Tuesday, March 17, 2009

March 17, 2009 Tuesday Trade 2,3 Short Stopped Out

My trade idea here is shorting a retracement up for a move down to continue the selling from the previous day.
Trade 2 was a short, that was too early, didn't wait for an overbought enough condition on the 3 minute stochastic. Trade 3 was a better entry with better confirmation, but good news (Fed relaxing capital requirements and good housing starts possibly?) or just price had a nice buying spike took the stop. The stops were between 1.75 and 2.5 ES points. Always enforce your stops or you will be sorry, the market is showing us it doesn't want to go down this morning, whether news driven or otherwise. Charts and analysis below:
Trade 2,3 Screenshot