Saturday, July 27, 2013

ES trades for 7/22/13

Trade #1 - Market was in a down trend from the open. It pulled back and prices met resistance at the upper trend line. Went short at around 9:53 @1687.00. I exited (manually) too early at around 10:02 for +0.75 pt because I saw a double bottom forming. If I'd left the trade running on auto, it would've hit my set target. Prices did reverse to the upside, but not before dipping a little.

Trade #2 - The ES got into another down trend. After 3 consecutive bearish bars, I decided to join in on selling. Waited for a pullback and shorted on the next bearish bar at around 13:33 @1688.75, even though that bearish bar traded through the bottom trend line. The trade looked good initially, as prices headed further down. However, it prompted reversed quickly and I was stopped out in a flash @1690.00 for -1.25 pt. My mistake was shorting at the bottom of the trend line. Odds are prices will bounce around.

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