WELCOME TO CLEARTRADE'S NEWSLETTER
ClearTrade's trading recommendations and weekly commodity newsletter was first published in October 1998. Since that time, our research has continued to evolve into an important source of technical insight for many traders. Our goal is to provide traders with a 'game plan' to prepare for the trading day and week ahead.
ClearTrade's technical analyst, Scott Joss, is a veteran futures trader with twenty-eight years experience on and off the trading floor - as a pit trader, account executive handling arbitrage for Smith Barney, former member of the CBOT and presently an IB. Scott prepares technical analysis in selected market groups when an opportunity presents itself and not only develops trading modules on selected trading opportunities but 'feeds-forward', advising traders what to expect and how to react.
 At ClearTrade, we think it’s helpful to speak directly with traders who have requested our research and/or may be interested in establishing an account with us. Understanding your trading needs and goals is important. And we think you should have an opportunity to get to know who we are and what we offer on a one to one basis.
ClearTrade Contact Phone Numbers

800-493-4444
773-561-9777
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• TECH TALK
•  CHART WATCH 
•  CURRENT 'MONTHLY' RECOMMENDATION
•  FUTURES WATCH
•  COMING EVENTS AND DATA RELEASES

TECH TALK by Scott R. Joss (Non member C.T.A)*

JUNE BRITISH POUND (BP5M)
The British Pound has been in an approx. 4-year price advance that began from lows of 1.3664 to recent highs of 1.9431.
The June British Pound contract has been in an approx. 4-year price- advance that began from lows of 1.3700 to recent highs of 1.9317.
There are no unfilled price gaps above the current market price.
There are four unfilled price gaps below the current market price. The most recent unfilled price gap is between 1.6282 and 1.6334. 
For next week, the June Pound has a weekly recommendation: buy when trades 1.9128 - sell when trades 1.8945.
For May, the June Pound has a monthly recommendation: buy when trades 1.9169 - Sell when trades 1.8612.
WHAT SHOULD TRADERS DO NEXT WEEK?
If the Pound posts a weekly buy signal at 1.9128, traders are advised to establish a long position, placing a resting stop and reverse order at 1.8945.
If the Pound posts a monthly buy signal at 1.9169, traders are advised to either add to their existing long position or establish a long position, placing stops for this position only below 1.9128.
If the Pound posts a weekly close above 1.9227, traders are advised to either add to their existing long position or establish a long position, placing all stops below 1.9169.
If the Pound posts a weekly close above 1.9350, traders are advised to move all stops below 1.9227.
Our first objective will be 1.9390.
On the flipside…
If the Pound posts a weekly sell signal at 1.8945, traders are advised to establish a short position, placing a resting stop and reverse order at 1.9128.
Our first objective will be 1.8811.
If the Pound posts a monthly sell signal at 1.8612, traders are advised to either add to their existing short position or establish a short position, placing stops for this position only above 1.8945.
Our second objective will be a challenge of recent lows at 1.8524.
If the Pound posts a weekly close below 1.8524, traders are advised to either add to their existing short position or establish a short position, placing all stops above 1.8612.
Our third objective will be a challenge of February’s lows at 1.8389.
If the Pound posts a weekly close below 1.8389, traders are advised to move all stops above 1.8524.
Our long-term objective will be to fill the previously mentioned gap between 1.6282 and 1.6334. 

DAILY CHART:
http://bohl.minot.com/d_Chart.cgi?BP05M
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WEEKLY CHART:
http://bohl.minot.com/w_Chart.cgi?BP
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JUNE CRUDE OIL (CL5M)
Two weeks ago I began developing a trading plan for June Crude Oil. However, traders were advised that Crude was still on the ‘chart watch’ section because of a potential major trend reversal that had not been confirmed.
This week Crude has moved to ‘Tech Talk’ because a major trend reversal has been confirmed by Friday’s end of the month close.
June Crude has been in a multi-year price advance that began from lows of 22.05 to recent highs of 59.20 (59.32 if you include night trading).
Recently, Crude had been in a 5-week price consolidation between 53.45 lows and 59.20 highs.
Crude has no unfilled price gaps above the current market.
Crude has eight unfilled price gaps below the current market price. The most recent gap was between 49.55 and 50.15, which was filled on Friday. The next unfilled price gap is between 45.50 and 45.75.
Crude Oil has developed a bearish ‘double top’ at 58.60 and 59.20 highs forming a bearish ‘M’ formation.
On 3/17/05, Crude posted highs of 58.60.
On 4/04/05, Crude posted highs of 59.20.
Crude on the daily chart shows a bearish ‘M’ formation.
The middle of the ‘M’ is at 53.40, which is major resistance.
Last week's high was 55.88.
Last week's low was 49.10.
Last month's high was 59.20.
Last month's low was 51.60.
WHY IS THIS A CHANGE IN TREND?
On 4/04/05, Crude posted a higher monthly high at 59.20, which was higher than March’s high of 58.60.
On 4/30/05, Crude posted a lower monthly close which was lower than March’s low of 51.65.
Friday’s monthly close was at 49.72
What this means is June Crude posted not only higher highs than the previous month but also contract highs. Then, Crude posted a lower low than the previous month and settled below the previous month’s low, confirming a trend change.
WHAT WERE TRADERS ADVISED TO DO LAST WEEK?
Traders were advised to establish a short position at 52.70, placing stops above 55.90 - which were the previous week’s highs.
Traders were advised to either add to their existing short position or establish a short position every 100 points down from the 52.70 level. Traders were also advised to establish their positions in the electronic mini crude contract.
Why?  Because it’s electronically traded - giving instant fills and your positions are transparent - since they’re electronic and not seen by the pit.
WHAT SHOULD TRADERS DO NEXT WEEK?
Traders who established short positions above 51.65 are advised to move stops above 51.85.
Traders who established short positions below 51.65 are advised to move stops above 51.85.
Our first objective of 47.60 was met on Friday.
If Crude first posts a rally towards the 51.01, traders are advised to either add to their existing short position or establish a short position, placing stops above 51.85.
If Crude posts a close below last weeks low of 49.10, traders are advised to either add to their existing short position or establish a short position, placing stops above 51.01.
Our second objective will be 46.15.
If Crude posts a close below 45.75, traders are advised to either add to their existing short position or establish a short position, placing all stops above 49.10.
Our long-term objective will be 42.82.
DAILY CHART:
http://bohl.minot.com/d_Chart.cgi?CL5M
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WEEKLY CHART:
http://bohl.minot.com/w_Chart.cgi?CL

CHART WATCH by Scott R. Joss (Non member C.T.A)*

Readers and clients call during the week and ask: What are you watching?

Watching can mean that the markets are developing a 'recommendation' or a chart pattern that has not yet fully developed - or may never develop.

During the course of the week or month it is not uncommon to find an `intra-day, intra-week or intra-month' recommendation that was previously not revealed when this newsletter was written.

Products that currently fit into this 'watch' category are listed below and should be 'watched.'

There is no 'Chart Watch' this week.

CURRENT 'MONTHLY' RECOMMENDATIONS
FOR MAY:

- SILVER (SI5N)
- ORANGE JUICE (OJ5N)
- LIVE CATTLE (LC5M)
- BRITISH POUND (BP5M)

FUTURE WATCH

Future watch will list developing 'monthly' recommendations to watch in May for June. By listing these products, traders can `feed-forward' with anticipation and focus - centering on products that will provide direction and hopefully, opportunity.
Traders should begin studying the 'daily', 'weekly' and 'monthly' charts for the products listed below. Don't forget between now and the end of the month, some or all of these products may be de-listed.
'Monthly' recommendations will be revealed on the close of business May 31st and sent via email for June.
 
- Potential monthly recommendation for June will be posted in future newsletters.

NOTE:

If you do not completely understand this information, you are advised to take NO action until speaking with your Account Executive.

ClearTrade, Inc. may be reached at 800-493-4444

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* Recommendations and Newsletter prepared by Scott Joss, Non- Member C.T.A.

Scott Joss is a 'non member' CTA and is providing recommendations to ClearTrade, Inc. clients. Scott Joss 'is a principal' of ClearTrade, Inc. and 'is a registered IB member' with the NFA.

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ClearTrade, Inc.
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(800) 493-4444
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Mailto:research@cleartrade.com 
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DISCLAIMER:

* COMING EVENTS AND DATA RELEASES:

Calendar provided by Briefing.com, Inc. Data is provided for informational purposes only, and is not intended for trading purposes. Neither ClearTrade, Inc. nor any of its data or content providers (such as Reuters, CSI, and Briefing.com) shall be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Market recommendations are strictly the opinion of the writer and are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Futures trading involve substantial risk. In no event should the content of a market letter be construed as a promise that you will profit or that losses can or will be limited in any manner whatsoever.

Unless otherwise indicated, the links presented in this newsletter are in no way affiliated with ClearTrade, Inc. Likewise, sites linked through ClearTrade's newsletter are not necessarily connected with ClearTrade, nor do any such links imply an endorsement by either party.

ClearTrade, Inc. does not necessarily promote or endorse the services or publications described herein. Unless otherwise indicated, ClearTrade Inc. has had no role in the production or review of these products or services and makes no warranty, either expressed or implied, as to their contents, accuracy or performance.

Past results are no indication of future performance. Information provided in this newsletter is intended solely for informative purposes and is obtained from sources believed to be reliable. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.
Scott Joss is a 'non member' CTA and is providing recommendations to ClearTrade, Inc. clients. Scott Joss 'is a principal' of ClearTrade, Inc. and 'is a registered IB member' with the NFA.

NOTE: Past results are no indication of future performance. Information is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted.

REPRODUCTION OR REBROADCAST OF ANY PORTION OF THIS INFORMATION IS STRICTLY PROHIBITED WITHOUT THE WRITTEN PERMISSION OF CLEARTRADE, INC.

The contents of this newsletter are copyright 1997-2005, Scott R. Joss/ClearTrade, Inc. *TM. All Rights Reserved.

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