Dec 20

Well my prediction was right, the market kept strong and hit 146750 and hovered around here.. then it went up and is now at 147000 and still climbing. I left quite a bit on the table but it’s always best to be safe than sorry!

Lesson learnt.. trail the stop and the market to run.

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Dec 20

Well, this is probably going to be my last trading day before the New Year. I have just put on one position and that was a long at 146275 as the market retraced from a swing high and hit the 5 day MA.

I was aware of overhead resistance at around 146500 which is also the 200 day MA. As it bounced up, I saw it struggle around 146600 and the stochastics this time round on the 5 mins was weaker than the previous dip (despite being a higher top)… ie some negative divergence.

The 15 min charts however, look good for a long all the way. I was cautious though and I closed it out at 146600 for a 13 price profit.

At least I ended up the last trading day with a profit :)

Last trading day until the New Year 2008 - S&P Emini trading

ps. As I write, the 146600 level is breached.. not sure if it can hold here but time will tell! Next obvious target if it is going up is 146750 and then 147000.


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Dec 20

I got back home today and look at the market as I always do. It was stuck in a choppy range.. it would break out of this but I wasn’t sure which way it would move. There were some opportunities to short it was it went up the to the 5 day MA as it seemed to have been contained the price action.

I was thinking that the price action would break down but there was a clue in that the stochastics were showing positive divergence.

The price action did break below the previous low but soon shot up and then bounced up and above the 5 day MA. An entry would have been to enter it as it sat on the 5 day MA and moved off it.

My entry was a short which got stopped out.. 

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