Tuesday, April 7, 2009

April 7, 2009 Trade 4 Long 1 Contract

This was nearly the same identical trading setup to trade 3. The 60 minute (dark green) trendline/50 percent fib retracement (812) showed price-wise it was holding support. The confirmation to pull the trigger was waiting for the bid/ask volume bars to show me big traders are jumping in (green on top and not just one 233 tick bar). I went with the big traders but waited for extra good confirmation this time (more green 233 tick bars) because it was not the very first test of the 60 minute trendline.

Trade 4 (Long 1 Contract +1.25 points):
Trade 4 Screenshot