Friday, February 27, 2009

Friday 02/27/09 - Short the pops

Still trading on the Sim, and ended up with a +13 point net gain by shorting the pops. I took one long position in the 739 area for a couple of points, but the other 11 points were from taking short positions on the unsustainable up-swings, and covering for quick 2-4 point profits. I left a lot on the table, but given my schedule, the quick hits seemed to be the only way to lock in some gains. Yes, I could have moved my stop to break-even and left to attend a meeting, but given the choppy nature of the market, I probably would have been stopped out for break-even.

The gap went unfilled today, and this was something I was anticipating since we saw same-day gap fills on the last 7 trading days.

Unfilled/Open Gap at 752.00

ES/TICK (3-min)

ES Market Balance (5-min Day Session)

TF Market Balance (5-min Day Session)

TF/TICK (3-min)

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