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Market Commentary October 28, 2009Well it
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s been another wacky Wednesday here at the School Of Trade!! There was a good amount of news coming out today, which gave us some great volume and volatility to trade off of. We stayed awayfrom the Crude Oil market this morning, which is usually our bread and butter, mostly because of theinventories figure being released at 10:30am EST (history had shown added volatility on these days).Instead we were able to find some great price action in a few markets that many trades usually overlook, the Mini-Russell and the British Pound futures. We were able to go 4 for 4 today, with a total profitof $380!Our first trade of the morning came on the Mini-Russell (Symbol TF). The Mini-Russell
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s price action wasfairly choppy until the U.S equities market opened at 9:30am EST, at which point more volume began tofilter into the market. With price now beginning to oscillate more, we began to look for quality set-upsin the market(Sideways Market Day Trading Futures). At 9:42am EST our price pattern finally allowed us to enter the market with a 2-step long at 583.8. We quickly realized that momentum was to the longside, as we watched more and more buyers come across the ticker tape, this gave us a great opportunityto take profits at +4 ticks (2 contracts) +8 ticks and +2 ticks on our final contracts, for a total of +18 ticks($180).We waited a short while for our next trade to set-up, with the U.S news at 8:30am EST as well as theopening of the U.S equities market, we needed to be patient with our set-ups. We were able to take ournext trade off the British pound futures, which actually rallied due to all the news in the early morning
 
hours of the U.S session. The rally continued until about 10:00am EST, when buyers began to take profit,allowing the market to make some quick changes in its trend and giving us more trading opportunities(Price Patterns Technical Analysis Futures Video). As the market began to pullback from its highs of the day, we looked to enter the market long once again. At 10:11am EST we entered the pound future longwith a classic Breaker set-up. We set our buy stop limit at 1.6390 and were executed promptly; allows usto take some quick profits of +4 ticks (4 contracts) before getting scratched out of our remainingcontracts, for a total of +16 ticks ($100).The third trade of the day came later on in the morning and was also taken on the British Pound futures(Symbol 6B). We had noticed that price had tried to rally higher, but with no success, began to pullbackonce again. After seeing this pullback in price, we began to look for a continuation in this trend, or achange in the short term trend. It wasn
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t long before we saw buyers stepping back into the market, andwith larger orders coming across the tape, we noticed the market was beginning yet again another shortterm rally(Scalping Futures Day Trading Video). At 11:11am EST we decided to join the buyers in the short term trend with a Breaker pattern. We entered the market at a basis of 1.6387; and we werequickly able to pickup +4 ticks (4 contracts) before our remaining contracts were scratched from thetrade, giving us a total of +16 ticks on the trade ($100).
 
 Our final trade of the morning came once again on the Mini-Russell market (Symbol TF). After our firsttrade off the Mini-Russell, the market began to consolidate until more volume entered the market. Oncenews events in the U.S markets were released, the Min-Russell began to sell off sharply, allowing for usto take advantage of the added volume in the market. At 11:42am EST we were able to identify a qualityset-up in a 2-step short with our basis being at 575.2. We watched the price action patiently, waiting forsellers to enter the market, but after seeing our Pace of the Tape flash yellow and then red bars, weknew price action had began to slow down and decided to exit the trade at our entry price, +/-0 ticks onthe trade ($0)(3 Key Components To A Day Trading System Video).
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