Tuesday, February 16, 2010

Tuesday, February 16, 2010

Hello again everyone.  After a day of no trades yesterday, I almost didn't trade this morning either.  There were two announcements, but only one got the thumbs up from Market Mover Trading - and rightfully so.

The first trade was Empire State Manufacturing.  MMT didn't recommend trading this trade at 6:30 Mountain Time.  And, as you can see from the image, it was a no-trade.  There was almost no movement.  In fact, the announcement candle was a doji.

At 7:00 was TIC Long Term Flows.  Sean and Jason often say that TIC is good for about a tick (0.25 points of movement).  I set up a very tight straddle.  Volume was extrememly low and price was not moving.  I got filled long on good announcement details.  I held the long for almost two minutes and got 0.25 points!  I know, you're thinking, "Wow!  This guy has it all together!"  Right?  Additionally, I bumped my usual 6-8 contracts down to 1 contract.  My win netted me some $7.70 after commissions.  WOWZERS.

But, I was actually able to get another quick lesson and re-affirmation of the value of prediction lines.  On the above example and trade, the good news drove the price up to the next prediction line at 1085.75.  Had I "held on" to the trade, and used the prediction line, I could have very easily made 1.25 points instead of just .25.  Another thing I could have done is managed my trade up - moving my stop loss to secure my original profit and allowed it to move upward.

Regardless, a win is a win is a win, and I am grateful for that.

Tomorrow has two announcements.  One at 6:30 and one at 7:15.  So we'll see you back here for those.

My day is jam-packed today with all sorts of meetings.  I have been hitting the road, so to speak, and trying to grow my group.  I have qualified for the rank of Uber Trader and I am just 10 people from being able to get the $500 per month automobile reimbursement bonus!  I have four appointments today and a phone call.  I have two appointments tomorrow in Logan, Utah.

Oh yeah, remember, "Lunch is on me".  I extended an invitation to many of you yesterday that I will treat you to lunch if you have not joined MMT yet and would like to learn more - or if you have joined MMT, if you set up a lunch appointment with me to meet with a new prospective MMT student(s).

So, let's do lunch.  For now - have a great (foggy) day!