A very quiet day all things considered. Crude was making everyone
think inflation, economic reports were slightly better than forecast.
Market was pretty quiet. The result was a failed attempt to go higher
and a failed attempt to go lower ... stalemate on direction.
In early am action we slipped thru 116-16. I bought 116-03 after
the failure to pop lower at 115-30. We climbed from there to tap -17
and then -18. I exited at 116-15 for $375. I next bought 116-19 and
sweated out a half an hour of sideways action. We got a little pop
up to 116-24 and I exited on the failure there using OB theory to
bail at BE. I then sold -15 and was stopped at -19 losing 4, $125.
I next sold 116-14 and exited at 115-24 after tapping on -20 twice.
We bagged 22 ticks for $687.
For Wednesday we'll watch 116-00 and 115-16 for first action.
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2: MARCH CANADIAN DOLLAR
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CDH8 O=9932 HI=9948 LO=9824 CL=9827
The CD opened on a decidedly weak note. I sold 9941 and enjoyed
quite the ride down to 9880. Since 9880 was one of our ambush
points and therefore a management guidance number I exited at
9883. This was an easy exit for me.
Once we broke 9880 and it came back above it there was little
reason to stay in the trade beyond that point. As if to validate our
decision to exit and the process we used to do so the CD went on
a sideways drift bracketed by 9890 and 9880 for over an hour
and a half. We picked up $580 and never sweated anything.
I followed up with a sell as 9880 broke at 9875. I exited this
trade at 9843 grabbing another $320. I bought 9855 later in
the day and was stopped at BE. The CD completed the run down
to 9820, drifted and then turned back higher
All the weekend numbers for tomorrow, Wednesday
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3: MARCH SWISS FRANC
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SFH8 O=9135 HI=9155 LO=9133 CL=9141
The dollar starts the weak with a decided negative bias. The Swiss,
Euro and yen are the beneficiaries. The fact one of the Swiss major
banks took a very significant write down last night and the Franc
withered the storm not losing a thing is ample evidence the Swiss is
one of the definite "flight to quality" currencies.
We'd said 9160 was a great ambush spot and, indeed, the SF made
a sharp break fronm there just before the RTH open. We didn't get
down to 9120 which would have been my guess. I just sat and watched.
About 8:20 we climbed back to 9160. When it touched and turned I
sold 9155 but got stopped at BE just moments later. It went to almost
9135 but I never saw a number worth playing.
Stay after the same numbers for weekend guidance for tomorow,
Wed. The break above or below looks very juicy to me. Buy or sell
as the whispers dictate.
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4: MARCH MINI RUSSELL 2000
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ERTH8 O=703.70 HI=713.00 LO=699.50 CL=706.40
The world action on Monday was quite firm leading me to thoughts
we'd be firm on the opening this am. Sure enough, the Russell was
climbing nicely into the open, touching 714 as the bell rang. I sold
712.50 shortly thereafter and exited at 706.30. 706 was one of
our ambush numbers which had just been broken anf then the market
jumped higher back thru it - easy exit for $620. I next sold 707.50
on a break below 708. We exited here at 703.60 for $390. We then
bought 704.50 and exited at 707.50 for $300. I bought 706.50
and exited at 709.70 on an OB play for $320. I then sold 707.50
and exited at 701 for $650. I thought they clipped me a yard on
the fill but hey, ok.
All the weekend numbers are in play.
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5: MARCH MINI $5 DOW
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EYMH8 O=12347 HI=12519 LO=12306 CL=12388
I was pretty busy in the Russell and Bonds. Having missed last
week I wanted to make sure we got off to a nice start to the week.
I wasn't going to have time to watch the DOW in earnest. Last night
I laid out the strategy I followed this am. I se =t an alarm for 12500.
It went off and I sold 12485 and exited at 12400 for $425. I
missed the big 150 point plus drop late in the day because I just
could not stay on top of all I was doing.
Stay on the Weekend numbers.
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6: APRIL GOLD
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GCJ8 O=915.00 HI=930.00 LO=915.00 CL=926.70
Big range higher today with the bulls firmly in control.
No trades today.
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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
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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
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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
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in actual trading.
For example, the ability to withstand losses or to adhere to particular
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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
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========================================================