February 25, 2011
- in Uncategorized by schooloftrade
Earn profit while you learn to day trade with our Fast Track Method
815am EST
– We’re watching the dollar index this morning to see how it reacts to the 830am GDP news.
– If the dollar rises off support, we are looking to sell the highs on the euro, and other markets we trade.
830am EST
– GDP comes out lower than expected
– Consumer prices as expected
900AM est
– We’ve had three fast track trades today that were perfect, and we have 2 winners and 1 loss
– We also took 2 high risk fast tracks for 2 winners as well, but we want to focus on the best patterns while we’re learning.
– Gold futures were the only loss of the morning on the 21range wave pattern, and we clearly got the short end of the stick, getting wrapped up in slop around the open on gold.
915am est
– Looking at the 21range wave long on the crude oil chart
– Three concerns:
o Dropping speed
o Overhead BMT line 97.48
o Momentum is red
930am est
– The markets have given us plenty of opportunity to make money this morning
– Now we’re waiting to see how the open looks
– We look at crude oil for the next high percentage trade
o Sell 97.76 overhead resistance above wedge
o Sell 98.77 overhead resistance
o Buy 96.25 support below us
o Buy 95.62 support below us, low of the trading range
955am est
– Consumer confidence comes out higher than expected
– We now look for gold prices to drop as the dollar should rise.
– Rising dollar = falling euro
– We haven’t seen much out of gold, so lets review where we’re looking to trade:
– Buy support levels of 1400.8, 1395.2, 1392.2
– Sell resistance levels of 1408.6, 1410.4, and the highs of 1416.5 and stay away from the higher high of 1418.8 b/c it will be very sloppy.
1030am est
– We have hit our target for the day on the fast track method
– The market personality is changing now looking like a sleepy Friday morning after all the news has passed.
– Average true range on the dollar is now dropping, which confirms our assumption that the personality is changing.
– If the DX is narrow, the other markets will also be narrow.
1100am est
– The gold is slow with no consistency in the pace of tape indictor
– We have to be careful with lack of speed
– No speed = markets can move ANY direction ANY time it wants
– Inconsistent speed will qualify to enter a trade, but then it may slow so easily that it then stops you out when it can easily reverse on slow speed.
