November 19, 2010
- in Uncategorized by schooloftrade
Biggest Weekly Profit of 2010 Day Trading Gold and Crude Oil Futures
Hi guys!
We finished a record-breaking week in our live trade room with another day of profits and lots of opportunity to learn our trading methods.
We earned over 200 ticks every day this week, and we did this with simple patterns, and attention to simple rules, patience, and discipline.
Today was OPEX, so it was tough to tell what to expect, other than low volume and potentially a flat market. We had to react to what we saw when we opened our charts @ 745am EST.
The Dollar Index made it easy for us today; moving market, going from highs to lows, allowing us to see these markets rise and fall, giving us profit every time it moved.
Don’t forget we have a short week next week, closed Thursday and Friday for the Thanksgiving Holiday, so plan accordingly.
See you Monday morning @ 745am EST when we get started trading again!
Live Trade Room Notes 11-19-2010
Our first job today is to check the news:
No news today for Options Expiration Friday
Options expire on Saturday, and today is the final day before those options expire.
OPEX Friday before a Holiday Week, people may be headed out a little early today.
So watch the speed of the tape, looking for periods of low volume to stay away from.
900am est
– The dollar index is a wide trading range today, so this is good for us
– The dollar has been rising off the lows of the range today, and now hitting overhead resistance which is causing us to have some choppy back and forth price action
o Dollar rising and falling will cause the same on other markets
– Crude Oil futures are the lows of the price wedge, so we want to buy these lows, rather than sell at the lows.
– My next selling opportunity on crude oil will be below 81.63, that is the next support level to break.
930am est
– Crude oil futures have bounced off the lows of the wedge (we bought the lows) and now the market is in the middle of the price wedge
o Very important we are aware of the MIDDLE of this range
o Sell the highs and buy the lows and don’t fiddle with your middle!
