Friday, March 27, 2009

March 27, 2009 Friday Trade 1 and Trade 2 Both Long for Gap Fill

My first two trades of the morning cancelled each other out hehe. Trade 1 was stopped out Trade 2 hit first target and the last contract trail stop was hit, so I am slightly down this morning due to comissions (-$24 USD). The setup for these two trades is simply to buy support looking for a partial gap fill to yesterday's close. We have a big gap-down today from the pre-market. The first trade was too early to enter after the close, we had the 3 minute chart divergence and oversold but too much downside momentum still on the open. Trade 2 had a better entry lower in price and an additional layer of support (the daily S1 pivot level) to protect the stop.

Trade 1 (Long 2 Contracts -2.25, -2.75 points Stopped Out):
Trade 2 (Long 3 Contracts +2, +1.75, +1.25 points):
Trade 1, 2 Screenshot

Right now the morning looks very neutral, still basically holding S1 pivot.