Click on chart for comments on the ES Market trade.Here is a perfect example of momentum carrying a trade to profit targets. On my profit protective stop placement was as follows. First target was at 848, this was a tough one to take out as yesterday there was some resistance at this level.
I also wanted to see if we could push through the high of yesterday, and then determine how it would react at this point in time. It really never looked back so on the second contract I first moved to 848, then to 852, which is 10 points from my entry at 842.
Volume was above average volume and touching the moving average. This is a riskier trade to take in my humble opinion, but one that I will on occasion take a shot at because of momentum of the trade itself.
In any case, I was rewarded by my 2nd profit target of 861, which was below the Upper ADR by a couple of points on the morning trade.
I did not participate in the afternoon trading on the ES, as I really did not see any valid opportunities to enter into a trade with my trading method. All in all, a very nice trending day today.
ZB Trades netted $750.00 (I was 2 for 3 in the ZB today)
ES Trade netted $1,250.00
Trade Total $2,000.00 for every 2 contracts today. Another one of those $10,000 days trading 10 contracts per entry today to put it into perspective on a medium sized account.
Good Trades,
David AKA Tiger
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