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February Gold Daily Numbers & Trade Ideas for 1/7/10


This report was sent to subscribers on 1/6/10 6:00 p.m. Chicago time to be used for trading on 1/7/10. Everything is done by Howard Tyllas, no program or black box.

February Gold

After the close on 1/7/10: My pivot acted as resistance and was 1139.00, just $0.50 from the actual high, and my support was 1129.60, $0.90 from the actual low.

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1170.20                      Resistance

1148.40                     

-------------1139.00      Pivot

1129.60

1101.10                        Support at Crisscross

  

Trend   

5 day chart ..........  Up (from last week same day)                                                                     

Daily chart   ..........Sideways        

Weekly chart ........ Up     

Monthly chart ...... Up   $999.40 is the 200 DMA

ATR 19.30                 Extremely Overbought 95%

Crisscross of up & downtrend lines support near $1102, and below that December lows is next. Recent highs resist. Bulls remain in control but near resistances.

February Gold for 1/7/10:

Pick your spots and play with a known risk.

This is how you make money, wait for a formation or trend line, if it works you get a good reward, if not, your losses are minimal and you have a clear picture where you are wrong and right.     

In my daily numbers on Wednesday; my pivot acted as resistance and was $2.40 from the actual high, my pivot also acted as support was $5.40 from the actual low.

Commentary for 1/7/10

Gold: Accurate numbers. I am still in the bear's camp from these levels. I have in the recent past been a seller at the $1140 level and would try it again. I would use a buy stop of $1149.10 to protect.

Commentary for 1/6/10

Gold: Not helpful numbers. I did not like the way they looked on Tuesday. I do not know if they can stay above the pivot today to give a buy signal, but I would like to sell near resistance.

Commentary for 1/5/10

Gold:  Resistance was 3.80 off the high; support was 7.20 off the low.

No opinion for now. Chart is getting friendly again, and I would try to buy near $1101 and would risk about $20 for a position trade. A retest of $1170 resistance is what I would look for if right. 

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           May Your Next Trade Be The Best                          

                     Howard Tyllas            

   Tel.1-312-573-2699, 1-312-961-4390

Disclaimer:     No guarantee of any kind is implied or possible where projections of future conditions are attempted. Futures trading involve risk. In no event should the content of this be construed as an express or implied promise, guarantee or implication by or from Howard Tyllas, that you will profit or that losses can or will be limited in any manner whatsoever. No such promises, guarantees or implications are given. Past results are no indication of future performance.


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About the author


Currently a member of The Chicago Board of Trade (CBOT) and registered with the Commodity Futures Trading Commission (CFTC) as a floor broker and as a Commodity Trading Advisor (CTA). I am the President of Futures Flight, an Introducing Broker (IB) for MF Global,   and a member of the National Futures Association (NFA). I started my career in 1973 on The Chicago Mercantile Exchange trading floor working for a major firm. Three years later I purchased my first membership and began what would become a thirteen-year commitment to trading soybeans for my own account on the trading floor. I began trading options on futures since their inception in Chicago about twenty years ago; doing so, I traded in various pits on the trade floor. 

I day traded from 2000-2002 for Schoenfeld Securities (a major proprietary trade firm), and then continued to trade at Sheppard Int. for Jump Trading, LLC. I concentrated on the emini S&P and NASDAQ, trading them “upstairs” on a screen. One of the major lessons that I have learned from all my years of experience is that knowledge is an important condition for the possibility of successful trading. Knowledge gives you a better chance to succeed by eliminating obvious mistakes: with it, you will never find yourself shamefully uttering, “If I only took the time to learn”.  
         
I want to save you from such regrets by teaching you where the danger is, what it looks like, and how to go around it, while still keeping an eye on your destination of success. In short, I will teach you how to combat error with knowledge.
       
My mission is to educate you, giving you my 34 years experience, wisdom, and knowledge from which you will then be able to use and benefit from at will. For you, I will be a personal trainer, coach, mentor, overseer, market strategist, consultant, and advisor. 
I know what will help you make money, and I know what will insure failure. Use my services and prevent, “If I only knew”.  
  

Howard Tyllas

Futures trading involves the substantial risk of loss and may not be suitable for all investors. Past performance does not mean future results.

If you have a question, or comment, email me howardtyllas@howardtyllas.com  

Visit my website www.farmerhedge.com

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