Hello everyone I’m Candace from 123 Easy Trade and welcome to our live classroom where we follow the live futures markets Monday through Friday.
We have the gold short right here as he fails at R-1, or resistance 1, which also the previous high of day. There’s also a Yellow 9 strike setting up, which is the precursor to an “A” trade setting up. God is coming on down to the next level of support… maybe 10-20 ticks until he hits that next support. So we enter the trade because price action failed.
For those of you new to this system may ask “What is an “A” trade? An A trade is failure of price action at support or resistance in the direction of the trend or the counter trend.
This is a counter trend as gold failed to go up to the next level of resistance… so he’s failing now at resistance and pulling back. We’ll get 10-20 ticks out of this trade, or make 10-20% return on our day trading account in this one move.
In order to carry four contracts on the gold you need a minimum $4,000. There maybe 4500 as soon as we hit 450 dollars. We would have 10% on our trading account. It’s $1,000 per contract that you give for your day trading margin to your broker. It doesn’t mean that money is at risk it just means that’s your commitment you’re gonna be a good trader and follow the rules.
Day trading futures is much different than day trading the stocks it’s much easier. I’m gonna teach you guys how to become a day trader.
So we have 1785 that’s a pretty nice trade pretty nice day from Monday. I’m Candace signing out for 123 Easy Trade and I’ll teach you guys how to day trade.
I’ll see you when you get here!
Candace