February 13, 2012

12:20 pm E.S.T.

Good afternoon everyone.

First of all, a clarification.

I thought I would spare you more 'emails' and give you an actual newsletter update ...

When speaking of Micro-Forex, I speak in terms of unit sizes of 70, or 90 (or 0.07 Micro-Lot or 0.09 Micro-Lot). When speaking of such unit sizes, I am speaking from the standpoint of using Oanda as a broker rather than ThinkorSwim when it comes to Forex. With Oanda, when you enter your order? Instead of entering lots, you enter exactly how many units you wish to trade. You can literally put in 9.5 or 70 or 90 or 1000. This differs from most brokers that have set lots that you can trade, and has tremendous advantages in customizing position size. Now, what else is going on besides the short in GBP/USD that has profit locked in? ( I really do think I'm close with positive expentancy in Micro-Forex). Waste Management (WM): Continues to climb higher. I'll wait for Tuesday. July Sugar (/SBH2): Continuing a little higher, near a resistance ceiling. So I'll be watching for congestion, and then any breaks lower out of congestion for short opportunities while keeping an eye on the tape. March Soybean Oil (/ZLH2): Continuing to fall a bit, which I like for another long opportunity. I'd like to see this fall just a bit further, and of course congest then watch the tape for buying pressure and breaks to the upside to go long. March Cotton (/CTH2): I hope we had subscribers long last night as Cotton rallied. And with Commodity Futures, I just groom those stops higher to lock in profits when such situations arise. For now though, Cotton is falling, just as March Soybean Oil is falling. So it's the same situation. I'll wait for congestion, or the market to travel sideways. I'd want that to happen for about two or three bars on the ten minute chart. Then look for buying pressure in the tape to buy breaks to the upside to go long. Until next time, stay safe trade well, and remember that loving other people doesn't cost a dime.
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1 Exact Link - http://nononsensetrading.com/MoneyManagement.html