Commodity Pick Report
Morning Call, April 12, 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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June Australian Dollar ADM1
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FLAT
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June British Pound BPM1
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It's looking like the Pound is going to reverse off resistance so I'm going to bring the exit stops in tighter still.
CONTINUATION of Long June British Pound at 16060 (April 1)
Exit Stop: 16290 (stop)(GTC)
Approximate Risk: $0 per contract
1st Profit Target: 16220 (April 4)
Approximate Profit: $1000 per contract
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June Canadian Dollar CDM1
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FLAT
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June EuroFX ECM1
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FLAT
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June Japanese Yen JYM1
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Watch List - The Yen's found support and trading higher. Keep on the lookout for resistance and another chance to SELL.
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June Swiss Franc SFM1
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FLAT
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June 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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FLAT
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3: GRAINS
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May Canola RSK1
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Things are looking marginally better for our Canola trade. Roll the exit stops in a bit for Tuesday.
CONTINUATION of Short 2 May Canola at 5855 (April 7)
Exit Stop: 5935 (stop)(GTC)
Approximate Risk: $160 per contract
Profit Target: 5300 (limit)(GTC)
Approximate Profit: $1110 per contract
Degree of Risk: Moderate to HIGH
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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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July Soybean SN1
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Soybeans followed up last Friday's support with resistance. This combined with a momentum shift is a SELL signal for us.
If July Soybeans open at or above 1370 1/2
SELL 2 July Soybeans at 1370 (stop)(day)
If filled: Exit Stop: 1413 (stop)(GTC)
Approximate Risk: $2150 per contract
Profit Target: 1325 (limit)(GTC)
Approximate Profit: $2250 per contract
Degree of Risk: Moderate to HIGH
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July Wheat WN1
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We're back at resistance and while momentum hasn't confirmed the shift lower I'll set up to SELL Wheat should prices fall Tuesday.
If July Wheat opens at or above 814 1/2
SELL 2 July Wheat at 814 (stop)(day)
If filled: Exit Stop: 841 (stop)(GTC)
Approximate Risk: $1350 per contract
Profit Target: 781 (limit)(GTC)
Approximate Profit: $1650 per contract
Degree of Risk: Moderate to HIGH
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4: MEATS
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May Feeder Cattle FCK1
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Watch List - the market's made a big move lower looking for support which I think it might find very soon.
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June Live Cattle LCM1
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FLAT
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June Lean Hogs LHM1
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Watch List - Hogs have found support but right now the Bulls seem to be struggling. If we get resistance Tuesday and the market doesn't move too much higher I might try to SELL.
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5: METALS
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March Copper HGH1
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FLAT
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June Gold GCM1
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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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July Sugar SBN1
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Yikes! Sugar's still playing Possum, but I'll re-run the SELL order for Tuesday.
If July Sugar opens at or above 2455
SELL 2 July Sugar at 2450 (stop)(day)
If filled: Exit Stop: 2570 (stop)(GTC)
Approximate Risk: $1344 per contract
Profit Target: 2330 (limit)(GTC)
Approximate Profit: $1344 per contract
Degree of Risk: Moderate to HIGH
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Day Trading Support and Resistance Lines
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June mini-Russell TFM1
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Support and Resistance Lines:
857.0
850.0
845.0
838.5
830.0
827.0
820.0
814.5
810.5
804.0
800.0
796.0
788.0
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June mini-S&P ESM1
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Support and Resistance Lines:
1337.00
1334.00
1327.00
1318.00
1315.00
1308.00
1301.00
1293.50
1290.50
1284.00
1279.50
1271.50
1263.00
1254.00
1243.50
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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.
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