Traders Helping Traders Daily Update for Wednesday, 4-13-05

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"Tom's Trades" for Wednesday, April 13, 2005
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Erich won't be back home til April 15th, and won't be doing any Daily Updates or Big Weekend Edition until then.

Subscribers got these on Tuesday evening - Test Drivers get theirs somewhat after the fact. If you'd like to get yours up front and on time, go to http://www.supportandresistance.com/subscribe.html
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1: JUNE 30 YEAR T BOND
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USDM5 O=1-28 HI=2-31 LO=1-19 CL=2-25

Wow ... a very strange day, indeed. EVERYBODY was on pins and needles awaiting the release of the FOMC minutes. I'm not sure I have ever seen a market so wrapped up in anticipation for a report release.

I sold one at -28 and was stopped out at 23 for 5 ticks, $156. Sold again at -28, stopped at -30 for a 2 tick loss. Which, by the way included a run down to 111-19. It was so fast I didn't have a chance to react and lock up some profits. I had the chance to buy 112-04 and passed. I was never comfortable with the Bonds all day. Soooo much talk about the FOMC minutes, volume was extremely light and we'd just moved into the final hour. If you took it you had a good shot at 20 points plus from the strategy. If not, we'll comiserate on leaving about $600 on the table. There WILL be another day, I promise:)

The close at 112-25 leaves setting up on 113-00 and 112-16 for tomorrow.
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2: JUNE EURODOLLAR
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EDM5 O=.505 HI=.520 LO=.490 CL=.510

It was NOT a down day so I left the stop "as is". The plan for tomorrow remains the same ... We remain short this market from 96.540 with our stop at 96.555. I will role it to 96.525 IF we get a down day tomorrow.

Those looking to initiate a trade in this market need to wait for another bounce to .540 or a break of .500.
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3: JUNE CANADIAN DOLLAR
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CDM5 O=11 HI=15 LO=55 CL=92

Nothing for us today. Play the same numbers from yesterday's update and add a buy on a failed retest of 8040. The stop is 8037 with a break even roll 47. The target is up at 8160-8180.
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4: JUNE MINI RUSSELL 2000
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ERTM5 O=8.80 HI=5.70 LO=1.40 CL=4.20

I watched but all my numbers were avoided until pretty deep into the day. By then I tired of the watching the market play zoom, zoom and I just moved on to see what other trades might surface.

For tomorrow, we'll play all the same numbers.
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5: JUNE $5 DOW
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EYMM5

The Dow is being retired as of yesterday. I will no longer follow this market.
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6: JUNE GOLD
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GCM5 O=1.20 HI=2.40 LO=8.30 CL=9.30

I used the failure at 428 support to buy one at 428.60. and with no where to go as end of session approached I exited at 429.40 for $80.

$10 channel and 428 for tomorrow.
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7: MAY COTTON
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CTK5 O=.90 HI=.30 LO=.75 CL=.00

It's still May for the moment but July is edging up there. Cotton missed all our numbers today. I'll play the same numbers tomorrow.
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8: MAY COCOA
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COK5 O=45 HI=60 LO=30 CL=55
CON5 O=68 HI=84 LO=55 CL=81

They did cross today so we are done with May and will trade July tomorrow.

The drop, which I could get sold, and quick rebound put me off the sell immediately. I bought 42 and on the failure at 57 I bailed at 53 for $110.

For tomorrow in JULY COCOA I will sell a break below 1555 with a stop at 61. the target is 1500 so tight management again is called for. I need to see a break of 1600 to buy.
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9: MAY CORN
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CK5 O=2.06 1/2 HI=2.07 LO=2.05 CL=2.06 3/4

They did get us out in the overnight at 2.07 3/4 as it touched 2.08 for 4 1/4 cents, $212.

Tomorrow, we will buy a failed retest of 2.03 with a stop at 2.02 1/4. Protective rolls at 2.05, 2.07 and 2.09. I will NOT buy the very obvious break above 2.07. We are scalpers.
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10: MAY WHEAT
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WK5 O=3.14 HI=3.15 1/2 LO=3.09 1/2 CL=3.11

I sold 3.14 1/2 and I'm out at 3.10 1/4 for 4 1/4 cents, $212. All the same numbers for tomorrow that we discussed yesterday.