Monday, March 23, 2009

March 23, 2009 Monday Trade 2 Long 2 Contracts

I liked how the price stayed very strong making a nice longish 3 minute bull flag here, even throughout lunch, so I just waited for the 3 minute stochastics to get oversold and a decent pullback to get in. The 233 tick chart confirmed for me an entry with bid/ask volume indicator showing longs taking control and a cycle to green of my Heiken Ashi candle color indicator (basically just modifying the NinjaTrader(TM) indicator to only draw the color of the candle as a background color on any given panel) as well as hook up from oversold levels on my 233 tick stochastics. I had an optimistic target for my trailing contract but buyers ran out of gas so the trail stop was hit for +.25.

Trade 2 (Long 2 Contracts +2.5, +.25 points):
Trade 2 Long 2 Contracts

Rejection of the highs here with heavy volume and a fast sell-off might indicate buying pullbacks game is over watching closely here.