SchoolofTrade.com Daily Commentary 01-22 -10
Market Commentary, Fri Jan 22 2010What an amazing week in the live trade room! Another week filled with winners &PROFITS!We had a few moments this week that were tough..We had to get passed the Martin Luther King Holiday on MondayOn Tuesday we started the day with a LOSS, and had to overcome our emotions toavoid getting any deeper in the hole…we certainly did…and ended Tuesday with$500!Wednesday and Thursday were HUGE! Lots of price movement, green pace of tapeindicator, and both our guests and members ALL made extraordinary gains in theirtrade accounts! Today, Friday, we had to be careful…Friday’s are always a mixed bag of expectations. Here’s why…
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We want to finish up our week on a strong note
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We don’t want to give back any hard-earned profits
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We have to be aware the day will end early, as people leave early forthe weekend
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We need to follow our rules explicitly to make sure we don’t make anycareless mistakes. Today was even more potentially dangerous b/c it was a Friday without any majornews events, so we didn’t have the ‘catalyst’ we look for to get prices moving!So with a Friday w/out any major news, we had to stay patient.We started off trading Gold (GC) Futures:
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901: +21ticks
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1006 +12ticks
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1007 +10ticks
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1012 +20ticks
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1022 +4 ticksWe were on a roll!Everything was going perfectly until we started looking at Crude Oil (CL) futuresaround 11:00am EST.
At 1100am est I made a comment to…”be careful trading after 11am est on aFriday!”Sure enough, the next 2 trades we took were small losses or scratches.
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1101 -20ticks…Ouch!
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1104 +0ticks…scratch.So, as you can see, we made great money in the early morning, but as expected,and as ANNOUNCED LIVE IN THE TRADE ROOM, price action becomes VERYunpredictable after 11am est on a Friday.Next time, I will listen to my own advice and head to the gold course @ 1100am est,rather than the market!See you in the room Monday!Previous Day’s SOT Video from YouTube:Review Our Trades From Yesterday!Scribd hyper link:See All Of Our Previous TradesAmazon link:Click Here To See How We Set-Up Our Workspace
on Cost of Membership by answering these Trading Quizzes!SCALPING FUTURES DAY TRADING VIDEOMARKET PROFILE DAY TRADING FUTURES VIDEOFUTURES DAY TRADING ACCOUNT MANAGEMENT VIDEOPRICE PATTERNS TECHNICAL ANALYSIS FUTURES VIDEOSIDEWAYS MARKETS DAY TRADING FUTURESSCALPING FUTURES WITH 1-CONTRACT TO START VIDEOSWING-HIGH SWING-LOW TECHNICAL ANALYSIS DAY TRADING FUTURES VIDEOSLIPPAGE ON DAY TRADING FUTURES3 KEY COMPONENTS TO A DAY TRADING SYSTEM VIDEOQUADRUPLE WITCHING & OPTIONS EXPIRATION OPEX DAY TRADING VIDEOIDENTIFY MARKET SENTIMENT FOR DAY TRADING FUTURES
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1/22/09 Market Commentary Schooloftrade.com
Wednesday and Thursday were HUGE! Lots of price movement, green pace of tape indicator, and both our guests and members ALL made extraordinary gains in their trade accounts!
Today, Friday, we had to be careful…
Today, Friday, we had to be careful…
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