A Quick Market Overview and Closed Out Trades

Today’s video is a quick lesson on how important ‘trade management’ is to overall trading success. You’ll see how the Crude Oil futures trade was exited very nicely prior to this huge Crude Oil drop that we not only saw yesterday, but the continued drop in oil we’re witnessing today. Once you’re in a trade you can’t become complacent, you need to move stops and objectives according to what’s happening in the market. I hope this quick video helps you in your trading – have a fantastic weekend!

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Where will Support be Found?

Weakness in the charts today tells us that we’re seeing a pullback; where will the price find support? We don’t know that in advance, however there are some “likely suspects” that we can use so that we can see how those levels hold up.   

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Different Timeframes, Different Results

Good Morning, Friends. The FX market had plenty of fundamental factors to work with today; S&P suggested that Japan’s sovereign debt ratings may be at risk, Spain sold notes in an auction that looked decent initially but proved on closer inspection to be a disappointment, the U.S. had a positive jobless claims number, and the […]

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Crude Oil and Australian Dollar Closed Out Trades

On today’s video you will see that the third profit objective was finally hit on the Australian Dollar / US Dollar trade at 1.0278, bringing in a 127 pip profit ($1,270 per standard contract). The trade made a total of 284 pips ($2,840) with the three profit objectives. And the Crude Oil trade was stopped out last night at 104.83 as it took out yesterdays low (inside day). That trade brought in one full point ($1,000 per futures contract). Watch today’s video to get more details and see how this type of thinking can help in your trading. Have a fantastic day and I hope this helps.

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Crude Oil Futures and Australian Dollar/US Dollar Trade Update

On today’s video I talk about managing the Crude Oil futures long trade and the Australian Dollar / US Dollar short Forex trade. The Australian Dollar / US Dollar trade is within 20 pips of hitting the last profit objective, so I decided to move the remaining portion of my position down to lock in 18 pips. Both trades are looking real good and tomorrow will be the day that I start locking in some real profits from the Crude Oil futures trade, but first we have to wait to see what today brings. Have a profitable day and I hope this helps you in your trading.

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Lessons from 1998

Where are charts going in the next few weeks? Based on the linearity of the uptrend that went from November – April, we might be able to learn some lessons from how the market reacted the last time it saw a trend that strong – late 1998. Let’s see if we can learn any lessons […]

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Swinging on the Income Pyramid

We’re not just a one-trick pony with the Iron Condor trades; we use what we call an “Income Pyramid” to selectively look for different strategies as the trades set up. We’ll cover a directional swing trade in today’s application of the Pyramid.   

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Nice Short Australian Dollar / US Dollar Trade

The Australian Dollar / US Dollar short trade that I outlined yesterday that we had to be patient for ended up setting up very nicely. The short took place last night at 1.0404 and the first two profit objectives have been hit already at 1.0342 (63 pip profit) and 1.0311 (94 pip profit). That’s not too bad so far, a 157 pip gain ($1,570/standard contract) on the first two profit objectives in less than 24 hours.The third profit objective is down at 1.0278 and the remaining portion of the position has been moved down to just below breakeven. Let’s see what happens on this trade.

Meanwhile, the Bank of America (BAC) long trade ended up losing only .19 and the Crude Oil futures trade is looking real good so far, up 1.54 ($1,540/contract). Have a great day and be sure to watch today’s video for more details.

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No Fibbing to the S&P

Prices don’t go up forever; they either have to walk sideways or pull back. A convenient tool to determine “typical” landing zones for a retracement is the Fibonacci drawing tool, where we look for the 38.2%, 50%, and 61.8% retracement levels as likely suspects for a bounce.   

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Potential Trade on the Australian Dollar / US Dollar

On today’s video I go through a potential short trade on the Australian Dollar / US Dollar Forex currency pair. We have to wait to see if this trade actually sets up though, so we have to remain patient. I also update the Crude Oil futures trade and the stock trade of Bank of America (BAC). I hope this helps and I hope you have a profitable day.

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