• Embed Doc
  • Copy Link
  • Readcast
  • Collections
  • CommentGo Back
Download
 
Market Commentary December 2, 2009The markets yet again provided us with another great day of trading! We really only had two newsevents this morning to worry about, the ADP Non-Farm Employment Change at 8:15am EST as well asthe Crude Oil Inventories that were to be released at 10:30am EST. We made sure to give ample timebefore and after those events were released to protect our trade account from unnecessary volatility inthe markets. Both the Asian and European trading sessions were up today, but not by much as thereseemed to be a lack a direction in the markets overall. This trend, from the looks of it, has been carriedinto the U.S trading session as well, with some indices up and other down, producing more of a choppytrading day. This certainly didn
’t stop us from take a good amount of trades though, as we went 7 for 8
with a total profit of $700!Our first trade of the morning came on the Crude Oil futures market (Symbol CL). From the looks of it,most market participants who hadn
’t already taken profits from yesterday’
s rally certainly did today.When you look at the overall trend of the past few days, it
’s
basically completed a large rounding top inprice from yesterday
’s push up
. Early morning price action seemed a bit choppy, but then after the U.Smarkets had opened, sellers continued with a smoother trend downward. We were able to use the pre-market volume to our benefit this morning, as we were able to scalp a trade just prior to the open of theoutcry pits at 9:00am EST(Crude Oil Futures Day Trading Video). We noticed a nice Breaker pattern to the short side setting up for us, and decided to enter the market at 8:58am EST. With our breakerpattern giving us an entry price of 77.69, it proved to be a great entry, as we were able to pick up a quick+10 ticks ($100); +4 ticks (2 contracts). +1 tick (2 contracts).
 
The second trade of the morning was able to be taken on the Gold futures market (Symbol GC). The goldmarket had been rather choppy today too and after making new highs yesterday, it continued its rallyinto the European session of trading. Once again, significant buying pressure entered the market in theEuropean trading session and was all that was needed to make a new all time high at 1218.4. Since then,price action has kept itself in a rather tight range from 1218-1208/oz. With the steady level of volumefrom Europe carrying into the U.S trading session, we looked to continue the trend by taking a trade tothe long side(Identify Market Sentiment For Day Trading Futures). At 9:17am EST, after a slight pullback in price, we were able to take a 2-step trend reversal trade long. Making sure to wait for our pricepattern to show us an entry price, we were able to enter long at 1208.7, which proved to be a greatentry as we were able to scale out of our trade with +4 ticks (2 contracts) and +1 tick (2 contracts) for atotal profit of +10 ticks ($100).Our third trade of the morning came on the Mini-Russell market (Symbol TF). Hardly any volume was inthe Mini-Russell market prior to the U.S trading session opening at 9:30am EST(E-MINI Futures DayTrading Video). Once the markets opened up for trading though, volume quickly entered to the longside, bringing the market with it. The beginning of trading added significant volume in the market, and itcontinued to rally for the first few minutes of trading, before making a nice double-top in price, at whichpoint we looked to short the market. We were able to enter the market short at 9:39am EST, with a 2-step pattern, giving us a basis of 593.4. Unfortunately, the market quickly reversed on us and ended upstopping us out for -18 ticks (-$180).
 
 The fourth trade of the morning came on the Gold market yet again (Symbol GC). With the opening of the U.S markets, price began to rally once again, but quickly found a top in price, setting us up for agreat trend reversal trade(Gold Futures Day Trading Video). We were able to react quickly and enter the market at 9:56am EST with a 2-step pattern to the short side. Our 2-step pattern gave us an entry priceof 1214.1, which ended up being a great price to enter at because the market began selling off allowingus to scale our of our trade for +4 ticks (2 contacts) +8 ticks, +2 ticks for a total profit of +18 ticks ($180).
of 00

Leave a Comment

You must be to leave a comment.
Submit
Characters: ...
You must be to leave a comment.
Submit
Characters: ...