April 1, 2011

Got into trouble early, my favorite pattern saved the day!

We’re waiting for Non Farm Payrolls to be released at 830am est today
–          We have the crude oil trading sideways at the highs
–          We know the crude oil has a strong bullish sentiment this morning, so buying pullbacks
–          We have gold trading sideways off the highs, and very sloppy
–          We want to buy on gold if price drops and sell the highs if price rises.
830am est
–          The dollar is rising after the NFP news
–          Lets look to sell with the rising DX
–          Also keep an eye out for overhead dollar resistance, which will reverse the DX direction, so we will then look LONG
900am est
–          We had a very sloppy reaction to NFP news @ 830am
–          We tried to buy the rising crude oil prices, but my stop was simply too tight to hold onto this sloppy market
–          The gold dropped off the news, all the way down to the Big Money Trigger Line
–          We knew the BMT would be better served as a final target, not the entry, and we should have used our own advice
–          The BMT levels were choppy and resulted in 3 scratch trades as we tried to get control of it
915am est
–          We took the wave short on the gold 21range and we have a final target at 1417.5
–          Stop has been trailed to lock in profit above the 22.5
–          Stopped out of the gold trade for 45 ticks of profit
–          Wait for new lows
1000am est
–          We finished trading gold all the way down with 2 massive winners on the 21r
–          Now we see the previous LOD from Wednesday as the next buying opportunity.
–          As price drops im looking to buy at support.
1030am est
–          We hit our Fast Track goal @ 955am with the 2step long off support (morning prep defined)
–          Now we notice the personality is changing
–          We expected to see speed slow down..now it def is.
–          Beware, end of morning is here

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