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Market Commentary December 10, 2009The markets today showed some great volatility, providing us with some great volume to trade off of.The Asian session closed its trading down for the day, and surprisingly the European session did notfollow suit, and instead closed slightly above break-even. So far in the U.S trading day, a majority of theindexes are up for the day, but as far as the major commodities go, Crude Oil is down and Gold hasreally just chopped around in a tight range for most of the morning(Identify Market Sentiment For DayTrading Futures). Luckily this price action didn
’t seem to affect our trading too much,
and there werereally only a few news events we had to be aware of this morning: he Canadian and U.S Trade Balancereleased at 8:30am EST as well as the U.S
’s Unemployment Claims, which were also being released at
8:30am EST. The added volatility in the market really gave us a chance to take some great trades thismorning; we ended up taking a total of 6 trades, and went 6 for 6 with a total profit of $1,020!! This hasbeen our third day in a row with 100+ Tick days, and so far has been the best week on record for profits!The first trade of the morning was taken on the Crude Oil (Symbol CL). We had to wait patiently for newsto be released at 8:30am EST, not only was it U.S news, but Canadian as well, which can have profoundimpacts to the Crude Oil market. After the news has been released, price action seemed to chop around,and really only started trending after the U.S Equities market opened at 9:30am EST(Crude Oil FuturesDay Trading Video). As price action began to trade at a steady pace, we were finally able to enter themarket at 9:53am EST by taking a Breaker short pattern at 71.10. After seeing volume start to increaseto the short side, it wasn
’t long
before we saw some follow through with price action, allowing us toscale out of our trade with +4 ticks (2 contracts) +8 ticks and +4 ticks for a total of +20 ticks ($200).
 
After closing our previous trade with a nice profit, the crude oil market began to oscillate yet again,pulling back just enough for us to begin looking for another trade. It was obvious that the marketparticipants that were trading Crude Oil were not done pushing price lower, and thus continued itstrend downward(Swing-High Swing-Low Technical Analysis Day Trading Futures Video). At 10:02am EST we were able to enter the market short, using a Breaker pattern to obtain a basis of 70.66. Upon gettingour order executed at market, we soon saw some heavy sellers enter the market, via the ticker tape,and were able to take some quick profits on our trade, for +4 ticks (2 contracts) and +1 tick (2 contracts)for a total of +10 ticks ($100).Our third trade of the morning came on the Gold market (Symbol GC). For a majority of the morning thegold market has really kept itself in a tight range between $1130
 –
1120/oz. As the U.S equities marketopened at 9:30am EST, price action was just beginning to trade up towards the high of the day around$1130/oz, and after watching the ticker tape, it was finding obvious resistance. With price coming off the highs rather strongly, we looked to enter where the volume was most, which was the short side(Gold Futures Day Trading Video). At 10:19am EST we were able to identify a great Breaker short pattern in price, and ended up getting our order filled at a basis of 1126.8. Once in the market, the other sellerstook over price action, quickly pushing it far enough for us to take some great profits at all three of ourtargets! We took profit at +4 ticks (2 contracts) +8 ticks and +1 tick for a total of +17 ticks ($170).
 
 After closing our previous trade at a profit, we decided to wait for the U.S to release its Natural GasStorage figure at 10:30am EST. With news being released, it gave us time to scan the other markets wetrade, and possibly find volume in another index. After the news had been released in the U.S, wenoticed that the Crude Oil market was still moving strong, and decided to give it another look through(Sideways Market Day Trading Futures). At 11:28am EST we were finally able to enter the market, taking yet another Breaker pattern short. After a brief pullback in price action, our order was filled at 70.50;turning out to be a great entry price and allowing us to take a small profit on the trade. We were able toscale out of our trade at two of our three profit targets for +4 ticks (2 contracts) and +1 tick for a total of +10 ticks ($100).
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