Tuesday, March 24, 2009

March 24, 2009 Tuesday Trade 2 Long 1 Contract

A range-bound choppy day is to be expected after a huge move up, which is exactly what we have today. It is also an inside day so far. I am trading light due to that fact both Bernanke and Geitner are speaking in front of Congress which could have unexpected effects on price (perhaps weird chop or swings). Here maybe I was a bit too anxious took a small .5 point profit due to aggressive trail stop instead of allowing my conservative 2 point target to be hit. The setup was just get long on oversold conditions on the 3 minute and 233 tick charts when support showed it was holding.

Trade 2 (Long 1 Contract +.5 points):
Trade 2 Screenshot