Thursday, April 2, 2009

April 2, 2009 Trade 7 Short 2 Contracts

ES failed to make new highs, simple setup just short retracement in to initial selling spike from the lower high on good confirmation such as bid volume overwhelming ask volume and 233 tick chart hooking down from high bands on stochastics. The 3 minute stochastics were also in a downtrend.

Trade 7 (Short 2 Contracts +1.25 +3.5 points):
Trade 7 Screenshot

Haha, I am down $-7 today. Fishing for the bull flag continuation in deadzone was a mistake I caught a small move on the third try (which happened to be in line with the 2 pm Eastern reversal period and no longer in deadzone) but got worn out and didn't try to attempt the fourth try which would have been a home run. The psychology of such things is insidious.