Tuesday, August 11, 2009
Trades for 08/11/2009
Hope you did well today, it was a pretty easy day. The market threw some fakes toward the end of the day but I had wrapped it up by 2:30. All the trades I took today were posted live on my twitter account @infected1172. Lets talk about them real quick
First Trade Short 998.50
Pretty straightforward here. market was in a downtrend, I just needed price to break the 999 support level and I was in. The next two candles were whippy but we finally broke down and I took profits at +4 and +8 ticks.
Trade Two Long 991
I was kinda salty I missed the rest of the move down, but there are always more opportunities to make money. I knew 90 would be support so I just had to wait for the indicators to turn up. The indicators were already showing a slight divergence, making higher highs, I drew white lines to show this. We got a good pop but not what I was expecting and I captured a point on both contracts. I said on my twitter account that I would re-enter again If I got another chance. That's exactly what I did. Nothing wrong with taking profits when you have them. +4 and +4
Trade Three Long 991.75
The bond auction went really well, so I entered a long position. The entry was sub par, I'll admit. I was using the 310Tick chart when I should have been looking at the 1151Tick. I placed the stop at the day's low though and sat on it. I tweeted that 994 was my target and I took profits at +4 and +10 ticks.
So that's It. Three Trades and 34 Ticks ($425 before commissions). I quit a little early but you would too if you did this for a living. My friend Chris at http://10k10weeks.blogspot.com/ was done at 10:30!
Tomorrow is going to be a decent day for trading. A lot of people are worried that bonds will lose their bid no matter what the fed says. How this will effect the market is anyone's guess. Trade your plan and you should be fine. and as always, if you like what you read, please click on the sponsors. Have a good night,