Friday, July 31, 2009

Trades for 07/31/2009

Hey traders,

pretty slow day in the market but it is a Friday in late July. when the GDP came out this morning they liked it, then when the market opened they sold it off. I'm sure the number will be revised lower like last quarter's and everyone else must have realized that too. Anyone who trades knows these government statistics are all bullsh1t, but on that same level, we also know its not the number, but the reaction to it.

So Lets talk trades

I generally like to get into a trade when all my indicators confirm. this morning we got a short at 988. It was good for +7 points and then I grabbed a long at 981. when the indicators starting getting mixed signals I exited and went flat at +4 points. We where in chop from about 11 til 1est as indicated by the white dots on the chart. When the last of the longs gave in we fell and then rebounded and I took a long at 985 for a quick +3 points. Around 3:30, A nice divergence formed on the indicators and I took a short at 987 for +3 points. So a plus 17 day. Not bad for a Friday

I'll be working on my blog alot this weekend adding content and features so check back monday for the new stuff. I also plan on adding paintbars to my charts, but i need to find just the right setting, so that's something else to tinker with. Feel free to email me, i'd like to know who is out there reading this.

I hope everyone has a nice weekend. be safe!

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