Friday, May 20, 2005

Traders Helping Traders Daily Update for Thursday, 5-19-05

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Erich's Update for Thursday, May 19, 2005
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Scroll down for Tom's Trades for today!

Subscribers got this on Wednesday evening by email...Test Drivers get theirs after the fact on the blog! If you want yours hot, fresh and BEFORE the markets open, go to http://www.supportandresistance.com/subscribe.html

"Choosing a goal and sticking to it changes everything." - Scott Reed
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1: JULY CORN
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CN5 O=7 3/4 HI=2 1/2 LO=7 3/4 CL=0 3/4

Corn surprised me a bit today as prices rallied higher than expected. We're getting back into some pretty firm resistance in the 213 area, coupled by an RSI trendline test makes me think we'll see a bounce tomorrow. If we do get a bounce I might entertain a short before the weekend. We'll see.
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2: JULY COTTON
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CTN5 O=20 HI=67 LO=55 CL=80

Cotton prices stalled out today, which isn't really a surprise given the market's decline this last week. I'd like to see prices pull a little higher however and possibly test the resistance around 5380 before falling off again. I know that might be asking a lot of cotton right now but for tomorrow I'm just watching.
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3: JULY BEAN OIL
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BON5 O=07 HI=40 LO=05 CL=26

Bean Oil finally stopped us out of our short position from last week as prices rallied right from the open. We were able to pick up about $450 per contract which made for a pretty good trade overall. Expecting prices to rally tomorrow as well. Looking for resistance at 2265 - 2270 as a reason to sell.
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4: JUNE LIVE CATTLE
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LCM5 O=00 HI=00 LO=60 CL=07.5

Cattle took the plunge today and took our sell order with it. Prices didn't waste much time and fell off slightly after the open.

Bring exit stops at least to breakeven for tomorrow or if you'd like to cover a little profit consider using the intraday resistance at 8630 (probably 8640+) to cover your trade. First target is support at 8505.
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5: JULY COCOA
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CCN5 O=45 HI=58 LO=41 CL=53

Cocoa prices are still stalled out today as the market didn't really go anywhere. RSI is at a testpoint and as such we might expect a bounce tomorrow. I'm going to hold off until we get a confirmation of resistance afterwhich I'll look to sell again.
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6: JULY WHEAT
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WN5 O=12 HI=18 LO=12 C=15

Okay, wheat gave us the 317 test we were looking for when prices got to 318 for a high. I'm holding off one more day looking for a lower session as a confirmation of resistance. If we get that I might look to sell before the weekend. Maybe.
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7: JUNE CANADIAN DOLLAR
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CDM5 O=01 HI=40 LO=00 CL=35

Very strong session in the CD today as the market rallied right from the open. Our first resistance line is just above today's high, at 7950, but given today's strength I'm not certain that it will have much affect on the market.

If rates continue higher look for a 7980 and finally 8000 before getting another chance to sell.
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8: JULY SILVER
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SIN5 O=4 HI=3.5 LO=3 CL=0.5

Yep, silver ran away alright...and in the wrong direction! We have an official change in trend today as silver prices surpassed the 20 day moving average. Look for a sign of resistance for another chance to buy this market. We might get it as early as tomorrow.
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9: MARCH EURODOLLAR
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EDH6 O=.02 HI=.09 LO=.005 CL=.055

The ED gave us our 9610 test today and still remains relatively strong looking. Of course this can be deceiving as rates might adjust themselves tomorrow. Volume has been falling off with the latest rally in rates which would suggest the trend is losing steam, trouble is I don't see anything I want to put money on at the moment.
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10: WILD CARD
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No wild card market for tomorrow.
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RECOMMENDED BROKER
==================================================
If you are looking for a broker that understands the recommendations and could help you place them, call Matt Zimberg at his toll free trading desk at 1-866-658-7815 [or (561)282-6848]. You can also reach him via email at [email protected]utures.com
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"Tom's Trades" for Thursday, May 18, 2005
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1: JUNE 30 YEAR T BOND
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USDM5 O=5-27 HI=6-18 LO=5-24 CL=6-10

Due to many factors the bulls are semi in control at the moment. We could only watch as a wicked 3/4 point move up kicked off the day. I doubt we could've gotten in anyway so no big deal. We marched up to 116-18 and attempted higher twice befor failing. I sold at 116-14 and was stopped out at B/E. I resold -14 about 15 minutes later. I exited at -03 for 11 ticks, $343. That put us within the final hour ...quittin' time.

The close at 116-10 leaves us watching 116-16, 116-00 and 116-08 if needed. We equaled the Feb contract highs. I do not expect the bonds to fall off as sharply as we did then, we might even edge higher ... we'll continue our no buy zone and sell failures.
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2: JUNE EURODOLLAR
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EDM5 O=.577 HI=.595 LO=.575 CL=.582

We remain long from .555. We almost made it to the first target as we traded .595 as the high. I'll roll right there if we can edge above 96.600 tomorrow and grab .620 without ceremony if we can extend the reach that far.
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3: JUNE CANADIAN DOLLAR
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CDM5 O=01 HI=40 LO=00 CL=35

Movin' on up! Almost enough enough to trade off 7940 but not quite for me. Those less demanding of S&R (read better analysts than I) may be able to justify buying a break above 40 but then you'll have to contend with resistance at 7980. Might be hard to get comfortable with the RRR. Other than that posibility, we'll wait for 7980.
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4: JUNE MINI RUSSELL 2000
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ERTM5 O=6.70 HI=8.90 LO=5.40 CL=8.00

When the window opened we were right on 597. I bought 597.30 almost immediately. I exited voluntarily at 600.50 following a failure at 601 and change. Out with $320. I followed that with another buy. This time at 601.40. I exited at 607.80 for $640. It was obviously all over at that level. I packed it in with $960 for the day.

The full array from TT are in play for tomorrow.
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5: JUNE GOLD
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GCM5 O=0.60 HI=2.00 LO=9.30 CL=1.90

We are still trying to make up our mind here. That was a pretty strong show near end of day. 430/420 reassumed control. I t stayed in teh decision aking zone all day until the move at the end, too late by then.

$10 channel for tomorrow.
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6: JULY COTTON
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CTN5 O=.20 HI=.67 LO=.55 CL=.80

I bought 52.04. I thought there was enough juice at 52.50 to warrant just taking the profit there which I did ... out at 52.40 for $180. We'll play the same numbers from yesterday.
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7: JULY COCOA
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CON5 O=45 HI=58 LO=41 CL=53

Cocoa price action is taking on the look of a bottom forming up. We need a good bit more structure to declare it so officially. I'll continue to monitor price action watching the structure build sufficiently strong enough to trade or for a return to 1480. We discussed this market extensively in tonight's webinar.
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8: JULY CORN
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CN5 O=2.07 3/4 HI=2.12 1/2 LO=2.07 3/4 CL=2.10 3/4

We entered the long from 2.05 3/4. We did survive the night intact with neither of our orders getting hit. We opened and immediately launched to near 2.10. Predictably, we stalled there for a bit presenting an interesting management dilemma. Do we protect the trade against resistance at 2.10 or do we give it a little room to see if there is anything left in the tank.

This gives us a wonderful study to absorb, I think. On one hand we roll the stop up tight ... say 2.09 1/4 preventing the market from back tracking on us. This is what I did. Out at 2.09 1/4 for 3 1/2 cents, $162. I then bought the break above 2.10 at 2.10 1/4. Corn then quickly moved to the next S&R level at 2.12/2.13. I did the same, rolling tight to 2.11 3/4 and got stopped at 2.11 1/2 for another penny and a quarter, $62. On the day we took 'em for $224.

The alternative management couse was to simply provide a bit more room on the rolls so that you stayed in on the pause at 2.10 and then respected the strength of the 2.12 resistance. Had you elected this course you would have made 6 cents, $300 instaed of the $224. Which is correct? The answer is they both are. If you understood the concepts of my management thinking you could have reached the decision on your own dependent on YOUR specific feelings, thoughts and circumstances. Willing to take a bit more risk? Cool, pocket the $300 and move on.

Want a little tighter cruise, want to remove some risk? Tighten it up at 2.10. Is there a big difference between a winner at $224 and $300? I don't think so ... about 25% is all. By understanding management strategies you could easily have taken either approach and the coach would say, "good job". Which one YOU chose really isn't the issue. Understanding that you had choices and being in a position to confidently decide which course best suits you IS the issue! Is the peace of mind and the confidence thing worth $76? Worth a double comission?

My answer was yes. Your answer might have been NO. How cool it is to have options that make sense, that you understand and can adjust, tweak at will according to what's best for you. Do ya' see it?

For tomorrow, we'll play it either way off of 2.12 or 2.10.
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9: MAY WHEAT
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WN5 O=3.12 HI=3.18 LO=3.12 CL=3.15

I missed the first shot at 3.12 but not the second ... I bought 3.12 3/4 looking for 3.18/.19 We made it to 3.18, I rolled tight at 3.17 1/4 and was stopped at 3.17 for 4 2/4 cents, $212.

WEe'll play either way off of 3.12 or 3.18/.19 for tomorrow. Penny and a quarter stops with rolls at the next in succession whole penny. The target on the sell is 3.05 with protection at 3.07

Traders Helping Traders Daily Update for Wednesday, 5-18-05

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Erich's Update for Wednesday, May 18, 2005
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Scroll down for Tom's Trades! There is a particularly interesting commentary at the beginning for today.
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FYI
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I'm out of town Tuesday through Thursday this week so the nightly updates are likely to be a little later than usual. I apologize for any inconvenience.

-Erich
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1: JULY CORN
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CN5 O=6 1/4 HI=7 3/4 LO=5 1/2 CL=7 1/2

Nearly the identical range to yesterday as corn reinforced both resistance at 207 - 208 and support at 205. I'm still looking for a chance to sell and would consider a lower session tomorrow as my shorting signal.

Watching and waiting for now.
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2: JULY COTTON
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CTN5 O=70 HI=15 LO=45 CL=06

Anyone still have any questions as to whether support and resistance works or not? Did you notice today's low in the cotton market? Yep, 5045 (close enough to 5050 for me)...and did you notice what the market did after hitting 5050? Yessiree, a big bounce.

If you didn't exit at the 5050 target then you don't want to give this market an inch tomorrow and get those stops above the high. If you did exit at 5050 then you picked up about $2000 per contract in this home-run trade.
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3: JULY BEAN OIL
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BON5 O=05 HI=08 LO=86 CL=02

A halfhearted attempt by bean oil to head lower today as prices rallied by the close. I'm bring the exit stop down to just above the 2210 area. If the market takes out today's high I'll just take my accumulated profit and go.

Next target is support at 2161.
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4: JUNE LIVE CATTLE
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LCM5 O=80 HI=20 LO=80 CL=07.5

Cattle, you dog! Cattle prices made a smallish range today as prices were reluctant to head any higher or lower. There's a cattle on feed report out Friday so if we don't get filled tomorrow I'm pulling the trade until then.

Notice it's a little riskier than it was yesterday.

*SELL June Live Cattle at 8672
*Stop 8717
*Approximate Risk Exposure: $180 per contract
*Profit Target: 8505
*Approximate Profit Potential: $670 per contract
*RRR: 3 1/2:1
*Degree of Risk: HIGH
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5: JULY COCOA
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CCN5 O=48 HI=49 LO=35 CL=38

A little dip in cocoa today, but nothing I'm getting too excited about just yet. I was hoping to see prices test the resistance at 1470 - 1480 a bit before falling off again.

If you're still short this market time to bring in exit stops to above today's high. If the market trades through here then you're probably better off leaving.
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6: JULY WHEAT
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WN5 O=06 1/2 HI=12 LO=06 1/4 CL=10

Good day for the wheat bulls as prices rallied a bit but don't let today's action fool you, there's considerable resistance above the market, both on today's high and nearby at 317 and if the market gets to 317 we'll be all over selling it again.

Patience...patience.
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7: JUNE CANADIAN DOLLAR
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CDM5 O=74 HI=21 LO=59 CL=02

Sometimes I'm even amazed at how well support and resistance works. Did you see today's Canadian Dollar market? Did the market not bounce right where we said it would? Amazing, don't you think?

In spite of the fact that the large ranges and gaps kept us out of this trade it's still nice to see a market respecting S&R. Look for rates to increase a bit over the near term, but another big tank could be coming soon, so keep your selling orders nearby.
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8: JULY SILVER
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SIN5 O=6.5 HI=8.5 LO=5 CL=4.5

Okay, so prices fudged the 705 resistance a bit today and traded to 708 before topping out. Do you see the support on the low? This is an important resistance level for prices to break if they're going to head lower.

Yes, I'm still selling silver because the market is in a downtrend. Last week we got in a day too early so I'll give the market tomorrow to sort itself out...I just hope it doesn't run away on me!
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9: MARCH EURODOLLAR
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EDH6 O=.00 HI=.055 LO=.965 CL=.015

Nuts. It isn't often that the ED whipsaws us, but that's what happened today in this aimless market. A reversal is coming...I can feel it in my bones, but the ED's being a little coy about giving us a suitable clue so I guess we'll just have to sit it out tomorrow and wait.
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10: WILD CARD
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No wild card market for tomorrow.
==================================================
RECOMMENDED BROKER
==================================================
If you are looking for a broker that understands the recommendations and could help you place them, call Matt Zimberg at his toll free trading desk at 1-866-658-7815 [or (561)282-6848]. You can also reach him via email at [email protected]
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"Tom's Trades" for Wednesday, May 18, 2005
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Just a short preface to todays update. First, let me apologize to those who have emailed me in the last 3 weeks and are still awaiting a reply.

Between Jacki's surgery and the accompanying responsibilities of keeping her business on track, trading, writing the updates and Tom's trades, the busiest time of the year at the college, Father in laws' further slipping requiring arrangements for 24/7 care and, finally, my sister having a heart attack ... she's 6 years younger than I, that was fun to think about ... I've had to do some serious juggling.

The emails and my posting have been the primary sufferers of the demands. The grind wears on ya', huh kids? Things are getting back to normal, so please bear with me.

I did get a couple of emails along a parallel theme I thought worth sharing. The jist was that it seems like I haven't been hitting very many trades here lately and they cited Gold among a few other markets as examples. Points well taken. I'd be the first to acknowledge my reflexes have been a little slow in catching some market moves. Likewise that some markets are not producing the normal frequency of trades. While some of this is attributable to the factors enumerated above there is a deeper issue to be examined here.

First, ignore the fact that if you look at the total take each week it isn't that far off the benchmark of weeks from any other time period in my trading. Everything moves in cycles, everything ebbs and flows ... everything. These cycles impact markets, methods, strategies, rules ... and even people.

It is important knowledge to understand this factor exists. I know the pendulum swings east, west, south and north. It is an identifiable characteristic of disciplined trading. You may never see them or at least not with necessary clarity if you are essentially looking to trade every day, every session, essentially talking yourself into trades thru constant analysis with each day's close as a beginning point.

With this mentality you will never see the cycles, the ebbs and flows. It is only visible, in my opinion, to those traders who have evolved to a point where they do not use the analytical process as a "chase vehicle" to pursue what they perceive to be trading opportunities which are, in truth, just the best available today not necessarily the best trades.

We must get to a point where we decide where we trade and if it isn't there we take comfort in that fact, not treat it as some curse laid upon us by the hand of the trading gods. If you are finding a trade every day, regardless whether or not you take it, but you are doing analysis every day and finding a trade that COULD be done ... you're trading plan has room to improve ... this is the mentality of beginners ... pick a chart, any chart ... to paraphrase the old magicians mantra ... and I'll show you a trade, better yet, I'm so proficient with charts and knowledgable about indicator useage I'll show you THEE trade du jour. Periless conduct.

Recognition that there is NO trade is essential to a long term winning proposition. Having the discipline to ride this horse will allow cycles to appear and become useful tools for you. I hope you all enjoy this edition. It is a labor of love I delight in sharing with you all.
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1: JUNE 30 YEAR T BOND
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USDM5 O=5-14 HI=6-00 LO=5-08 CL=5-24

The move of the day was, no doubt, the buy ... oh well, back to the drawing board. My self imposed rule left me sitting, wiping the drool from the corners of my mouth. I sold -29 after the peak and was stopped at 24 for 5 ticks. By then we were into the final hour and done for the day.

We ended the day at 115-24 so the focus is again on 116-00, 115-24 and 115-16.

The bonds have been giving us some daily range so you'll note I have been less fixed on trading -24 and -08. Our experimentation worked reasonably well. I will NOT play them as frequently as I'd done in the past 2 weeks but will not hesitate to do so if the setup is overtly obvious. I will also play the buy off a retest of 115-00 and probably -08 as well.
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2: JUNE EURODOLLAR
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EDM5 O=.575 HI=.582 LO=.572 CL=.577

Not enough movement to move me either way. We'll sit tight.
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3: JUNE CANADIAN DOLLAR
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CDM5 O=74 HI=21 LO=59 CL=02

Still watching structure grow, nice little reebound.
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4: JUNE MINI RUSSELL 2000
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ERTM5 O=3.20 HI=6.90 LO=7.50 CL=6.90

Iwas pretty frustrated at the start of our trading window. I sold 590.70. We dropped and snapped right back. I reversed at 591.40 losing $70 and then exited at 592 almost erasing the loss. Next up I sold 590.80 and exited at 588.70 for $210. It was apparent we'd lost the momentum of the slide south. It unfortunately was not close enough to 586 to allow a reverse. I then bought 590.30 and exited at 590.20 losing $10. Next, I sold 589.70, exited at 589 making $70. For the final shot of the day I bought at 590.50. I was getting on guard the closer we got to 597. It never got there but all the symptoms of a failure just below it were self evident. I jumped ship at 596.40 pocketing a nice $590.

The full array from TT are in play for tomorrow.
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5: JUNE GOLD
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GCM5 O=0.10 HI=1.50 LO=9.30 CL=9.80

Nothing there for us today. It's trying to decide 420-30 or 420-10. The preponderance of evidence looks like it may be 420-410 especially after today's session ending dive.

$10 channel for tomorrow.
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6: JULY COTTON
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CTN5 O=.70 HI=.15 LO=.45 CL=.06

If you just looked at the closing price and saw Cotton up 5 points on the day you really didn't get the full story did ya'? Good ol' Cotton ... always good for some fireworks. The gap down was just enough to keep us sidelined.

With the close at 52.06 we're poised for action tomorrow off 52.00. Here's the scoop from yesterday which we'll follow for tomorrow. Sell a break below 52.00 with a stop at 52.11 and a B/E roll at 51.90 or 11 points below the fill. You can sell anything in the way of a break down to .85. We'll buy a retest of 52.00 that fails and begins moving higher with a stop at 51.93 and a B/E roll at 52.11. Target on the sell is 49.00 and 54 on the buy. We are in a down trend, no doubt, but this level between 51.50 and 52.00 has been a pretty effective turning point protecting the downside and today acted very much the roll of magnetic pole yanking prices right back to it ... unmistakable power.
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7: JULY COCOA
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CON5 O=48 HI=49 LO=35 CL=38

Cocoa price action is taking on the look of a bottom forming up. We need a good bit more structure to declare it so officially. I'll continue to monitor price action watching the structure build sufficiently strong enough to trade or for a return to 1480.
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8: JULY CORN
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CN5 O=2.06 1/4 HI=2.07 3/4 LO=2.05 1/2 CL=2.07 1/2

Still very much witht he scalper mentality in play I bought 2.05 3/4 and took it home with me at end of session. I have the stop working all sessions at 2.06 1/4 so theoretically I can't lose ... at least not until the gap down open:) A little trader humor there for ya'. I also have a limit order to sell at 2.09 3/4 to grab profits if we happen to get a boost that high over night ... I doubt that'll happen but be prepared is a decent model to follow.

Focus for tomorrow is 2.05 and 2.10. I'm still very much in scalp mode so I'll play either number either way ... buy or sell breaks and failed retests
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9: MAY WHEAT
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WN5 O=3.06 1/2 HI=3.12 LO=3.06 1/4 CL=3.10

I bought 3.08 1/2 fully expecting 3.12 to end the bump up. I had designs on holding this overnight as well as the Corn. However as we climbed the ladder to 3.12 and tuched it we suddenly, but not unexpectedly got a big dose of red candles. It was an engraved announcement the move was at an end ... I bailed at 3.11 1/2 picking up 3 cents, $150 with very little drama involved.

For tomorrow I'll play the 3.04 buy again as well as buying a break above 3.08 even with 3.12 looming overhead. You can bet I'll be rolled tight as a sow bug there though.

Traders Helping Traders Daily Update for Tuesday, 5-17-05

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Erich's Update for Tuesday, May 17, 2005
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Scroll down for Tom's Trades!
"Choosing a goal and sticking to it changes everything." - Scott Reed
==================================================
FYI
==================================================
I'm out of town Tuesday through Thursday this week so the nightly updates are likely to be a little later than usual. I apologize for any inconvenience.

-Erich
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1: JULY CORN
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CN5 O=6 HI=7 1/2 LO=5 3/4 CL=7

Corn stopped us out shortly after the open as prices rallied off last weeks support. Look for resistance at 210 to possibly hold the market down. If we get a reaction here I'll probably try selling again.
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2: JULY COTTON
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CTN5 O=10 HI=15 LO=00 CL=01

I take back every rotten thing I ever said about the cotton market. Today cotton fell off further allowing us to pick up a little over $1000 at our first profit target.

Remember from the weekend edition of the ezine I mentioned that this might not be the end of the move and to look for a test of 5180? Well today's low at 5200 might be as close as we get.

If you're still short this trade bring exit stops to just above 5250's resistance to protect your profits going into tomorrow. Next target is 5050.
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3: JULY BEAN OIL
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BON5 O=00 HI=23 LO=95 CL=16

Smallish day for Bean Oil as prices contended with the support at 2200 and resistance above the market at 2225. Does that number sound familiar? It should, it was the major support area at the bottom of the larger trading range. If you're still short this market bring exit stops to just above 2225 to lock in profits.

Next target is support at 2161.
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4: JUNE LIVE CATTLE
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LCM5 O=30 HI=30 LO=82.5 CL=95

Ta-da! Your friends and family are all amazed that the resistance at 8730 held today...but not you, because you know how support and resistance works you expected a reaction here today and that's exactly what we got.

While I'm not usually keen on taking a countertrend position I will consider selling cattle tomorrow if we break today's low. At the moment this appears to be a short term trade as support at 8600 could foul things up for us.

*SELL June Live Cattle at 8672
*Stop 8717
*Approximate Risk Exposure: $180 per contract
*Profit Target: 8505
*Approximate Profit Potential: $670 per contract
*RRR: 3 1/2:1
*Degree of Risk: Moderate to HIGH
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5: JULY COCOA
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CCN5 O=20 HI=54 LO=17 CL=51

As expected cocoa took a bounce off the weekly support at 1420 today. If you took profit on target then you pocketed about $660 per contract. Today's higher close looks like the market might rally tomorrow, so if you're still short bring those exit stops in above the 1460 area.
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6: JULY WHEAT
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WN5 O=05 HI=07 1/2 LO=04 CL=06 1/4

If you left your wheat stops at breakeven then you are still short this market, otherwise prices probably tagged your order during today's range for a small profit of $175 per contract. No biggie (I hope) as I think we'll get another chance in a day or two.

Watching RSI to signal our next entry. We're not done here yet!
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7: JUNE CANADIAN DOLLAR
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CDM5 O=77 HI=92 LO=55 CL=79

The Canadian Dollar free fall continued today as the market tested the support at 7850. Notice the indecisive close? We will likely see a bounce here beginning tomorrow. Once rates get back to 7950-ish we'll get more serious about selling again.
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8: JULY SILVER
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SIN5 O=4 HI=9 LO=9.5 CL=5.8

Not much of a day in silver as prices remained relatively subdued. Probably see a test of either the 705 resistance or the 682 support in the next day or two. I still like this market short though, so I'll be focusing on selling opportunities.
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9: MARCH EURODOLLAR
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EDH6 O=.99 HI=.05 LO=.99 CL=.025

The ED continued higher today but seems to be losing some of its upward momentum. RSI is still at a testpoint so a reversal tomorrow is likely. As I mentioned before countertrend trades aren't my favourites; however we do seem to have a pretty good setup for tomorrow. The only problem is that support at 9590 might cut our ride short.

*SELL March Eurodollar at 9598.5
*Stop 9603.5
*Approximate Risk Exposure: $125 per contract
*Profit Target: 9567.5
*Approximate Profit Potential: $775 per contract
*RRR: 6:1
*Degree of Risk: HIGH
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10: WILD CARD
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No wild card market for tomorrow.
==================================================
RECOMMENDED BROKER
==================================================
If you are looking for a broker that understands the recommendations and could help you place them, call Matt Zimberg at his toll free trading desk at 1-866-658-7815 [or (561)282-6848]. You can also reach him via email at [email protected]
========================================================
"Tom's Trades" for Tuesday, May 17, 2005
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1: JUNE 30 YEAR T BOND
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USDM5 O=5-14 HI=5-29 LO=5-14 CL=5-20

I sold at 115-27 and exited the trade at 115-21 for 6 ticks, $187. There was the potential for 1 more trade but with the light volume and the final hour upon us I let it go.

The close at 115-20 leaves us marking the same numbers as triggers ... 116-00, 115-16 or 115-24 if the set up is right. I still think buys are dangerous and will go at least one more day eschewing same.
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2: JUNE EURODOLLAR
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EDM5 O=.575 HI=.587 LO=.572 CL=.582

Sit tight was the answer as we suspected. Same guidance for tomorrow as given in TT.
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3: JUNE CANADIAN DOLLAR
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CDM5 O=77 HI=92 LO=55 CL=79

More down but a weak day none the less. I'm not inclined to do any thing down here until we get some definition in the structure. Sit tight.
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4: JUNE MINI RUSSELL 2000
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ERTM5 O=4.00 HI=3.50 LO=3.00 CL=3.50

I bought 586.30 not long after the traing window opened. It continued on up to the 589 level and fizzled. I exited at 588.50 picking up $220. I should have bought the break above 591 but it was too late in the day so I let it go ... unhappily.

The full array from TT are in play for tomorrow.
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5: JUNE GOLD
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GCM5 O=9.70 HI=0.10 LO=8.20 CL=9.30

Nothing there for us today. It's trying to decide 420-30 or 420-10. The preponderance of evidence looks like it may be 420-410.

$10 channel for tomorrow.
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6: JULY COTTON
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CTN5 O=.10 HI=.15 LO=.00 CL=.01

A gap down at the open took us below our number and set Cotton off on another day of price give up settling at 52.01. I will play 52.00 either way tomorrow if they give us a look at it. Gaps and almost nil retracements have made it hard for us to get anything going here.

Sell a break below 52.00 with a stop at 52.11 and a B/E roll at 51.90 or 11 points below the fill. You can sell anything inthe way of a break down to .85. We'll buy a retest of 52.00 that fails and begins moving higher with a stop at 51.93 and a B/E roll at 52.11. Target on the sell is 49.00 and 54 on the buy. We are in a down trend, no doubt, but this level between 5150 and 52.00 has been a pretty effective turning point protecting the downside.
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7: JULY COCOA
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CON5 O=20 HI=54 LO=17 CL=51

To say we found some support is an uderstatement. That was a classic bootlegger turn if ever I saw one. We'll continue to wait and watch 1480 for a chance to play.
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8: JULY CORN
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CN5 O=2.06 HI=2.07 1/2 LO=2.05 3/4 CL=2.07

Comeback Kid strikes again. That was pretty powerful stuff. I peaked in on the night session Sunday night when the market opened and again early Monday morning. It was pretty obvious we'd obliterate 2.05 on the open. I bought 2.06 at the open really hoping the power generated overnite would push us to 2.10. We only made it to 2.07 3/4 where resides some decent resistance. I bailed at 2.07 1/2 for $75. Focus for tomorrow is 2.05 and 2.10. I'm still very much in scalp mode so I'll play either number either way ... buy or sell breaks and failed retests
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9: MAY WHEAT
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WN5 O=3.05 HI=3.07 1/2 LO=3.04 CL=3.06 1/4

Same deal as Corn pretty much ... so I was ready to go at the bell. I bought 1 at 3.04 3/4 with as top at 3.03 3/4 instead of 1/4. We wasted no time in moving to 3.07 1/2 ... a decently strong resistance point. I was gone at 3.07 when I saw the failure for .02 1/4, $112.

For tomorrow I'll play the 3.04 buy again as well as buying a break above 3.08 even with 3.12 looming overhead. You can bet I'll be rolled tight as a sow bug there though.