Worked like a charm today. I did 2 trades which are posted on here earlier. This morning I took the short at 1292.50 and got out at 1288. Made back the money I lost yesterday plus I have gains for today. I may enter again if I see a good set up but I can set idle and be ok to. Second trade short 1284 and covered at 1281. The second trade I had a larger position so no more trading today Thanks for asking, how have you been doing?
Good day indeed, I like trading breakouts too. They tend to be more specific than yours though. Today I could have gottten 10 pts, he, he... in hindsight. But still, 2-4-6 pts is not bad. Yesterday, it was 2-4-2 only... same type of breakout...
How does your system work? Always good to find some new info. Most of mine never will be real big winners due to the fact that I own my own company and have to get out and work sometimes. But I would be very interested in how you do your trades also. I just think that trading breakouts are usually the safest with a lot of momentum behind them.
Todays plays should pretty cut and dry. Long at 1274.50 Short at 1268.00 I know price has already touched 1274.50 but it hasn't gone through it yet so I am not in at this time. My orders are set, Good luck everyone...
I am using pretty tight stops usually between 1 and 1 1/2 points. I have noticed that with this type of trading either it works very quickly or not at all. That being said if it starts coming back to my entry a second time I go ahead and take it again. I may lose some commission money on it but at $5.00 round trip I'll pay it.
Since price dropped at the opening to 1273.50 I went ahaead and entered long at 1274.50 and my target was hit at 1277.50. I got 3 points per contract and I am finished for the day. Not a lot of thrills trading like this but I will get my thrill through consistant gains. This is how you need to trade when you don't have a lot of time.
Nice straightforward approach, 4re. Certainly meets fulfills the KISS principle. Your short entry limit was clear (yesterday's low). How did you determine today's long entry level? I saw the chart, but it wasn't obvious to me. Do you use volume clusters, or just a recent high (i.e. the high from the last hour of trading yesterday). Thanks.
Thank you, I am trying to keep it simple but effective. Todays long was based on resistance pattern I saw. The price kept meeting a lot of resistance at that point and bouncing off. The more times it does this the stronger the resistance becomes. Kind of like a self fulfilling prophecy thing. As it happens so often once the price does jump through that resistance a lot of people start jumping in thinking they are missing something and it just gains momentum. These are the things I look for. Hope that helps some.