Tuesday, March 24, 2009

March 24, 2009 Tuesday Trade 5 Long 2 Contracts

The setup was wait for the 3 minute stochastics to go oversold and buy the pullback to some decent support level. I initially observed a nice bull flag breakout of the 10 minute chart (you will need a 24 hour futures chart to see the flag), was just going to hop aboard a retracement to get long since my style and trading rules do not allow me to get long on breakouts where price is too extended from support and therefore my stop placement. There was very good support at the upper channel line of the bull flag which is where approximately I entered the pullback on confirmation of my oscillators, and also seeing a 233 tick chart MACD divergence with price. My first target was 2 ticks below the yesterday's close level (gap fill) and I tried to trail the second contract for beyond the highs in case of a breakout.

Trade 5 (Long 2 Contracts +2, +1 points):
Trade 5 Screenshot