Trade two target of 1285 is now reached. Closed on half for +6 pts on closed possitions, the rest I'll let ride till 91 or maybe till 1325. Stop in rest is trend line - .5pt. The official trend of the day is still a down trend till the high of the day is breached AND STAYS above it by 2PTS FOR AT LEAST 5 MINUTES. We are 2 for 2 here folks. This is my personal trade journal. I'm lousy at trading so DON'T follow me.
Stopped out at 84, +7 pts on the day. Next entry would be short on a break BELOW 79 (fat chance) or long on another bounce off of 81. My system says just stay short till the HOD is breached, but I'm too much of a scalper to watch profits erode. If this immediately snaps back to 84, I "MIGHT" go long again RJ
the stop out at 1284 appears to have been a fake out (which worked on me - lousy trader that I am...) and not another test of the lows. Trade three on this day ONE is long 1284 on the SPX
The LOD appears to be in with a somewhat akward upside down shoulder - head - shoulder formation in. It should go above teh HOD and probe beyond it by its normal 1.5 pts. Target on long from 1284 is 1292. Adding 8 pts to a 7pt day would about call it a day for me. 15 pts SPX / SPDRs using 4 to 1 leverage is about 70 bucks / pt and thats $1000 gross .... and using ES? That gets rediculously profitable. A 5 K account coulda make 3,000 bucks gross in a day. I'd set HALF of that aside for losses were it me. Visualize, now, a metal picture of Dustin Hoffman palying Captain Hook in that Julia Roberts / Robin Williams version where he says "I Hate, I hate I hate, I HATE ... PETER PAN" and substitute the words Peter Pan with "loosing days". That's why I'm a lousy trader, I have no stomach for large draw downs. Trade 3 is now +1pt, +8pts on the day.
getting ready to go long again if it snaps back, now target is bottom of opening range, or 1286. Still +7pts on day.
Price is now consolidating right below the Opening Range (OR) and that is a 80-90% sure sign it is going rip right past it. What was resistance will then become support. If 86 is breached with conviction, then set stop at 86 on all posstions and let it ride till 1291