22 Ticks LIVE Today; Quiz Raffle is Monday!

SchoolofTrade.com Daily Commentary 02-26-10

We got exactly what we expected out of the market today.

We opened our charts at 745am EST and we saw….

– Gold @ OPEN (flat market)

– Very tight trading ranges on Gold

– Crude Oil, all trigger lines are the same (flat market)

– Red Pace of Tape, RED = SLOW price action

– Dollar = Red Pace of Tape, Flat Overall Trend, Slight uptrend on the fast timeframe

Things looked and felt very slow at the open, and no matter the REASON is for this, we knew we had to remain patient and wait for the best patterns to show up.

We also made note of the slower timeframe levels on the Dollar Index Futures Chart.

We spotted a double-bottom on Dollar around 80.500 and we knew that if the Dollar Index tried to break out below that level we would see things get pretty choppy, and they did!

After 10:30am est. today the Dollar attempted to break below these 2-bottoms and we also saw the reaction on crude oil and gold futures immediately.

Once the Dollar began to attempt this breakout, we had to wait patiently to see what the reaction would be, and I’m glad we did.

The next 45 mins of the market, into lunch, was VERY difficult to trade…all pointing back to the Dollar Index level it was having difficulty breaking.

So, once again, knowing what to look for, we knew to stay away towards the end of the morning on Friday, and that ended up being the best decision we made all day b/c it KEPT the money in our pockets instead of giving it back to the markets!

4 trades today, 2 winners, 2 losses

Our trade management style is the reason we are profitable!

+22 ticks, $210usd

Only 4 contracts needed to achieve this today!

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