triple witching opex does tend to amplify whatever trend is in effect, does it not? doesn't that augur more UP?
Well I just took my profits at 1117.50 for a 3 point gain since it was getting quite overbought on the 15 min chart and hit the upper BB. I hope you guys did well!
I'm almost tempted to get back in and go long again as I think we've got a 60-40 shot of hitting 1118.75 by 4:15 est.
Good job, in hindsight, it looks like it would have been better for me to take 1/2 off at 1114, and let the rest ride on the breakout. However, its very hard when the market goes against you 2.5 points after you get long on a trade, to consider wanting to hold for more profit after getting 1 point of profit. I have been reducing the number of contracts I trade with since I usually take a full position, and not willing to scale in a trade which means if I used a standard stop loss of 2 points, I would have ended up stopped out on my full position. However, besides reducing my starting contract size, I also have been basing my stops on my chart reading skills vs using standard stops and profits. although my targets on this trade was kind of standard. I am just surprised considering how much the market went against me, that it still had the power to break out of the range, but now in hindsight, we know all ranges eventually break either to the upside or downside. I now see I was just early, market wanted to go down and false break the bottom of the range to trap shorts before going back and giving us the real breakout to the top.
Thanks Now nobody better ever accuse me of being a fraud again or not giving a sample free pick lol. (Not saying any of you guys did)
Here's something I'll tell you that might help you in the future. (I usually only reserve this kind of detailed info for my subscribers but here it goes) The reason why I thought it might pop earlier this afternoon was because if you notice, when the price was going down, it was hugging the 10 bar moving average on the 15 minute chart with the highs on each bar penetrating the m.a. This coming after a recent drop and the macd histogram having just risen is a good sign that a snapback rally is waiting to happen. You don't see this signal happen very often but when it does, it can provide for big moves.