19th September – after yesterdays huge rally what next? – S&P emini futures trading log

Hi All,

After the huge move up yesterday what do we see today?

The market moved higher initially but after an hour or so, we started to see selling.. I came back home around 6.30pm GMT and was watching the 154025 level (which is deemed a good support/resistanceĀ from 26th July 2007).

Anyway, as market fell below this I went short at 153975 (best to try and get below round numbers also). The trade went my way initially, hitting a low of 153500 and then rebounded. If I got out at this level, I’d be 24 prices up or so. I was hoping for further weakness and was aiming for 153000 or so.

As the market then started to get higher, I bought to close my position. For those that looked carefully, another telltale sign was the exhaustion volume as the sell off to 153500 happened.

Well, at the market moved higher, once again I watched the 154025 level and had a limit order to sell at 153950. However, the limit order didn’t work and I manually got in at 154000… wahey, a better price than anticipated!

The market soon went the other way though and my stop at 154075 was ignored by the system… I manually had to get out at 154125.

My first trade was +9 and second -6 for a measly +3.

Since then, the market has rallied and if I went long above the level I’d had my beady eye on all day (154025), it would be a nice 20 prices up by now…


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Category: Emini futures, money, Trading