DISCLAIMER

PLEASE READ THE DISCLAIMER AT THE BOTTOM OF THIS PAGE WHICH APPLIES TO ALL CONTENT IN THIS BLOG AS WELL AS ANY OTHER MATERIAL FROM WE ARE FUTURES TRADERS LLC. READING ANY CONTENT BELOW CONSTITUTES AN AGREEMENT BY ALL READERS THAT THEY HAVE READ AND AGREE TO ALL THAT IS SET FORTH IN THE DISCLAIMER AT THE BOTTOM OF THIS PAGE.


Thursday, July 05, 2012

HERE IS WHERE I AM LOOKING NOW




In our new world where so many things look the same, here is the world's favorite market Gold. It looks like so many others. We are rallying in a down trend and are now up into sell zones. What would be ideal here is a further rally into the area just above the red line in the sell zone. We are going down sharply today, so maybe the rally is over. It is tough to trade around these holidays with these weird little bars you get from the electronic sessions. They seemingly always have breakouts the next day like today, but often those breaks are one day wonders. I am currently flat, having no positions in anything at the moment.

Until proven otherwise, most markets with the exception of Bonds and the Grains, are in established down trends now and are just reacting up against those trends. These should provide selling opportunities for the most part. Today is certainly an interesting day in the Dollar. I had been looking to short that market coming into today, but the action here is trashing that setup.

I have been spending a ton of time researching some new trading concepts, so time is short today. I have to get back to this work. I wish I had more to say than this, but it is what it is, we are in trends and have to look for continuation trades in the direction of them. I almost went long in the 10 Year today, but when I looked at the bar pattern, I determined the probability was not very high so I passed on that trade.

Good Trading


5 comments:

Anonymous said...

Can you comment on the grain markets? They have exploded in the past few weeks

Chris Johnston said...

nothing much to say on grains, trend is up, everything I have is bullish in them, buy pullbacks

Vikas said...

Chris, do you use any indicators like slow stochastic, etc? If so, which ones. Also, what time frames do you look at on the charts, right now I trade off the 5 min chart, but keep the 1 hour and 4 hour chart on the side to track the trend.

Chris Johnston said...

I trade off daily chart primarily, and yes I do use some indicators but the ones I use are creations of my own so they are not available in software programs. I do at times look at some of Larry Williams indicators, but don't trade with them any more.

colin said...

Chris, i know you've said befre that the COT commercials needs a lot of extra confirmation before acting on it, but i see in the gold chart your COT is very much net long for the big guys.

How come you're not takign that into consideration at the moment?

Colin