Tuesday, July 13, 2010
7/13/2010 One and Done
Good afternoon Traders,
Imagine this for a second; You walk into a casino and put a five down at the blackjack table. The dealer gives you a Queen of Hearts and an Ace of Spades. Blackjack! You just won twenty bones! Now you turn around and walk right out of the casino and don't come back until the next day. Winning in the markets requires the same mindset! As soon as you are up for the day, walk away from the table. Then watch your account grow!
Today's trade was pretty straightforward. Short high, cover low. If you did your pre market homework you would have known that 94 would be initial resistance. That was also today's pivot point. I waited for the stochastic cross and kept an eye on the order flow. Buyers ran out of momentum and as soon as the sine wave painted a red dot I went short. Got a great entry too at 1093.50. The two point target was achieved in about 18 minutes.
Two points on two lots = $200. After the trade I went to the gym and now I'm going to pick up my daughter from daycare. Enjoy your day traders and look for an update tonight with key levels for tomorrow's trading day.