Still fighting off that cold :-/ Got to the screens around 10:30 am this morning, and tried scalping the chop but ended that trade sequence flat. I'll use 233-Tickbar charts to show the trades. I was positioning myself to catch a bigger move to the down side, by taking stabs shorting the market at various price levels but I actually missed the move since I stepped away to grab some food.
ES 233-tickbar (Morning Chop)
After having breakfast, got back and saw a double-bottom forming at the 709.50 level. Matt played this to the short-side from 711.50, but the 3-min ES/TICK was indicating continued buying pressure, so I passed on the earlier short setup, and instead went long off the double-bottom. I exited this one at +3.25 pts (my intial target is typically 3 pts with a 1.5 pt stop). I stepped away to take care of other work after I exited this one, or I might have gone Long again at the double-bottom at 712.
ES 233-tickbar Chart (Double-Bottom Long trade)
Saw this H&S setup developing on the 5-min chart, and tried playing it like Stan by building a small position and riding it out for a larger gain. My target on this was lower 709 (closer to 707) but I chose to lock in the gains, and get back to my other work (software development). Ended the day with a +$550.00 gain on Sim. Going forward, we need to be mindful of the open gap above at 733 and below at 675.50.
ES 233-tickbar (H&S Setup on 5-min time-frame)
Open/Unfilled Gap at 675.50
My views on trading the E-Mini S&P 500 Futures utilizing Price Action, Market Structure, Volume/Market Profile and the Auction Market Process. Visit www.EMiniPlayer.net for Daily Key Support/Resistance Zones, Trade Plan and Educational Recaps.
Tuesday, March 10, 2009
Subscribe to: Post Comments (Atom)
Nice work on the trades! Those big winners feel good, don't they?! Though if you are going to trade in such a risky way, just be sure you don't get caught on the wrong side of an explosive move!! ha ha :)ReplyDelete
Seriously, nice job. Drink some green tea - it is magical. It will also make you feel better.
Not taking any meds right now, sticking with green tea mixed with honey :)ReplyDelete
No no no.... APPLE CIDER VINGEAR AND YOU'LL BE CURED BY TOMORROW MORNING!!!ReplyDelete
Seriously... its like the one stop natural cure all... everything from bad breath, flu, colds, to high blood pressure.
Or try some of this shizzle!
Great trading BTW!