Day Trading Course – Managed Accounts, Oil on a run

Crude Oil has been on a run the last few days.  Following a test of the 50 day MA oil has moved back to the upside on a fantastic run to touch into the 104.00 area.

OilEntryDailyCrude

I took on my long position at 101.50 for a daily / weekly swing trade.   If price moves to break the 104.50 area of resistance then we could be looking at oil moving back to test previous highs set a few months back at the 107 and even 110 areas.

 

Stop is in at a break even position for the moment.  I am watching price as we close the week and move into trading early next week.  With a move up we could see the test of the 107 area, if resistance holds I will likely take out a good portion of the position or even all of it depending on price action.

 

Trade what you see, I’ll see you at the starting line!

 
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Day Trading Course – S&P takes the dive again, but will it really go?

The S&P sold off again today, to touch to the 1825.00 area of support before closing.   I think tomorrows trading could be a key indicator to see if this move could continue.  If the market can give us a close tomorrow below the 1825.00 area then we could see this continue down to touch the 1800 area next week.

 

I took on my short position last week back at 1879.50, with an original target of 1850.00 on the move.  With the move we saw to that area, I took out a portion of my position at the 1859.00 area to capture a nice 20 points, but left the rest of that position on for the possibility of a continuation further.  That choice seems to be paying nicely with today’s sell off but will tell me more with where we see the market go tomorrow.

S&P500EntryDaily

A great target now is the 1800.00 area of support as that is the level of the long term bullish trend line on a daily and weekly chart.  Should price move to touch that area in the next couple trading days or so then I would look for the bounce there to start a possible reversal and test back up again.

 

If  we break that area of support at the 1800 level then we could be looking at this market perhaps making a longer term reversal going into the summer months.  With May upon us in a few short weeks, this could be the set up for the seasonal summer reversal to take us into the fall trading again.

 

Trade what you see, I’ll see you at the starting line.

 
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Managed Trading Account – Live Futures and Forex Trading

I have taken on a couple new positions in the last couple days.  Here is a short list of what I am looking at right now.

GBPUSDdailyEntry

GBP/USD – Short on the GBP at the moment.  Entry at 1.6633 with a good move down through the 50 day MA yesterday.   Looking at a target of around 1.6500 at the moment if this continues.  Stop is in at a zero positions so there is no risk of any loss on this trade.  Current support at 1.6565.

USDJPY4hrEntry

USD/JPY – I am currently long on this pair.  Could be looking at a very long term position on this one.  Maybe as long as a couple months if it continues in the bullish direction.  Risk on the trade is very little, limited to less than 1% of account.

EURAUDentry4hr

Eur/Aud – I just took on a short position, price looks to be breaking through the 200 day MA for a possible bearish continuation trade.  First watch will be for price to test out the previous low around the 1.4780 area.  A break of that support will show good reason for a further drop in price.  Currently trading at 1.4860.

USDCHFdailyEntry

USD/CHF – I initiated a long position on the pair looking at the possibility of a retracement from the previous move down.  This move seems to have lost its momentum and looks ready to retrace back to the upside.   Entry at .8850, First target at 0.9020. Currently trading at 0.8912

Crude OilRetrace4hr

Crude Oil – Just an update on my position from earlier in the week.  In a short term bounce right now, Positive stop is still in place and waiting to see if this move will continue down or reverse.  4hr shows price resistance in the  100.20 area right now.

S&P5001hrEntry

S&P 500 Futures Day Trade – Short position in on a daily time frame.  I went Short with 10 contracts at 1879.25 on good sellers volume.  Current target in at 1870.00, but could extend or close some of the position depending on how it plays into the end of today’s trading session.  Currently trading at 1876.25.

That’s all for now, more to come as they happen.  Happy Trading!

 
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