E-Mini S&P 500 Futures Review/Analysis
Price not only held above Initial Support in the overnight Globex session as well as at the Cash Open, but also blew right through the Initial Resistance area, which was indicative that Buyers were in control. Due to my schedule, I wasn't around to take advantage of the Buying opportunities at the open or on the pullback around 10:15 AM (cst). My market reads were good today, and I avoided Shorting too early. I posted the following on StockTwits at 10:37 AM (cst): "Not shorting this here -- expecting 97-98 area to get tagged later today. Better area to short, IMHO". My goal was to be patient and wait for price to get to my area. I entered short at 1099 with a 1 pt stop at 12:55 PM (cst). I only took 1-2 ticks of heat on the trade (benefit of entering at the edge). Around 1 PM, I had to leave for class so ended up scratching the trade -- 20 minutes later price hit my target of 1096. Oh well -- there will be plenty more trades and I am essentially trading with a handicap right now (at my day job, on a laptop and mobile air-card), so I'm thinking (hoping) things will only get better when I go full-time. Had a couple of quick scalps in 6E to balance out my lack of activity in the ES and that was my day. I have to admit I do find strong trend days like today tougher to trade as compared to range-bound/rotational days -- like Monday.
How was your day? Post in the comments!
ES 5-Minute Chart for 02/02/10