This is part of an email I got yesterday from a potential subscriber (and friend on Twitter). I get multiple variations of this question ALL the time so instead of having to rewrite a similar answer for each email I figured I would make a blog post that I can direct people to :)
Here was the question:
Could you tell me a little bit about your Live Intraday alerts. Specifically what I would like to know is are you calling out areas as they happen, or are there discussions involving potential buy/sell zones ahead of time and reasons for the trade, risk etc…
Answer:
I try to set up the trade ahead of time like this "Stalking long/short (whatever contract we are trading) at X, stop is Y, first scale is Z". I think it is important for subscribers to be able to evaluate the risk ahead of time and see if they want to take the trade. This is how most of the trades are laid out. That being said there are times that I will see something fast and enter fast and say "long/short (whatever contract we are trading) at X, stop Y". In these instances price may have moved for or against my entry so it could either give you a more favorable entry or less favorable entry :) For the most part though you will get the trade set up ahead of time so you can decide if the trade risk fits your risk parameters and make the decision to take the trade or not.
Here is an example of a GC trade we took on Thursday 12/2/2010:
Stalking long GC 1391.1 & 1389.6 Stop is under and holding 1389
Here comes GC
Long 1391.1 GC
First scale on GC is 1392.8
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