Breakout Day Trading Scalping Gold Crude Oil eMini Russell Futures

Today will be an early close to the trade room so JJ can move  10:30-11:00am we will be closing up.

Joe will be on Vacation from 2nd, re-open the trade room on the 13th. Re-open Monday after Labor Day Holiday.

If you have a trial cut short because of this simply email our sales@schooloftrade.com and they will extend your time.

We have some concerns over the news at 2:00pm EST regarding the FOMC Meeting Minutes.

2 weeks ago the FOMC Meeting had notes, and now they will be releasing those notes, so we’re concerned day traders may be waiting to see what this news looks like before they trade today.

The biggest concern this time of the year is VOLUME and SPEED.

So lets look at our markets and see how they are doing today…

We can see some weak markets today, here are the signs…

– Choppy price action around trend lines
– Going from one extreme to the next with very little volume
– Sideways at the highs or the lows
– It moves from one trend line to the next on very low volume

Crude Oil futures are trading sideways at the lows of the very same trading range we marked up yesterday from 75.25 down to 73.41.

We can see crude oil having hard time breaking the lows, and the combination of the trend line and the support levels are causing crude oil to stall and go sideways.

Gold futures are still trading sideways in the same trading range for the past 5 straight days from 1244.2 down to 1234.3, which are all-time highs for gold futures.

We are still in the middle of the bullish channel pattern, and we marked up our trend lines to confirm a sideways wedge pattern as well.
I always want to trade with the market, not against it, and that means the following:

– Buy with the bulls
– Sell with the bears
– Buy with momentum UP
– Sell with momentum DOWN
– I need to take FULL responsibility for my trading results, and DON’T blame the market

o This helps me learn to get into a rhythm with the market.

– You don’t need more analysis, you need a different attitude: listen to the market, don’t tell the market what to do.

Which is better? (trade management = set it and forget method)

– Getting stopped out at your point of entry but you were waiting for a 50 tick move

– Getting stopped out with 10 more ticks because you were aggressive with taking profit to the bank!

Questions:

– Is it better to scalp the futures markets in the slow summertime markets?

o NO! its much more important for a scalper to have SPEED of the tape and lots of VOLUME.

o Day traders, swing traders, position traders are looking for LARGER moves, and larger moves don’t necessarily require volume.

 We see BIG moves on low volume all the time during the summer.

 Our ability to adapt to this change is the 200% reason why we made so much money this summer.

– Trade room schedule:

o Closed on the 2nd of September, and re-open the trade room on the Monday 13th, Monday after labor day holiday

o Sales@SchoolOfTrade.com will be open the entire time
o Support@SchoolOfTrade.com will be open the entire time
o JJ@SchoolOfTrade.com will be working the entire time.
o 10% off before Labor Day!!!!
o 10% increase after labor day!
o 20% savings if you register by the Labor Day Holiday..

– When will volume return?

o The Monday after the holiday week of labor day

o You may see some decent volume after next weeks holiday, but the majority of traders will be on vacation.

– What do I do for the next 10 days while JJ is gone?

o Make sure I understand all the materials

o I would practice my tape reading strategies

More tpe reading lessons available Here.

o Use your market replay to replay the price action from earlier this month or last month

 As an advanced member you get the charts, the data, and the market replay recorder.

 Log into your adv course for more info on how use market replay, or check with NT support on how to use it.

 In the NT control center, MISC, Run market Replay Recorder, (covered in the adv)

– When you travel bring with you:

o Extra extension chord
o Extra long Ethernet cable to connect to the wall

 No wireless!!!

– Compensating factors