The economic reports were hoorible. Jobless claims were up sharply
for the week and the Chicago manufacturing report was a disater
also.
I sold 119-14 and watched it turn and head north. I exited at -19
losing $156. I sold 119-15 and exited at 119-07 for $250. I sold
-14 and exited at 119-09 for $156. I missed the up at 11:30 and
the down 30 minutes later.
For tomorrow Friday traders ... of which I'm not one ... will watch
119-61 and 119-00
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2: MARCH CANADIAN DOLLAR
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CDH8 O=10046 HI=10064 LO=9902 CL=9951
The CD overnight was sharply lower.
I bought the failed retest of 9900 at 9907 which I exited at 9967
as it dropped back thru 9970 for $600. From here it went narrow
range and I watched 9975 to sell or 9950 to buy. I bought 9955
and exited at B/E. I again bought 9955 at 12:11 and exited 9967
on an OB play for $120.
Friday traders will be on top of the action at 9975.
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3: MARCH SWISS FRANC
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SFH8 O=9244 HI=9304 LO=9216 CL=9256
I'm out of numbers at the moment. We'll see what happens Friday
and try to find workable areas over the weekend. I'd sell any
failed retest near 9300 or 9250 but no buys.
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4: MARCH MINI RUSSELL 2000
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ERTH8 O=691.50 HI=719.50 LO=682.50 CL=715.00
I'm not sure why the stocks showed so much strength today. End
of month book squaring was active and may have been a factor
but whatever it was it was strong enough to overcome some horrendous
economic numbers and provided us a nice trading result for the day.
The lows were set just before 6 and the climb began from there.
The trend was firmly underway by the time we reached RTH open.
On the open we were trading back and forth both sides of 695. I
sold twice on what I thought were breaks lower and dropped $330.
I bought 695.50 ans enjoyed a nice ride up. I exited at 705.70 as
the selection of 706 as one of our numbers provided excellent
guidance and focus for us as we pocketed 1020. I bought 704.50
and exited at 709.70 as the whispers thrown by the double top at
711.89/90 was a pure command to exit if 710 were broken lower.
We're out with another $520. I bought 704.50 again and was stopped
at 702.90 losing $160. I bought 704.70 and exited at 709.70 for
$520. Again they threw a double top at a prefered number giving
us huge advice and motivation to exit thru very readable whispers.
Next up was a buy at 708.50 and an exit at 716.20 about 12:25 for
$770. I packed it up at this point as my concentrastion was waning.
All the weekend numbers are in play.
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5: MARCH MINI $5 DOW
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EYMH8 O=12390 HI=12698 LO=12239 CL=12614
I was quite tempted to buy 12350 which was staring us in the eye
at the RTH open. It wasn't a selected number so I had to wait for
the big deal number at 12400. I first sold 12388 and exited at
12405 losing $85. I then bought 12407 and held it to 12536 for
$645. I then bought 12512 and exited at 12620 for $540. I took
the fill but didn't especially like it thinking it should have been more
like 12680 or so. That's life in commodities. I was done at this point.
Stay on the Weekend numbers.
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6: FEBRUARY GOLD
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GCG8 O=928.20 HI=928.60 LO=918.30 CL=922.70
I bought 921.50 and exited at 923.30 for $180. I bought 921.60
and exited at 925.30 for $430.
The 920/930 channel is it for tomorrow. I can't play the 930/940
yet.
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The Daily Update is a publication of Daytrading by Ambush
http://www.daytradingbyambush.com
tom.mostlikely@verizon.net
Copyright (c) 2008 daytradingbyambush
========================================================
RISK DISCLOSURE!
Trading commodity Futures and options on futures involves
significant risk. You must consult licensed professionals or your
own advisors before trading to determine if it is suitable for you.
Nothing contained herein is a solicitation to trade or a recommendation
of a specific trade. You must consult your broker or advisor before
making any trade to insure current prices, margin requirements and
other factors determinant to suitability. By reading this publication
you agree to make no trade relying in whole or in part on the comments
of the writers. You agree before doing any trade contained herein
to consult your charts and advisors to verify all information and make
your own decision.
Hypothetical performance results have many inherent limitations, some
of which are described below. No representation is being made that
any account will or is likely to achieve profits or losses similar to those
shown.
In fact, there are frequently sharp differences between hypothetical
performance results and actual results subsequently achieved by any
particular trading program.
One of the limitations of hypothetical performance results is that they
are generally prepared with the benefit of hindsight. In addition,
hypothetical trading does not involve financial risk and no hypothetical
trading record can completely account for the impact of financial risk
in actual trading.
For example, the ability to withstand losses or to adhere to particular
trading program in spite of trading losses are material points which
can also adversely affect actual trading results.
There are numerous other factors related to the markets in general
or to the implementation of any specific trading program which cannot
be fully accounted for in the preparation of hypothetical performance
results and all of which can adversely affect actual trading results.
========================================================