Commodity Pick Report
Morning Call, March 16, 2011
"The money's made in the sitting and the waiting, not the trading." - Jesse Livermore
"There's nothing wrong with being choosy" - Erich Senft
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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
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Position Trades
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1: CURRENCIES
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March Australian Dollar ADH1
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FLAT
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March British Pound BPH1
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FLAT
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June Canadian Dollar CDM1
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FLAT
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March EuroFX ECH1
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The EC came up just one tick short of our profit target. The "right" play is to bring the stops under Tuesday's low; however with the big declines in the other currencies don't be shy about going tighter.
CONTINUATION of Long 2 June EuroFX at 13930 (March 14)
Exit Stop: 13830 (stop)(GTC)
Approximate Risk: $1250 per contract
Profit Target: 14000 (limit)(GTC)
Approximate Profit: $875 per contract
Degree of Risk: HIGH
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March Japanese Yen JYH1
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FLAT
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June Swiss Franc SFM1
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The Swissy was more cooperative and found our profit target and gave us enough room to get the trade to breakeven for Wednesday.
CONTINUATION of Long 2 June Swiss Franc at 10825 (March 14)
Exit Stop: 10825 (stop)(GTC)
Approximate Risk: $0 per contract
1st Profit Target: 10925 (March 15)
Approximate Profit: $1250 per contract
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March US Dollar Index DXM1
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FLAT
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2: INDICES
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December Eurodollar EDCZ1
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Well at least the ED found our profit target! Momentum has taken a big shift lower so expect your stops to be challenged.
CONTINUATION of Long December Eurodollar at 994200 (March 10)
Exit Stop: 994200 (stop)(GTC)
Approximate Risk: $0 per contract
1st Profit Target: 995000 (March 15)
Approximate Profit: $200 per contract
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3: GRAINS
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May Canola RSK1
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Gotta love it! Roll dem stops to lock in more profit.
CONTINUATION of Short May Canola at 5880 (March 8)
Exit Stop: 5600 (stop)(GTC)
Approximate Risk: $0 per contract
1st Profit Target: 5680 (March 9)
Approximate Profit: $400 per contract
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May Corn CK1
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FLAT
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May Oats OK1
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FLAT
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May Soybean Meal SMK1
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FLAT
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May Soybean Oil BOK1
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FLAT
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May Soybean SK1
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FLAT
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May Wheat WK1
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Oh baby! This one's going to help pay a few bills. Roll the stops above Tuesday's high (or better).
CONTINUATION of Short May Wheat at 810 3/4 (March 7)
Exit Stop: 733 (stop)(GTC)
Approximate Risk: $0 per contract
1st Profit Target: 777 3/4 (March 9)
Approximate Profit: $1650 per contract
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4: MEATS
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March Feeder Cattle FCH1
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FLAT
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June Live Cattle LCM1
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FLAT
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April Lean Hogs LHJ1
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FLAT
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5: METALS
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March Copper HGH1
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FLAT
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April Gold GCJ1
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FLAT
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March Silver SIH1
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FLAT
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6: SOFTS
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July Cocoa CCN1
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FLAT
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March Coffee KCH1
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FLAT
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March Cotton CTH1
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FLAT
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March OJ OJH1
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FLAT
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May Sugar SBK1
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Sugar Bears won the fight (hurray) giving us really really really big profits. Exit stops should be no further than Tuesday's high.
CONTNIUATION of Short 2 May Sugar at 2960 (March 10)
Exit Stop: 2800 (stop)(GTC)
Approximate Risk: $0 per contract
1st Profit Target: 2830 (March 11)
Approximate Profit: $1456 per contract
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Day Trading Support and Resistance Lines
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March mini-Russell TFH1
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Support and Resistance Lines:
853.0
840.5
833.5
828.0
824.0
818.0
809.0
805.0
802.0
798.0
793.0
788.5
782.0
773.0
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March mini-S&P ESH1
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Support and Resistance Lines:
1359.00
1346.00
1342.00
1332.00
1325.50
1320.00
1315.00
1310.00
1305.00
1300.00
1295.00
1291.00
1287.00
1280.00
1278.00
1260.50
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Commodity Pick Report is a publication of Traders Helping Traders.net
http://www.tradershelpingtraders.net
erich@tradershelpingtraders.net
Copyright (c) 2003 - 2011 Traders Helping Traders.net.
10 - 6078 Truesdale Street, Duncan, British Columbia, V9L 0B4
(250)748-9242 (Pacific Time Zone)
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My Lawyer Made Me Say
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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?