, and heres why...
You can see ive used our trigger zone tool to mark the yellow box.
above this box he buyers are in control of the market, and im watching a very bullish move here on the euro
we will get an easy opportunity above this swing high of 2351
i will take my first target at 2365, move my stop to my entry
then ill look to take 1/4 off at my 2nd target of 2395, and then another 1/4 off at 2426 to test previous highs from last week.
this should be a fundamentally-sound trade, looking to move back into the trading range above us on the euro futures.
Ill be sure to review this trade here on the blog, and bring questions to the trade room tomorrow.
Follow those rules, see you in the morning!
Im watching some active futures markets right now, but lets recap our trade from last night
if you missed it, click here to see the call on Aussie Futures
http://700bucksaday.blogspot.com/2010/06/aussie-dollar-futures-day-trade-setting.html
entry was long above 8640, and I took half my position off at our first profit target of
8653.
after filling the first target, I move my stop loss to my entry point, plus 1 tick to protect my position, lock up profitsand remove all the risk.
now this is a free day trade, all i can do is profit from here forward.
with fomc day today, i took the challenge of holding this trade to its previous open @ 86.96,
but as you can see, i missed it by 10 ticks, and got stopped out at my entry.
i guess this is what you get when you get greedy, but we didnt have any clear target,
and if you look at the chart, we got to my final target after the FOMC announcement tore the charts up.
I simply got bounced out by the news...next time the market wont be so lucky :)
So we profited 26 ticks or $260usd on the trade with 4 contracts, not as much as
we were aiming for, but ill certainly take it.
lets take a look at whats setting up right now!
many of our favorite markets are trading sideways right now, appearing to be hung over from
fomc day today :)
The euro looks like a nice breakerpattern on the 60-minute chart, and heres why...
above this box he buyers are in control of the market, and im watching a very bullish move here on the euro
we will get an easy opportunity above this swing high of 2351
i will take my first target at 2365, move my stop to my entry
then ill look to take 1/4 off at my 2nd target of 2395, and then another 1/4 off at 2426 to test previous highs from last week.
this should be a fundamentally-sound trade, looking to move back into the trading range above us on the euro futures.
Ill be sure to review this trade here on the blog, and bring questions to the trade room tomorrow.
Follow those rules, see you in the morning!
85 Ticks Live! FOMC Day Trading Before 11am EST
Hi guys!
We had another great day in our live trade room today. We made 85 ticks on only 6 trades on Crude Oil, Euro, E-mini ES.
Congrats to all the members who made money with us today!
Today was FOMC Day, or 'Fed Day' as some of us call it.
No matter what you call it, FOMC days have a very different personality in the market, and today's video will show you exactly what to expect.
We also saw some great learning opportunities today, and we review those in today's videos.
You are going to LOVE tonight's video...make sure you watch both of these....
Questions? Post them here!
We had another great day in our live trade room today. We made 85 ticks on only 6 trades on Crude Oil, Euro, E-mini ES.
Congrats to all the members who made money with us today!
Today was FOMC Day, or 'Fed Day' as some of us call it.
No matter what you call it, FOMC days have a very different personality in the market, and today's video will show you exactly what to expect.
We also saw some great learning opportunities today, and we review those in today's videos.
You are going to LOVE tonight's video...make sure you watch both of these....
Questions? Post them here!
Day Trading Psychology & Live Aussie Futures Day Trade
Did you know there are simple ways to get off the emotional rollercoaster?
Are you having a hard time with your confidence?
Today's video reviews some of the easiest ways to build confidence by working with the rhythm of the market to achieve sucess.
We also saw a LIVE Aussie Dollar trade set-up as we were doing this webinar, so we included that as a bonus!
Questions? We are always on Skype, or you can post your questions here!
Are you having a hard time with your confidence?
Today's video reviews some of the easiest ways to build confidence by working with the rhythm of the market to achieve sucess.
We also saw a LIVE Aussie Dollar trade set-up as we were doing this webinar, so we included that as a bonus!
Questions? We are always on Skype, or you can post your questions here!
Tuesday, June 22, 2010
Aussie Dollar futures day trade setting up right now
im watching this aussie dollar start moving, right on time...
i can see overhead ressitance was just tested @ 8640 (med charts for members) and im looking for entry now above 8640.
Look to take half of this trade off at 8650 for a quick target, and then look to hold the whole way up to the open, which will act like a strong magnet for a slow day ahead of FOMC day tomorrow. be pateint with this one, there is a lot to gain off this move ahead of important news on wednesday afternoon.
follow your rules, more coming on other markets!
120 Ticks Live Day Trading & Swing Trading Futures
Hey guys, we profited another 120 ticks today in the Live Trade Room while we look for day trading and swing trading opportunities on different futures markets.
Here is the recap of how today's trading looked..
830am EST
- Dollar index futures are trending UP today
o We noticed on our slow chart that the dollar bounced off its trigger zone and is now rising off that support
o Speed is slow
o Average true range is still very low from last week
o Fast timeframe is trending up, testing its highs, so we should see some good oppoprtunity in other markets today.
- Euro Futures are trending down today
o We are just above the trigger zone, so we expect for price to fall a little more today
o Fast timeframe showed a 2-step reversal off the lows for a nice winner @ 820am EST today
o We expect those lows to be tested again, and we will look for more opportunities when they are re-tested.
o Average true range is ok, not too low, but not that high either.
- Gold Futures are trading sideways off their lows of the day
o Speed is still very slow
o Average true range looks decent
o Fast chart shows sideways market
o Slow chart shows the same sideways market
o We notice we are trading below the trigger zone on the slow chart, which means the sellers are in control.
Higher percentage trades will be short today
- Crude Oil futures are trading in a very wide sideways range.
o We took our first trade on crude oil this morning @ 900am EST for a small loss
o We took that trade not knowing about a major support level in our way, which we now can see is the reason for the loss
Reminds us to make sure we have our charts set up and completed BEFORE we trade every day.
1015am EST
- After the 10am Home Sales Index number was released we begin to see the dollar go sideways
- We had a nice uptrend on the dollar earlier today
- We saw some nice easy moves on the markets we trade
- But now we have tim geithner speaking in congress, we have slower speed, and we don’t have any more news today.
- Expect to see the rest of the markets we trade to slow down, and potential go sideways
- Lets check our ATR to confirm the fundamentals of the markets:
o Gold = atr is rising
o Crude Oil = atr is rising
o Euro = sideways, no drop = good
o E-mini ES = atr is rising
o All of these look good!
o So what does this tell me?
Even though the dollar is slow and sluggish, we still have wide trading ranges, which gives us hope to see higher % patterns today.
Here is the recap of how today's trading looked..
830am EST
- Dollar index futures are trending UP today
o We noticed on our slow chart that the dollar bounced off its trigger zone and is now rising off that support
o Speed is slow
o Average true range is still very low from last week
o Fast timeframe is trending up, testing its highs, so we should see some good oppoprtunity in other markets today.
- Euro Futures are trending down today
o We are just above the trigger zone, so we expect for price to fall a little more today
o Fast timeframe showed a 2-step reversal off the lows for a nice winner @ 820am EST today
o We expect those lows to be tested again, and we will look for more opportunities when they are re-tested.
o Average true range is ok, not too low, but not that high either.
- Gold Futures are trading sideways off their lows of the day
o Speed is still very slow
o Average true range looks decent
o Fast chart shows sideways market
o Slow chart shows the same sideways market
o We notice we are trading below the trigger zone on the slow chart, which means the sellers are in control.
Higher percentage trades will be short today
- Crude Oil futures are trading in a very wide sideways range.
o We took our first trade on crude oil this morning @ 900am EST for a small loss
o We took that trade not knowing about a major support level in our way, which we now can see is the reason for the loss
Reminds us to make sure we have our charts set up and completed BEFORE we trade every day.
1015am EST
- After the 10am Home Sales Index number was released we begin to see the dollar go sideways
- We had a nice uptrend on the dollar earlier today
- We saw some nice easy moves on the markets we trade
- But now we have tim geithner speaking in congress, we have slower speed, and we don’t have any more news today.
- Expect to see the rest of the markets we trade to slow down, and potential go sideways
- Lets check our ATR to confirm the fundamentals of the markets:
o Gold = atr is rising
o Crude Oil = atr is rising
o Euro = sideways, no drop = good
o E-mini ES = atr is rising
o All of these look good!
o So what does this tell me?
Even though the dollar is slow and sluggish, we still have wide trading ranges, which gives us hope to see higher % patterns today.
Swing Trading, Position Day Trading on Gold Futures, setting up right now...
Im watching the gold futures right now for a 2-step reversal...
We discussed this today in our live trade room, so everyone should already know the trade management on this gold reversal pattern...
I will look for this entry long above 44.4 on the Gold Futures.
Notice how we bounced off the low of day, we made our swing high @ 44.0, and then I check my fast chart (4-range) to see a swing high level @ 44.4, so that will be my entry above 44.4.
I also used some other timeframes of ours to find our profit targets. If you need more information on how to manage this trade, simply log into the advanced course and watch the correct video on that topic.
I will look for profit targets @ 49.5, 52.5, and all the way to the HOD @ 66.0
Good luck on this trade, and Ill keep you all posted to my result!
Monday, June 21, 2010
65 Ticks Live Day Trading Gold Aussie Dollar Crude Oil Euro Futures
Hey guys!
we had another great day in the live trade room, below is tonight's recap of the trade's we took today!
Monday June 21 2010
900am EST
- Dollar index futures are trading at their high of day, which means we can look for a DX-pattern with High % potential
o Speed looks slow (pace of tape indicator)
o Looks to be going into sideways consolidation at 86.00
o Average true range is rising gives us hope that the market is going to get moving for us today!
- Euro futures are trading at their lows today
o Speed is very slow
o We’re trading sideways on the slower timeframe
o Average true range is decent, came off its weekly lows earlier this morning
o We took our first winning trade on the euro for 10 ticks of profit
- Crude Oil futures trading just off their highs @ 80.00
o We’re looking for a 2-step reversal off the highs, but we have the 930am US Open coming up ahead, so we need to wait for that
o Rising ATR
o Speed has been relatively slow for today
o Fast timeframe shows a very flat market
- Gold Futures are very slow this morning, trading at their OPEN of the day.
o Pace of tape indicator = very slow = < 100
o Flat trigger lines on slow and fast charts
o Average true range is a little out of order. The speed is slow, the market is at the open, and the ATR is rising…doesn’t make much sense.
1030am EST
- Took our first trade on gold futures
o We saw the market very slow, very sideways on the fast chart, so we slowed it down to a 60-minute and looked for the pattern there
o Once we saw the 60-min pattern, we then zoomed in to use a 13-range chart to confirm the entry.
o We don’t want to look for an entry on a 30/60/120 minute chart, its too slow
Look for the pattern on the 60 minute
Then look for the entry on the faster chart
http://700bucksaday.blogspot.com/p/trade-room-notes.html
we had another great day in the live trade room, below is tonight's recap of the trade's we took today!
Monday June 21 2010
900am EST
- Dollar index futures are trading at their high of day, which means we can look for a DX-pattern with High % potential
o Speed looks slow (pace of tape indicator)
o Looks to be going into sideways consolidation at 86.00
o Average true range is rising gives us hope that the market is going to get moving for us today!
- Euro futures are trading at their lows today
o Speed is very slow
o We’re trading sideways on the slower timeframe
o Average true range is decent, came off its weekly lows earlier this morning
o We took our first winning trade on the euro for 10 ticks of profit
- Crude Oil futures trading just off their highs @ 80.00
o We’re looking for a 2-step reversal off the highs, but we have the 930am US Open coming up ahead, so we need to wait for that
o Rising ATR
o Speed has been relatively slow for today
o Fast timeframe shows a very flat market
- Gold Futures are very slow this morning, trading at their OPEN of the day.
o Pace of tape indicator = very slow = < 100
o Flat trigger lines on slow and fast charts
o Average true range is a little out of order. The speed is slow, the market is at the open, and the ATR is rising…doesn’t make much sense.
1030am EST
- Took our first trade on gold futures
o We saw the market very slow, very sideways on the fast chart, so we slowed it down to a 60-minute and looked for the pattern there
o Once we saw the 60-min pattern, we then zoomed in to use a 13-range chart to confirm the entry.
o We don’t want to look for an entry on a 30/60/120 minute chart, its too slow
Look for the pattern on the 60 minute
Then look for the entry on the faster chart
http://700bucksaday.blogspot.com/p/trade-room-notes.html
E-Mini ES Live Day Trade & Trade Management Lesson
We had another great day in the live trade room today!
Did you know that new traders need a different trade management strategy than experienced traders?
Yes, thats because new traders have two simple goals:
- Consistency
- Confidence
Today we took some time to review the importance of using the correct trade management strategy, and we had a bonus when a live E-Mini ES trade happened right in front of our eyes!
You dont want to miss this video!
Why do we use such a tight target?
- We want to profit on the big and the small moves
- What if the market only goes 6 ticks in your direction?
o Is that a losing trade?
o No way!
- What if the big winners come? What if we get a 60-tick winner?
o We still use a tight first profit target
We then use a runner to catch the big moves!
o We never miss the big ones unless the market is very indecisive.
o Very choppy price action will bounce you out of some trades, but the good news is that it will help you profit from that small choppy movement, rahter than losing money getting stopped out.
Questions? Post them by clicking here!
Did you know that new traders need a different trade management strategy than experienced traders?
Yes, thats because new traders have two simple goals:
- Consistency
- Confidence
Today we took some time to review the importance of using the correct trade management strategy, and we had a bonus when a live E-Mini ES trade happened right in front of our eyes!
You dont want to miss this video!
Why do we use such a tight target?
- We want to profit on the big and the small moves
- What if the market only goes 6 ticks in your direction?
o Is that a losing trade?
o No way!
- What if the big winners come? What if we get a 60-tick winner?
o We still use a tight first profit target
We then use a runner to catch the big moves!
o We never miss the big ones unless the market is very indecisive.
o Very choppy price action will bounce you out of some trades, but the good news is that it will help you profit from that small choppy movement, rahter than losing money getting stopped out.
Questions? Post them by clicking here!
Friday, June 18, 2010
40 Ticks Live Day Trading Futures Contracts
Hey guys we had another great day in our live trade room!
Enjoy Tonight's Video and we'll see you on Monday morning @ 745am EST
Enjoy Tonight's Video and we'll see you on Monday morning @ 745am EST
Dollar Index Futures Correlation & Minimum Trading Capital
Did you know the Dollar Index is one of the most illiquid markets that
EVERYONE should be watching?
So why can such a low-volume market control other markets 100-times its size?
Dollar Index Futures Correlation:
- World’s reserve currency
- Everything is settled in dollars
- Buy Crude Oil, sell it for a profit…..profit in USD
- Expiration on Euro….settled in DOLLARS
- What is the Gold denominated in? Dollar
- Very low volume market, so we don’t trade the DX
- We use the dollar for its simple negative correlation
- Crude Rising…dollar falls.
- FDAX falling….dollar rises
- Dollar is flat….everything is flat
- Dollar @ its open….everything else at their opens
- Dollar is trending….everything else trends…opposite way.
EVERYONE should be watching?
So why can such a low-volume market control other markets 100-times its size?
Dollar Index Futures Correlation:
- World’s reserve currency
- Everything is settled in dollars
- Buy Crude Oil, sell it for a profit…..profit in USD
- Expiration on Euro….settled in DOLLARS
- What is the Gold denominated in? Dollar
- Very low volume market, so we don’t trade the DX
- We use the dollar for its simple negative correlation
- Crude Rising…dollar falls.
- FDAX falling….dollar rises
- Dollar is flat….everything is flat
- Dollar @ its open….everything else at their opens
- Dollar is trending….everything else trends…opposite way.
Thursday, June 17, 2010
83 Ticks LIVE Today. Aussie Dollar & E-Mini ES Profits Today
Market Gave us clues today…
830am EST
- Dollar index futures have dropped like a rock earlier today, but now trading sideways
o Low average true range, lowest of the week
o Speed of the tape is slow
o Slower timeframe shows a wide sideways range, and we are at the lows of that range
o Fast timeframe shows a trending down, and recently we went sideways.
- Euro futures have climbed off their lows from last week
o Low average true range
o Slow speed
o Fast timeframe is sideways (short term trend)
o Slow timeframe has a flat trigger line = longer term trend is also flat
o We want to wait for a SHORT term trend to develop.
900am EST
- Crude Oil Futures are trading sideways dramatically
o Flat trigger on the slow chart
o Fast chart shows us trading around today and yesterday’s open of the market (beware)
o Speed is slow
o Average true range is not bad
830am EST
- Dollar index futures have dropped like a rock earlier today, but now trading sideways
o Low average true range, lowest of the week
o Speed of the tape is slow
o Slower timeframe shows a wide sideways range, and we are at the lows of that range
o Fast timeframe shows a trending down, and recently we went sideways.
- Euro futures have climbed off their lows from last week
o Low average true range
o Slow speed
o Fast timeframe is sideways (short term trend)
o Slow timeframe has a flat trigger line = longer term trend is also flat
o We want to wait for a SHORT term trend to develop.
900am EST
- Crude Oil Futures are trading sideways dramatically
o Flat trigger on the slow chart
o Fast chart shows us trading around today and yesterday’s open of the market (beware)
o Speed is slow
o Average true range is not bad
Trigger Zones for Trading ANY Futures Market
Did you know that we teach over 10 different high-percentage patterns to our lifetime members?
One of the tools we use to identify those perfect patterns is called our 'trigger zone tool'
This is a simple indicator that helps us determine WHO has control over the market, we well as gives us clear entry opportunities for our trades.
No matter what timeframe you're trading, this is a great tool to make you money the first day you use it.
Questions? this is covered in our Advanced Course, just log in and watch the video. Bring questions to training tomorrow!
One of the tools we use to identify those perfect patterns is called our 'trigger zone tool'
This is a simple indicator that helps us determine WHO has control over the market, we well as gives us clear entry opportunities for our trades.
No matter what timeframe you're trading, this is a great tool to make you money the first day you use it.
Questions? this is covered in our Advanced Course, just log in and watch the video. Bring questions to training tomorrow!
Another Day trading opportunity on Crude Oil Futures right now..
hey guys! hope you all had another great day with us in the trade room today! Congrats to all our members making money with us today!
Im using a 15-minute chart of the new 08-10 crude oil futures contract. I start with a 60-minute chart, and then I used a faster timeframe to look for a pattern.
You can easily see the entry point above 88 on this long trade.
I will get long above 88 and then look to take half my profit off @ 78.00 for a quick first target, and then if we can break above the big round number of 78.00 i will take 1/4 off @ 78.09, and then 78.25 I will flatten my position.
I dont see this market doing anything more then heading back to its open of the day, which is 72.27, and that will be plenty of profit for this reversal trade off the low of day on crude oil.
I look forward to reviewing this trade with you later today, so keep an eye on the blog later tonight for more up-dates on this trade, and many others we will be looking for tonight.
Questions? JJ@SchoolOfTrade.com
We made $1,000usd on only 5 trades and 4 contracts today, but we're not profiting from these futures markets yet...
I just spotted a 2-step reversal pattern setting up on the Crude Oil Futures Contract...08-10
Im using a 15-minute chart of the new 08-10 crude oil futures contract. I start with a 60-minute chart, and then I used a faster timeframe to look for a pattern.
You can easily see the entry point above 88 on this long trade.
I will get long above 88 and then look to take half my profit off @ 78.00 for a quick first target, and then if we can break above the big round number of 78.00 i will take 1/4 off @ 78.09, and then 78.25 I will flatten my position.
I dont see this market doing anything more then heading back to its open of the day, which is 72.27, and that will be plenty of profit for this reversal trade off the low of day on crude oil.
I look forward to reviewing this trade with you later today, so keep an eye on the blog later tonight for more up-dates on this trade, and many others we will be looking for tonight.
Questions? JJ@SchoolOfTrade.com
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