Saturday, May 28, 2005

Traders Helping Traders Daily Trade Update for Friday 5-27-05

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Erich's Update for Friday, May 27, 2005
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Scroll Down for Tom's Trades!

Subscribers got these by email on Thursday evening...Test Drivers get theirs after the fact. To get yours on time, go to http://www.supportandresistance.com/subscribe.html

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1: JULY CORN
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CN5 O= 1/2 HI= 1/2 LO= 1/2 CL=

It looks as though the support at 218 is as low as corn is prepared to go given the strong rally today. This would normally be a buy signal on a break above the 225 resistance, but it's the start of a holiday weekend tomorrow, so I just don't feel safe holding a trade that long...and I have a feeling I'm not alone.
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2: JULY COTTON
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CTN5 O=0 HI=0 LO=5 CL=8

If you took the cotton trade today you would have gotten filled as prices broke the 5057 area. Bad news is the 5090 - 5100 resistance held the market down today.

Volume's weak but a retracement does look to be inorder so hopefully we'll see prices rally a little more tomorrow. Bring exit stops below the low to take some of the sting out if things don't go our way.
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3: JULY BEAN OIL
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BON5 O=5 HI=6 LO=3 CL=8

Well Bean Oil prices broke the 2340 resistance today in a big way. I wasn't too keen on the sell position but that's the way the trade was setting up - so I'm just as glad we didn't get filled.

Nothing for tomorrow.
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4: JUNE LIVE CATTLE
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LCM5 O=5 HI=2.5 LO=5 CL=0

If you were trailing stops above yesterday's high the market would have taken you out of the trade today as we saw a bit a bounce off the 8435 support line.

Still expecting prices to head lower though, but I don't think I want to try selling them tomorrow.
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5: JULY COCOA
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CCN5 O=5 HI=7 LO=3 CL=5

Cocoa fell off enough today that we can bring in our exit stops a bit. Consider placing them above the 1430 resistance to take most of the risk out of the trade. If you wanted you could bring them to breakeven for tomorrow; however that could make things a little too tight.
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6: JULY WHEAT
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WN5 O=9 HI=9 1/4 LO=6 CL=7 3/4

Nearly the same range as yesterday but a much more bullish session overall. Like corn we would normally be ready to buy a break above 340 tomorrow; however just like corn I don't feel safe doing so before the long weekend.

Hoping for a stall and a second chance on Tuesday.
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7: JUNE CANADIAN DOLLAR
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CDM5

Caught a break in our CD trade as the market gapped lower so our exit stop was never threatened. Move exit stops at least to the 7915 resistance or even to breakeven if you like.

Hopefully we'll see a continuation lower tomorrow.
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8: JULY SILVER
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SIN5 O= HI= LO=.5 CL=.2

Okay, so silver made a liar out of me again today when it smudged the 720 resistance and rallied to 724. Look at the overall session though. See how low the market closed relative to the rest of the day? This is normally a sign of indecision.

Either way I'm not touching this one with my 10 foot trading pole tomorrow.
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9: MARCH EURODOLLAR
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EDH6 O=02 HI=03 LO=975 CL=00

Oy vey! The ED found our sell order today, but notice how low the market got? Yep, right on the 9597 support which also happens to be the price trendline. the hook in RSI but it's trading at the 50% level.

At least the risk is small if things back up on us tomorrow, but we'll see which trendline holds: prices or RSI.
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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 Friday, May 27, 2005
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1: JUNE 30 YEAR T BOND
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USDM5 O=-10 HI=-22 LO=-05 CL=-13

First trade of the day we sold 116-14. Smooth to -08 and then a bounce sufficient to catch my roll to -11, out with 3 ticks. I saw the weakness at -08. I toyed with the idea of taking my profits right there ... should have, filed away for future use. Bonds resumed the march south before pulling up at -05. Didn't get low enough to give me an entry on the second failure at -05. I wanted back in long real bad watching what I was watching. I bought 1 at -09 and exited at -18 for 9 ticks. We're at 12 ticks. We were no doubt headed for a sell on the break of -16 ... we ran out of time. Happy with the 12, $375.

Bonds settled at 116-13 so our sights rest on 116-16, 116-00 and 117-00. 116-08 and -24 are in the mix but secondarily only.
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2: JUNE EURODOLLAR
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EDM5 O=580 HI=580 LO=575 CL=580

This one is getting a little long in the tooth. The sheer weight of the chart has me thinking odds favor a break lower than higher. If we get a pop to .600 or anything higher than that tomorrow I'm on it. Failing that I'll content myself with hanging on 'til Monday.
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3: JUNE CANADIAN DOLLAR
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CDM5 O=4 HI=7 LO=9 CL=9

Nothing doin' down here for me. We are observers for the moment.
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4: JUNE MINI RUSSELL 2000
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ERTM5 O=.80 HI=.40 LO=.60 CL=.80

As the window opened the Russell was bounce around low to mid 609, just sorta' drifting. Things finally heated up a bit and off we went. I bought 610.30. We looked pretty strong moving to 611.50 but it failed. I ducked out the back door at 610.80 for $50. I bought 610.30 again about 20 minutes later. This one worked a little better. Zoom, zoom ... bounded right up thru 613, I protected there, broke 14, I protected there.

I'm out at 614.20 with $390. Once we'd gotten above 614, I wanted no part of a long as it came back below 14. I sold 613.70 and got stopped at 612.30 for another $140. I sold 612.90 and lost $30, I sold 612.90 again and was stopped at B/E. I next sold 613.70 and exited at 612. 60 for a whopping $110. I was done for the day with $660.

The full array of previously identified levels in TT are at play tomorrow. I don't see any evidence we need to add or subtract any numbers from the array.
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5: JUNE GOLD
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GCM5 O=.80 HI=.80 LO=.10 CL=.00

The Channel kept safe and dry in the midst of a very choppy day. $10 channel for Friday.
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6: JULY COTTON
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CTN5 O=60 HI=90 LO=35 CL=38

Hooked on 50.00 and no other for tomorrow.
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7: JULY COCOA
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CON5 O=5 HI=7 LO=3 CL=5

I think this area, although not bleesed of major S&R is worth a stab at a buy. I'll buy a break above 1420 with a stop at 1413 for tomorrow. Get it to B/E above 1428. First protection at 1440 and look hard at profit taking at 1460 unless we are smokin' thru it.
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8: JULY CORN
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CN5 O=2.22 1/2 HI=2.25 1/2 LO=2.20 1/2 CL=2.25

I bought 2.20 3/4. When we got to 2.23 1/2 it quickly fell back to 2.21 1/2. Most of our profit was eaten up by the pullback so I left the stop alone at B/E. Fortunately it did rebound. We got to 2.24 1/2 and died. I took the profits at 2.24 even for $162.

I'm playing 2.24 either way tomorrow. Still penny and a quarter stops and B/E rolls. Target 2.30 on the buy and 2.12 on the sell.
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9: MAY WHEAT
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WN5 O=3.29 HI=3.39 1/2 LO=3.26 CL=3.37 3/4

We just missed our 3.25 at the open. Very frustrating. We missed a nice one. I'm on 3.40 for tomorrow ...either way ... penny and a quarter stops and B/E roll.

Traders Helping Traders Daily Trade Update for Thursday 5-26-05

==================================================
Erich's Update for Thursday, May 26, 2005
==================================================
Scroll Down for Tom's Trades!

Subscribers got these by email on Wednesday evening...Test Drivers get theirs after the fact. To get yours on time, go to http://www.supportandresistance.com/subscribe.html
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1: JULY CORN
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CN5 O=4 1/2 HI=7 1/2 LO=8 1/2 CL=2 3/4

In case some of you were wondering why I wasn't looking to buy a break above the obvious resistance at 225, today the market gave you your answer. Today's session was only to clear the tables folks as prices ran through both support and resistance before stalling out again.

With the holiday weekend fast approaching tomorrow is really our last day to trade so taking any position right now is extremely risky. I would rather wait for a more subdued session where we can get our bearings.

I know you're anxious, but I recommend we wait just a little longer.
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2: JULY COTTON
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CTN5 O=10 HI=45 LO=87 CL=37

I'm a little surprised that cotton didn't rally harder today, but the set up now looks as though the market is almost sure to make a rally tomorrow (I think). ;-)

Those of you who have been around for a while will recognize this as a countertrend trade, which you know I hate...but the setup is very promising.

Don't fret if you decide to pass on the trade as we'll get another chance to sell very soon (next week). If you do take the trade I strongly recommend the use of a profit taking order as the move is definitely limited.

*BUY July Cocoa at 5057
*Stop 5008
*Approximate Risk Exposure: $250 per contract
*Profit Target: 5248
*Approximate Profit Potential: $950 per contract
*RRR: 3 1/2:1
*Degree of Risk: Moderate to HIGH
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3: JULY BEAN OIL
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BON5 O=02 HI=39 LO=00 CL=25

Hmmm, 2339...do we think that's close enough to 2340?

Got the test today folks, notice too that RSI is testing the trendline. This is our signal to get our act together and try to sell this market short tomorrow.

Technically the market is still in an uptrend, so this is also a countertrend trade (at the moment); however if we get a decent move to the downside it should easily bring us into bearish territory again. If you choose, you can sit out tomorrow and wait for the confirmation before selling, that's always safer.

*SELL July Bean Oil at 2296
*Stop 2341
*Approximate Risk Exposure: $270 per contract
*Profit Target: 2077
*Approximate Profit Potential: $1314 per contract
*RRR: 4 1/2:1
*Degree of Risk: Moderate to HIGH
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4: JUNE LIVE CATTLE
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LCM5 O=35 HI=65 LO=20 CL=60

A bounce is looking likely for cattle prices tomorrow so if you're still short this market you'll want to have your exit stops above today's high by a couple of ticks to protect as much profit as possible.

Once the pullback is over we can look at re-selling the market, but probably not until after the holiday weekend.
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5: JULY COCOA
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CCN5 O=40 HI=50 LO=27 CL=29

Got short cocoa today on a halfhearted breaking of 1430's support - definitely not the way I wanted to get filled, but not a surprise after yesterday's stronger session.

Hoping to see something more aggressive tomorrow so we can get our stops to breakeven. First target is support at 1319.
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6: JULY WHEAT
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WN5 O=34 HI=39 3/4 LO=25 1/2 CL=30 1/4

Another tug-o-war day in the grains as wheat mimiced what we saw in corn. Big clean out day...but I think we'll wait for the dust to settle before re-entering. Call me greedy, but I'm still expecting a test of support at 321.
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7: JUNE CANADIAN DOLLAR
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CDM5 O=38 HI=54 LO=00 CL=17

Things started well for us in the CD as rates fell off as expected, unfortunately the 7900 support seems to have gotten in the way and held rates fast for the day. Hoping to see the market continue lower tomorrow without finding our stop...which will require a bit of luck.
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8: JULY SILVER
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SIN5 O=1 HI=5.5 LO=0 CL=3.8

Strong day in silver as prices rallied the whole session. I'd look at buying but there's resistance at 720 that's making me a touch shy.

Just watchin and waitin tomorrow.
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9: MARCH EURODOLLAR
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EDH6 O=.03 HI=.07 LO=.005 CL=.04

The ED rallied a little higher today and never found our entry order to the short side. We're getting close to the 9610 resistance again and it will be interesting to see if it is still enough to hold rates down.

Running yesterday's trade tomorrow, but I doubt we'll get filled.

*SELL March Eurodollar at 95.985
*Stop 96.025
*Approximate Risk Exposure: $100 per contract
*Profit Target: 95.785
*Approximate Profit Potential: $500 per contract
*RRR: 5:1
*Degree of Risk: Moderate to 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]
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"Tom's Trades" for Thursday, May 26, 2005
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1: JUNE 30 YEAR T BOND
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USDM5 O=7-01 HI=7-08 LO=6-07 CL=6-14

It took us 2/3rds of the day to get there but, get there we did. I sold 116-28. We easily cruised our way down to 116-07 where upon I threw in a market to exit. We exited at 116-10 for 18 ticks, $562. I thought seriously about buying -08 right after. I thought it looked a lot like a bounce ... I let it go as the market slipped higher ... too high it turns out by the time I made up my mind. I don't thoink I could've gotten -08 or -09 anyway.

The close at 116.14 zeroes our sights on 116-16 or 116-00. First buy is 115-16 or possibly -28 if all is aligned properly.
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2: JUNE EURODOLLAR
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EDM5 O=.585 HI=.590 LO=.575 CL=.580

We're still long from 96.555 with the stop set at B/E. I'm poised to grab .600. We'll see, eh?
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3: JUNE CANADIAN DOLLAR
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CDM5 O=38 HI=54 LO=00 CL=17

I'm still not seeing anything to shout about. I'll remain committted to 7980 for the moment. This is subject to change everyday.
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4: JUNE MINI RUSSELL 2000
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ERTM5 O=1.60 HI=2.00 LO=4.80 CL=6.80

I think this might have been the most fun day of trading the Russell so far. The window was raised with the market in mid fall from 611. I jumped on selling 609.80. We easily dispatched 607 and didn't let up a bit until we'd arrived at 605. I watched 10 minutes worth of candles and then banked the trade exiting at 605.40 picking up $440. From there we made a pretty smooth climb back to 607. I bought 607.40 only to be stopped at 607.30 losing $10. I sold 606.80 and closed it at 606.40 for a small commission paying gain and not much more. Next up we bought 607.40 before rocketing back to 610 ... ok, 609.90. I eventually bailed at 609.10 for another $170 which ended my battle with the Russell for the day.

The full array of previously identified levels in TT are at play tomorrow. I don't see any evidence we need to add or subtract any numbers from the array.
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5: JUNE GOLD
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GCM5 O=7.30 HI=9.00 LO=7.10 CL=8.90

Another nothing day. $10 channel for tomorrow ... and a whole bunch of patience.
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6: JULY COTTON
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CTN5 O=.10 HI=.45 LO=.87 CL=.37

Right after the open we had 2 big range candles. I tried to seel the first ... couldn't get it. I turned right around and tried to buy it on the next ... couldn't get it either. I know when I'm not wanted at a party. I split.

Hooked on 50.00 and no t=other for tomorrow.
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7: JULY COCOA
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CON5 O=40 HI=50 LO=27 CL=29

Not today. I'll again play 1460 break out tomorrow. I've repeated yesterday's text to so it's handy.

I will buy a break above 1460 tomorrow with a stop at 1453. Roll to B/E at 1468 and use 1500 as the target. Roll tight, really protect 1480 on the way. TT numbers are still in play as well should we see 1480 or 1500.
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8: JULY CORN
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CN5 O=2.24 1/2 HI=2.27 1/2 LO=2.18 1/2 CL=2.22 3/4

Biggest single range day of the July contract ...so far., 9 cents. The big ... almost 3 cents ... gap open higher pulled the rug from under us. I watched. 2.20 is the number for tomorrow; we'll trade it either way. I'll also take a shot at 2.24 either way. Penny and a quarter stops and rolls.
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9: MAY WHEAT
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WN5 O=3.34 HI=3.39 3/4 LO=3.25 1/2 CL=3.30 1/4

We sold 3.34 1/2. 3.25 just leapt off the chart as the target. Wheat went pretty much straight to it and prompty bounced back 5 cents. I'm out at 3.27 for 7 1/2 cents, $375.

I'll play 3.25 either way tomorrow along with these suspects ... 3.20, 3.35 and 3.40.

Traders Helping Traders Daily Trade Update for Wednesday, 5-25-05

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Erich's Update for Wednesday, May 25, 2005
==================================================
Scroll Down for Tom's Trades!

Subscribers got these by email on Tuesday evening...Test Drivers get theirs after the fact. To get yours on time, go to http://www.supportandresistance.com/subscribe.html

"Life shouldn't be printed on dollar bills." - Clifford Odets
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1: JULY CORN
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CN5 O=4 1/2 HI=4 1/2 LO=0 1/4 CL=1 1/4 1/2

Corn formed resistance today at 225 and promptly retreated from there. Not a big surprise given the large session from the day before - a little trader's remorse is to be expected after a session like that.

We could look at buying above the 225 resistance, but I feel like being really picky. Now that resistance has formed I would look for prices to retreat to the 217 support, from where we'll look at buying back in. On hold for tomorrow.
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2: JULY COTTON
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CTN5 O=25 HI=90 LO=61 CL=08

Cotton's getting ready to rally as prices continue to test the 5100-ish resistance. RSI is beginning to slope a little higher which makes me think we'll see a run up tomorrow...but since it's countertrend I think I'll let it pass.

If you're into buying the market however I would look to take profit as we approach 5250 resistance, from where I think we'll see a reversal.
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3: JULY BEAN OIL
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BON5 O=62 HI=97 LO=60 CL=87

Nearly the identical session as yesterday as bean oil prices continue to struggle against the 2300 resistance. I still think we will see prices poke through to 2340 before giving up. Think we'll see one more higher session before we look at selling again.
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4: JUNE LIVE CATTLE
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LCM5 O=60 HI=90 LO=40 CL=45

A slightly more subdued day in the cattle market today as prices looked bearish on the surface, but didn't really go anywhere. I'd like to see prices pullback a bit to give us another chance at this trade, but if you did take it short yesterday you might want to protect some of those profits and bring stops above today's high.
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5: JULY COCOA
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CCN5 O=66 HI=68 LO=34 CL=36

Got the bounce off 1470 resistance today. Pretty cool, huh? Okay, now we've got a good chance to get back into this market, and hopefully cocoa will respect our support and resistance numbers. I hope.

*SELL July Cocoa at 1429
*Stop 1453
*Approximate Risk Exposure: $240 per contract
*Profit Target: 1319
*Approximate Profit Potential: $1100 per contract
*RRR: 4 1/2:1
*Degree of Risk: Moderate to HIGH
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6: JULY WHEAT
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WN5 O=32 1/2 HI=33 1/2 LO=29 1/2 CL=32

Wheat gave us a more moderate reaction than the corn market did today. The session was rather small, especially when you consider it next to yesterday's huge rally.

We're obviously in an uptrend now, and like corn I'm going to hold out and hope that we will see a little more testing of support before the next rally. I won't hold on too long though. Anything near the 321 support is going to get me thinking "buy" again.
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7: JUNE CANADIAN DOLLAR
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CDM5 O=43 HI=57 LO=13 CL=34

The Canadian Dollar didn't get high enough to test our resistance at 7980 but is showing signs of weakening. A quickie reversal might be in order tomorrow which is why I'm looking at running the sell trade again. I've adjusted the parameters to reflect the higher rates we're trading at.

If we finally get the 7980 test tomorrow I hope that rates don't range low enough to find the order. This is making the trade a little riskier than if we did see a 7980 test already.

*SELL June Canadian Dollar at 7907
*Stop 7927
*Approximate Risk Exposure: $200 per contract
*Profit Target: 7807
*Approximate Profit Potential: $1000 per contract
*RRR: 5:1
*Degree of Risk: Moderate to HIGH
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8: JULY SILVER
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SIN5 O=7 HI=1.5 LO=6 CL=0.3

Yeech! Day's like this annoy me as silver is just ranging for the sake of ranging. The market's not really going anywhere and it's not giving us a clear indication of what it wants to do either. Just watchin and waitin tomorrow.
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9: MARCH EURODOLLAR
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EDH6 O=.03 HI=.04 LO=.995 CL=.025

The ED is still toying with the 9610 resistance as rates refused to go any higher today. Actually they did trade somewhat higher, but nothing substantial.

We're left with the same problem as before, namely we can't sell because it's countertrend and can't buy because of the 9610 resistance. RSI is at a testpoint however so I expect to see rates fall off tomorrow.

Should we live on the edge anyway? Sure, why not...

*SELL March Eurodollar at 95.985
*Stop 96.025
*Approximate Risk Exposure: $100 per contract
*Profit Target: 95.785
*Approximate Profit Potential: $500 per contract
*RRR: 5:1
*Degree of Risk: Moderate to HIGH
==================================================
10: WILD CARD
==================================================
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 Wednesday, May 25, 2005
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Yesterday's computer break down forces us to play a little catch up, informationally speaking. The plan for this edition is to share what was done on Monday with you, discuss what most likely should have been on today, Tuesday and finally we'll set the table for Wednesday's trade. I didn't do much trading today since the 'puter didn't get working until about 10am my time.
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1: JUNE 30 YEAR T BOND
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USDM5 O=7-01 HI=7-08 LO=6-19 CL=6-30

We gapped lower at Monday's open which I don't think fooled anyone. We were headed higher given all the talking head speculation about rates, inflation(lack of) and I even heard someone advancing a case we'd see a rate decrease. Yeah right. The problem in part is the FED has no credibility after the debacle of the last meeting.

I bought 115-25 and the Bonds made the Mazda sound ... zoom, zoom. We made it to 116-10, paused pulling back to -06 and then resumed the climb to 116-20. I made the stop 116-17 at that point. They promptly came and got us. We bagged 24 ticks, $750. That was all she wrote for Monday. Tuesday we gapped up and continued an early show of strength. It failed at the then high of 117-08 worked lower giving an ooportunity to sell -28. This trade would have ended with a B/E stop being hit. A bit later a chance to again sell 29 appeared. It looks to me like this one would have ended up B/E as well ... maybe made 2-4 ticks depending on how rabid was your management.

Today's close at 116-30 puts us on 117-00 or 116-16 for tomorrow. No buy zone until 115-16 or possibly 115-24.
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2: JUNE EURODOLLAR
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EDM5 O=.580 HI=.585 LO=.577 CL=.580

We maintained the staus quo over both days. I'm a wee bit surprised we did get a bump in prices here today. We are still long from 96.555 with the stop set at B/E.
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3: JUNE CANADIAN DOLLAR
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CDM5 O=43 HI=57 LO=13 CL=34

Still waiting on structure or a move to 7980. We got closer with the Monday/Tuesday action but still not there yet.
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4: JUNE MINI RUSSELL 2000
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ERTM5 O=3.90 HI=4.70 LO=9.80 CL=2.00

The window opened and I bought 610.40 and exited the trade at 612.80 after it broke back below 613 for $240. I actually sold 2 at this point exiting the long and establishing a short. This one went right straight to 610 and bounced ... I bailed at 610.60 picking up another $220. I again reversed this time buying 2. It went right back to 613 so I jumped out at 612.60 for another $200. I probably should have reversed again but I was out of wind, couldn't keep the momentum up. I took a breather.

I came back just in time to watch it fail near 613 on 3 consecutive 5 min candles. I sold 612.70 ... stopped out at 613.20 for a $50 loss. I was burned out so I quit for the day. By quitting when I did I missed 2 more small trades but might have made another $200-$300 had I the requisite stamina. I didn't trade Russell at all today, just too much interference to overcome. It looks like we missed a couple of buys at 610 and maybe 1 or two sells off 613. Bully for you if you got 'em. Especially in a market like the Russell, if you can't get your mind clear of any and all distractions ... take a chair on the sidelines.

The full array from TT are in play for tomorrow. Remember the Forum amendment courtesy of Steve F. We'll play 614 as a range 613-614. This means we sell breaks below 13 and buy breaks above 14.
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5: JUNE GOLD
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GCM5 O=8.50 HI=9.30 LO=7.40 CL=7.70

I think, in retrospect, I could've done better here on Monday. The test of the upper edge of 420 was a little light at 418.50 but it sure enough was a valid confirmation. I should have sold it but didn't. It wouldn't have been a real big trade within the confines of the $10 channel only producing maybe a tad over a $100, but I think it was a valid trade and I missed it. It was a good mind jogger for Tuesday though. Wioth Monday's thoughts fresh in your mind it would have definitely made you more amenable to the dish laid on the Tuesday table. I wasn't able to pounce with the 'puter down but you should have. It was a sell after the touch on 419.30. You should have been filled about 418.60-.40. You should have been out of the trade about 417.70 or so. Again, not a bank breaker but a solid setup just the same.

$10 channel for tomorrow.
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6: JULY COTTON
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CTN5 O=.25 HI=.90 LO=.61 CL=.08

I tried to buy on Monday as we broke above 50.10. I couldn't get the trade done. I could only watch it rise to 51.00 and then come all the way back closing at 50.10. Tuesday I would have tried to sell the break below 50.00. You might not have been able to get this done which wouldn't have been so bad as it was probably a B/E trade at best. Looks also like I would have bought the break back above 50.10. That trade looks like it had a chance of being filled at 50.10-.15. Worst case we would've been out at 50.50-50.65. That would have produced, worst case, about 35-40 points, $175-200 of profit.

We closed today at 50.08 so we'll be right back tomorrow to play the TT numbers.
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7: JULY COCOA
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CON5 O=66 H=34 CL=36

A lot of numbers repeating themselves over the past few sessions. We're getting there slowly but surely. I did no trades either day.

I will buy a break above 1460 tomorrow with a stop at 1453. Roll to B/E at 1468 and use 1500 as the target. Roll tight, really protect 1480 on the way. TT numbers are still in play as well should we see 1480 or 1500.
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8: JULY CORN
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CN5 O=2.24 1/2 HI=2.24 1/2 LO=2.20 1/4 CL=2.21 1/4

We called the strength pretty good over the weekend. The opening gap on Monday was just a little too far above 2.17 1/2 to warrant jumping on. I had to let it go. Then on Tuesday just the opposite ... a big failure on the open. 2.24 and 2.22 were certainly "what's most likely" numbers at which to suspect a failure. You couldn't have gotten anything done at .24 but you could have at .22. 2.20 was also a good number to protect so you might have made a little selling off the break of 2.22.

I'll play 2.20 tomorrow buying a retest that fails to break it as it starts rising. I'll also sell a break below 2.20. Use the stops and rolls from TT ... penny and a quarter. I'll also play 2.17 the same way as well should we get there.
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9: MAY WHEAT
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WN5 O=3.32 1/2 HI=3.33 1/2 LO=3.29 1/4 CL=3.32

Wheat also gapped open strongly on the open Monday. 3.18/3.19 was a big S&R area we wrote about not too long ago. I bought 1 at 3.19 on Monday. We shot right thru the target area for the Weekend TT trade. The next level was 3.29. We got to 3.28 1/2, I rolled to 3.27 1/2 and was stopped at 3.27 even for 8 cents, $400. We broke above 3.29 a few minutes later and I tried to buy 3.30 or better and couldn't get so I missed the rest of the run to 3.36. Today we got a little pullback seeing 3.29 1/2 as the low.

For tomorrow I'll look for a retest as high as 3.38. If that should fail I'll be a seller as it comes back thru 3.35. I'll also buy a break above 3.38. Penny and a quarter stops and B/E rolls.
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