Monday, October 13, 2008

Monday Day Trading: $4675 ES SR Trendfade Long Trade on 3 Contracts

Click on chart for comments on the ES Spike Reversal Long trade.

Entry at 2:45PM at 961.25
1/3 Exit at 971.25 = $300
2/3 Exit at 1005 = $1987.50 (ADR Target)
3/3 Exit at 1013 = $2387.50 (4PM Time Stop Exit or Greenline)

Last contract did not run into the Greenline, therefore, I cleared out the last series of contracts at 4PM Eastern time at 1013.

For every 2 contracts traded today this was a gain of $2,287.50, and for every 3 contracts traded today this was a gain of $4,675.00. What a wonderful comeback in the market. I made the decision last night when the market was trading over 30 point in the S&P emini that I would skip the morning opening trades, and look for an opportunity in the afternoon.

My entry came on a spike reversal entry long. This was after the minor pullback, and I then went long the trend and took the trade to targets mentioned above. This trade alone is enough for me to call it a week.

My best advice is to pick your entries and wait for the opportunity to set itself up. If you are patient enough, and self-controlled the market will show it's hand. Today, the market gave a nice signal after 2:30. I was watching the market from 1:30PM Eastern time, and made my entry a little after 2:45PM Eastern time.

Good Trades,

David AKA Tiger

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