There was a 8:30AM RED REPORT on Retail Sales today. I looked for an entry after the report and was ready to go short at 8:35AM Eastern Time. What I did not like about the trade was the way it started to bounce up in the last minute or at 8:34AM. I decided to stand aside.
At this point in time, I looked back on the charts to determine if there was any support from a previous day that I needed to be aware about. What I saw was on May 30th, there was a low established at 112^13. Something made the market bounce at this level?
My trade opportunity came at 11:05AM Eastern Time. I liked the rising volume. I also like the close below the support line, that I drew on the chart. So I took a SHORT position in ZB at this time. What I was looking for was a quick downward move to my target. This didn't happen as planned, so I placed my stop one tic below Breakeven and got out on a time stop.
This trade shows you that you can plan your trade, and trade your plan. But even with the best of trades, they don't do what you expect or would like them to do. So active trade management is the key to victory as a day trader.
UPDATE: Trade went on to hit target nicely entry was at 12:35PM Eastern time and went on to target of 112^03. On a side note, CORN continues it's move up!!
Good Trades,
David AKA Tiger
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