Below is a copy of Wednesday's update. I'm sorry I don't have any new trades for you, but you'll notice that there are a few markets I'm keeping a close eye on.
Erich
---
Commodity Pick Report
Morning Call, September 29, 2010
”The money’s made in the sitting and the waiting, not the trading.” – Jesse Livermore
“There’s nothing wrong with being choosy” – Erich Senft
===============
Welcome to Commodity Pick Report!
Commodity Pick Report gives you my best hand picked trades for each week. The trades are classified according to their probability of success, with low risk trades having the greatest probability of success and high risk trades the least. There are trade management suggestions for open positions and profit targets are offered for your consideration but I would advise you to adjust recommendations to suit your own circumstances.
Remember the key to making money in trading does not require taking numerous trades; rather the best way to make money is to take multiple contracts on the most promising trades. Note: CPR trades do not account for slippage; therefore your actual fills might be slightly different than those reported here.
Here's to your success!
Erich
erich@tradershelpingtraders.com
==================================================
Position Trades
==================================================
==================================================
1: CURRENCIES
==================================================
----------
December Australian Dollar ADZ0
----------
FLAT
----------
December British Pound BPZ0
----------
The Pound is beginning to look top heavy so it’s time to get those stops a little tighter. No lower than Tuesday’s low!
CONTINUATION of Long 2 December British Pound at 156.57 (September 22)
Exit Stop: 1567.05 (stop)(GTC)
Approximate Risk: $0 per contract
1st Profit Target: 158.77 (September 28)
Approximate Profit: $1375 per contract
----------
December Canadian Dollar CDZ0
----------
FLAT – time to pull the CD trade and sit on our hands for bit.
----------
December EuroFX ECZ0
----------
FLAT
----------
December Japanese Yen JYZ0
----------
Watch List – The Yen is showing signs of slowing so I’m showing signs of getting ready to sell!
----------
December Swiss Franc SFZ0
----------
FLAT
----------
December US Dollar Index DXZ0
---------
FLAT
==================================================
2: FINANCIALS
==================================================
----------
December (2011) Eurodollar EDZ1
----------
FLAT
----------
December 30 Year T-Bond USZ0
----------
FLAT
==================================================
3: GRAINS
==================================================
----------
November Canola RSX0
----------
FLAT
----------
December Corn CZ0
----------
FLAT
----------
December Oats OZ0
----------
FLAT
----------
December Soybean Meal SMZ0
----------
FLAT
----------
December Soybean Oil BOZ0
----------
FLAT
----------
November Soybean SX0
----------
Watch List – Looks like I might get my second chance after all. Patience....
----------
December Wheat WZ0
----------
Wheat’s done. Time to pull the buy order and reassess. FLAT for Wednesday.
==================================================
4: MEATS
==================================================
----------
October Feeder Cattle FCV0
----------
FLAT
----------
October Live Cattle LCV0
----------
FLAT
----------
December Lean Hogs LHZ0
----------
Watch List – Geesch Hogs are brutal! Looking at 7450 for possible support and a buy.
==================================================
5: METALS
==================================================
----------
December Copper HGZ0
----------
FLAT
----------
December Gold GCZ0
----------
FLAT
----------
December Silver SIZ0
----------
FLAT
===============================================
6: SOFTS
==================================================
----------
December Cocoa CCZ0
----------
FLAT
----------
December Coffee KCZ0
----------
Oh yeah baby! That’s what I like to see! Coffee powered through our buy order and almost found our profit target in the same session. We should hit the profit target in the overnight, but the bigger problem here is stop adjustment. Technically it should stay where it is for at least one more day, but let your account be your guide – there’s a lot of money in play here!
CONTINUATION of Long December Coffee at 186.00 (September 28)
Exit Stop: 181.50 (stop)(GTC)
Approximate Risk: $1687 per contract
Profit Target: 191.00 (limit)(GTC)
Approximate Profit: $1875 per contract
Degree of Risk: Moderate to HIGH
----------
December Cotton CTZ0
----------
FLAT
----------
November OJ OJX0
----------
FLAT
----------
March Sugar SBH1
----------
FLAT
==================================================
Day Trading Support and Resistance Lines
==================================================
---------
December mini-DOW YMZ0
----------
Support and Resistance Lines:
10840
10760
10700
10540
10500
10460
10410
10330
----------
December mini-S&P ESZ0
----------
Support and Resistance Lines:
1145.00
1143.00
1131.00
1124.00
1117.00
1104.00
1090.00
1086.00
1070.00
==================================================
Commodity Pick Report is a publication of Traders Helping Traders.net
http://www.tradershelpingtraders.net
erich@tradershelpingtraders.net
Copyright (c) 2003 - 2009 Traders Helping Traders.net.
10 - 6078 Truesdale Street, Duncan, British Columbia, V9L 0B4
(250)748-9242 (Pacific Time Zone)
===============
My Lawyer Made Me Say
===============
Futures trading involves the substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources that Commodity Pick Report believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such.
Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results. Any dollar amount quoted is exclusive of commissions and fees.
CFTC Rule 4.41
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 ensure 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.
Got it?