A very different type of session today presented some great trade opportunities, particularly for the EURUSD, and some unique challenges as well. With the whole MF Global debacle, and the continuing worries about the European debt crisis, markets sold off overseas in a big way. By the time we were ready to begin our US session trading, some markets were down over 3%. This should always alert you to the fact that the odds may not be so much in our favor, like they normally would be. Remember, markets trend and then consolidate. Consolidation periods typically mean tight price ranges, which means choppy, and often sloppy price action, riddled with false breakouts and flakey support and resistance levels.
It is always wise to lower your expectations and perhaps even ‘limit’ your trading on a session that begins like this. A big move has just occurred and the likelihood of choppy price action is greatly increased. Limit your trading and look for your opportunity to quit positive.
The session ended in different ways for different traders depending on how each trader handled their trades. There were a variety of options. We had FIVE live markets with LIVE trades happening and there was a lot of action. The chance to end positive on ALL markets did exist, each one though had to take a different path to get there. Forex was the star today, with easy winners on both the EURUSD and the SST Simple, EURJPY.
EURUSD ended strong with +103 pips, give or take, depending on how tightly one managed the final, optional addon trade. We hit NEW Profit Levels in the Traderoom today with the EURUSD. We’re up +1860 pips since going live in the Signal Service/SST Traderoom, winning 72% thus far. October gave us a +527 pip gain.
EJ with SST Simple ended excellently with +65 pips. It also won a late session trade yesterday for +36 pips for those that hung in there to take it. We just started trading the EJ with SST Simple a few weeks ago and the results have been very favorable. We are up +293 pips so far and very limited trading. We’re winning 73%, too. October ended +228 pips. We actually began this on Oct 11th.
Crude Futures presented unusual challenges. It was down well over 3% with light volume due to the MF Global debacle. We had to trade through losses. There were opportunities to end positive later in the session. In fact the SST really fought its way back. It always does and confidence and belief levels needed to be in place to really end up with the best result today. Here’s the part of the story that amazes me (even though I’ve seen it before). If trading the tradeplan until the end, the final trade that happened at 11:59, 1 minute prior to the tradeplan stopping time, was the trade that finally put the session positive; up +.36 points. After commission and slippage one would have still been slightly negative, most likely but what a comeback that was! Here’s the Full Story though: Crude Oil UP +11.43 in October for +$11,430 following the SST Tradeplan from the Owner’s Club.
Same with the Russell eMini. Limiting one’s expectations, it was posible to stop after the first trade with a +5.7 point gain. Sticking the the tradeplan presented some opportunity to quit positive. After fighting through some tough trades and a major news release breaking up ‘our flow’ a bit, there were two trades that missed full target by just 1 tick and aggressive traders should have and could have exited with good profits. It still would have taken trading up until the very final trade to finally get positive. The last trade of the session delivered a big 10 point runner and strictly speaking, the tradeplan results ended up with +.5. Whew! And for the Full Story of the Russell eMini; October finishes UP +42 points and NEW Profit Levels!
Wheat was an easy winner. +8 points on the session. Up +53.75 points in October and a 73.3% winning percentage since going live with the Signal Service.