Tuesday, May 12, 2009

Tuesday Day Trading: ES Long Trade $400 on every 2 contracts

Click on chart for a larger picture of the ES Market Long trade. This trade was taken on a close above MAJOR SUPPORT from the Previous Day's Low established at 905.75. The bar before showed a nice move up with supporting volume. The trade bar that we went long allowed us to risk 2 points, while going after 4 points.

This ratio was 2:1 today, or for every dollar risked we were looking for two dollars gain. In any case, this trade turned out to be a nice trade as the market pulled itself up like a magnet closing in on the upper average daily range.

We took our profits on the way up. The ES market did not make it to the average daily range, but with our trade management this one turned out to be a winning trade for our account.

Good Trades Everyone,

David AKA Tiger