Sunday, March 15, 2009

Thursday March 12, ES Trades


It is strange how lately I have been doing exactly three trades a day. Is three a lucky or unlucky number? I will be quitting an hour early today,
since I expect a slow bull-market style grind up, which is not my trading style.

Trade #1: My morning trade was to go long after the gap up had been filled to the downside. I saw a very good support area with long wick on my 10 and 3
minute charts and very oversold condition. In retrospect I should have trailed my second contract as the market caught
an extremely good bid and ramped up early in the morning. Analysis below:
Trade 1 screenshot

Trade #2: My lunch time trade was just a short of the daily R1 pivot level. There was also a nice tail formed on the 10 and 3 minute charts in addition to a very overbought condition. Analysis is below:
Trade 2 Screenshot

Trade #3:  My final trade of the day was shorting the November 2009 low which is/was an expected strong resistance level other traders are watching closely. I was almost stopped out but did get a small profit. The market fooled a lot of people here, the price actually rallied through the resistance point with not much of a pullback whatsoever and killed the shorts.  Analysis below:
Trade 3 Screenshot

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