10th September Emini trading – intraday reversal
Hi All,
The markets started off with a market sell off. For those that were able to catch this.. there was a very nice profit to be made.
However, as you know.. I work a 9 to 5 job and come back around 6.30 – 7pm GMT time and can only catch the evening trading session (or the afternoon trading session if you’re looking at it from the US slant)
What I saw was a bounce from the lows and it had already bounced off the 50% Fibonacci level at 145300.. ah ha, I thought. I had missed the crux of the move but I wasn’t too far off so I entered at 144850. The market did drop from here to 144625 before going up again. I was stopped at 145125.
There was another entry though above the 50% level 145300 so a buy at a price or two above this level would have sufficed. If you rode this, you could have got out at 146400 or so for a nice >40 prices. However, I had arranged for a game of squash so wasn’t able to capitalise.
The market made a nice intraday reversal and stopped short of the open price and then retreated again.
I ended up with a loss of -11!
