-06/05/15 RTH AM Position trade. Short 4475.00 basis Sep. Initial stop 4556.00 --06/08/15 RTH PM Price is 4433.50. Staying short with same stop.
how many contracts are you trading? i'm assuming at the most a few since your stop loss is more than 100 points away from current price
Considering this is a position trade for you... Careful shorting this market when the monthly bars are red, after one or two it tends to reverse. I highly doubt we top this year due to interest rate hikes fear, that would be too easy for a top, and it rarely is. My 02 cents.
What we are seeing here one the 60, 15 and 5 in my view for now anyway, is a bounce in an otherwise down market trend on the daily. We're outside the lower BB on the daily so bouncing would be expected.
Now that we are the low of the day that occurred just prior to 6 AM. If it snaps back properly from there and the indicators match up, it may be a long for the rest of the day.
The hourly and 15 did not snap back, so for now, intraday trend remains down. Caution though as we are well outside the lower BB on the daily, so one would expect more bounce or intraday trend reversals.
The 15 exhibited classic upside reversal signal but the hourly has not yet.---So we wait for hourly to turn before we take longs on 15 and 5