MARKET UPDATE JUNE 2 2011 @ 6:00 AM EST

First I want to thank my 1 on 1 students for your helpful comments regarding the new money management information I've added to the course.  I like to tailor my work to fit the needs of my students and your comments and suggestions are always most helpful.  From what I'm getting so far I feel it's going to make a big difference in bottom line profit and loss.

That being said, it's still not complete in the way that I would like it but I've rushed the mirror trading info out a couple of days sooner than I planned and so it's not quite tightened up the way I like and I have to put together

the video information on how to best use the zulutrade service in conjuction with Lcm.  Trying to trade and put together materials is very hard. I like to be engaged with one or the other and not both.  However, a few of my peeps were getting impatient, what, with me being gone for a couple of weeks dealing with my parents situation, left them feeling abandoned.  So, here I am rushing stuff together for you.  Now that the cat is out of the bag I hope you understand that I have a certain standard on how I present my materials so I will be tightening things up for you but it's a process.  So, don't bust my balls until next week...lol.

In the meantime check out the trade journal below.  I'm finding that very few of my traders keep a trade journal.  I can tell you that most successful traders keep some type of journal. Whenever I look back and review my journals I am always impressed with how stupid I can be at times...lol

TRADE JORNAL

WED JUNE 1 2011

4:30 am  Just waking up to watch the first high impact news of the day for gbp construction PMI. News was sightly better than expected. The gbp got a little pop on the
1hr charts to create a couple of 1hr pivot signals. I don't know if I want to take the signals though in the gbpjpy and gbpusd bullish pivot reversals for a couple of
reasons. 1. The euro zone banks are closed today so I'm wondering if the markets will have enough juice to follow through on signals.  1. Markets are waiting for all
important u.s. employment data at 8:30 am, which is the only true market mover I see on the news calander for today. 3. Euro zone bank president speaks in 45 minutes
and this is often used to create false moves in the markets as the heads talk up or down a/the pairs because traders follow the herd. 4. volitility stoped immediately
after the news pop and volitility came to a sudden halt. I don't like sudden halts, especially when price has strong momentum in one direction. It's unnatural and
I don't have to know what it is, I only need to know something aint right. 5. All moves right now are intraday counter trend.

As far as the news, I am alway impressed on how obvious the manipulations are to those who take off the rose colored glasses.  The euro zone banks are closed so there
is a lot less capital out there today supporting the euro. So, to make up for that, they send out their talking head to protect the euro with words that will spook
traders in the desired direction in place of the banks manipulating price.

5:23 am  Markets died after gbp news pop.  The 1hr bull pivots on the gbp are too far away for an unplugged entry so I will have to wait for a pullback.  When the pivot
reversal bar is too far from the pivot point the risk is too great to enter on the break of the high of the reversal bar. After the pullback maybe but, only if the
markets are lively.

5:30 am  Nothings moving but the head of the euro bank president just as I suspected.


5:30 am  No volitility means no trades. especially no short trades when no volitility.  There is an old saying in the markets that says. 'NEVER SHORT A QUIT MARKET:
I used to buck that saying in my younger days, trying to prove that wrong.  Trust me.  It ain't wrong.

5:35 am No volitility give me a chance to study the markets to see how price action is working.  The mechanics of price action I mean.  The audusd is an interesting
study.  Looks like it's been moving but it's trapped within a range.  A lot of shake and bake but now real move.

5:40 am  Looking at the 4hr signals on all the pairs.  couple of decent signals especially on gbp but they need pullbacks. When the signal bar closes more that 20 pips
beyound support/resistance I like to lower the risk and wait for the pullback first.  I notice that often times it's a trap. More times than not.

5:45 am  I'm noticing that my journal times are very close together.  That tells me I have too much time on my hands to study the market instead of looking for trading
opportunities.  A hint for me to wait for 8:30 am for the u.s. data.  u.s. banks are open and it's looking like that time period will be the best chance to ride
some volitility.  Volitility is the waves that traders surf upon.  If there are no waves we can't surf.  We can try of course but, still waters make us shark bait.

6:00 am Nothing compeling is going on so I will break until around 8:00 am to get ready for the u.s. data.  I feel that the market makers will do their usual thing
before major news and set prices up right at support or resistance levels to provide maximum volitility potential on the breaks and reversals.