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Market Commentary November 13, 2009It was yet another great Friday trading session for the School of Trade! We same some great volatility inthe markets and enough in the Crude Oil market alone to satisfy all of our trading needs. We took a totalof 6 trades today, all of which were executed in the Crude Oil market! We managed to navigate throughall the news events this morning fairly well, the Canadian news especially, due to its great impact on theCrude Oil market(Identify Market Sentiment For Day Trading Futures). With the majority of the news being released at 9:30am EST as well as 10:55am EST, we really had a great window of available tradingtime. We ended up going 5 for 6, (the sixth trade being a scratch) for a total of $460 in profits!The first Crude Oil (Symbol CL) trade of the morning came at 9:10am EST. The market in general sold off pretty heavily yesterday, and today we weren
’t quite sure what to expect,
because the possibility of apullback in the market was inevitable, and today could have been that day. Looking back in theEuropean trading session, it looked as if today was the day, but the rally was ever so brief, and thesellers once again jumped in the market to push price even further downward. By the time the U.S openoutcry pits began trading at 9:00am EST, the market was testing yesterday
’s lows around the $76
/barrelrange. This range provided the market with a strong base for price to bounce off of today, and sellersseemed to find a bottom for the time being around $75.60. As price bounced off yesterday
’s lows, we
initially looked for a long position in the market, but as we continued to watch our technical indicators,they proved to be correct in telling us sellers were about to change the short term trend(Price PatternsTechnical Analysis Futures Video). With more sellers entering the market, we decided to join them at9:10am EST with a 2-step short pattern. Our order was executed with a basis of 75.93 and price actionsoon filled out first profit target at +4 ticks (2 contracts) for a total of +8 ticks ($80).
 
The second trade of the morning came after the U.S Equities market opening at 9:30am EST, as well asthe passing of some major Canadian news, their Trade Balance to be exact, which would most certainlyhave a strong affect on the Crude Oil market. After the added volatility in the market had passed andprice action once again returned to its norm, we looked to enter the market yet again(3 KeyComponents To A Day Trading System Video). We found a great long set-up at 9:45am EST, taking aBreaker pattern with the short term trend at 76.20. With our order being promptly executed, themarket didn
’t waste much time in filling our first profit target of +
4 ticks (2 contracts) for a total of +8ticks ($80).Our third trade on the Crude Oil came shortly after our second, and in the same direction as well; to thelong side. With price action hitting the lows of the day once again, the ticker tape told the story for thistrade, by rejecting the further selling pressure at the lows, meaning the market could only go onedirection, up(Crude Oil Futures Day Trading Video). At 10:03am EST we entered the market long with a Breaker price pattern. After price had broken our trigger line, we entered the market at a basis of 75.88and were able to get filled, what seemed like almost instantly, for +8 ticks (1 contract) and another +2ticks (3 contracts) for a total of +14 ticks ($140)!
 
 The fourth trade on the Crude Oil (Symbol CL) came roughly a half hour later, once the market decidedon an overall direction to move in, instead of just consolidating at its daily lows(Swing-High Swing-LowTechnical Analysis Day Trading Futures Video). With the buyer pressure ever building in the market off the lows, it was only a matter of time before the market would try and take back some of its sell off forthe day. When the buyers looked to finally be pushing price back up, we looked to enter the market withthe trend as well. At 10:43am EST we were finally able to see a School of Trade price pattern to enterthe market long, with the Breaker. We entered the market at a price of 76.21 and were able to scalp off some quick profits of +4 ticks (2 contracts) for a total of +8 ticks ($80).
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