17th October trading update – S&P emini and EOD systems
Dear All,
The S&P is issuing a sell at the close today with a target of 1524. This is a long way away and this is what I said about the trade a few days back.. I thought the trade was a bit too far away but the trade did make it and if I had followed through, i would have made about 15 points (60 prices in the S&P emini equivalent).
Well, the system is now thinking that there is a 20 point (80 price) opportunity ahead of us…. let’s see! I’ve put on my trade. However, the system has a huge 40 point stoploss but I’m only prepared to take a 10 point risk.
Ok, now the S&P emini trading which as you know I am dummy trading to prove myself so I can be accepted by the trading firm that I have joined. Once you make it, you are able to trade on a real account.
Anyway, I missed a lot of the movement already as I came in in the evening. Well, I thought I had anyway and then the market reversed.. it didn’t get to the opening level but still, made a good attempt.
My first two trades were shorts as the market bounced off the 5 day MA on the 5 minute charts. I was wrong both times. however, as the market moved upwards and broke the previous high at 154200, I went long and rode it to 154500.
My next trade was a short at below the 154500 level and I got in at 154400 and I took it to the 5 day moving average. Luckily for me, this proved to be correct as the market bounced off this support and went up to 155300. I wasn’t able to catch this move however!
All in all a flat day.. my last two trades made up for the losses of the first two and I ended up with +1.
Interestingly the EOD is issuing a short and a major short at that! The market looks so strong, we’ll just have to see. The daily chart has printed a bit spike in both directions so it beats me where it’s going.. however, there is a slight bearish inclination as it broke a previous channel which was supporting it’s bullish movement. Also stochastics are in the bear zone!
Have a look here:
