February 2, 2010

Daily Market Commentary, 02-01-10 SchoolOfTrade.com

SchoolofTrade.com Daily Commentary 02-01-10

We opened the live trade room today and had a few concerns on our mind..

• We ended January with a HUGE profit, so we didn’t want to trade too aggressively

• This was the first day of the month

• This is a Monday

• We had Treasury Secretary Geithner speaking @ 1030am EST

• We had President Obama speaking at 11am EST

Knowing all of this, we had to be in the right MINDSET to be able to..

• Not get emotionally-charged when we started

• Wait for the best patterns

• Wait for the market to have enough VOLUME

• Wait for the BIG MONEY to enter the market after being on break for the weekend

Like most Monday’s, people are slow to get into their trading desk. There hasn’t been much overnight trading besides the Asian & European open, so there isn’t much feedback to read from the market yet.
One of the most important aspects of day trading is confidence, and this is the confidence to WAIT this morning for exactly what we KNOW we want to see.
• Volume
• Green Pace of Tape
• Higher-Highs, Lower-Lows

• Bug Buyers/Sellers

These aspects showed up just before 1100am est, and b/c we had the confidence in our patience to wait for the best patterns, we were in a great POSITIVE MINDSET to conquer the market in any form today.
We still didn’t see very good price action, but our patience was able to allow us to wait for the times in the market that presented the most potential for profits.


4 trades today, Crude Oil & Gold Futures

TOTAL TODAY = 45 TICKS, $450USD

Only 4 contracts needed to achieve this today!

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




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